A spark plug or a sparking plug is used to deliver electric current during the combustion process to produce spark. It has a metal threaded shell and finds its usage in numerous applications such as furnaces, marine, ignition and outdoor applications among others. It is an electrical device threaded into the cylinder of spark ignition engine. When the engine is operated, there is a high tension current flow through the center electrodes, it ionizes the gas present between the electrode gaps, hence the spark generates. Centre electrode is the most essential part of the spark plug, as fuel economy and engine proficiency is based upon that.
The concept of spark plug has revolutionized the automotive industry by lowering the emission, resolving the cold starting problems while boosting the performance of the vehicles. Advanced spark plug improves cold starting and generates efficient combustion which in turn increases the performance of the vehicle. Factors such as upcoming advanced spark plugs to improve the performance and ignitability along with increasing product awareness among consumers is anticipated to fuel the development of spark plug market in coming years.
Geographically, Asia Pacific was the largest region in the global spark plug market in year 2016 with the highest share of 58.7%. In terms of revenue, the Asia-Pacific Market is estimated to have the largest regional market share of global spark plugs by the end of forecast period. With an increase in automotive industries, Asia Pacific is anticipated to grow at highest pace in overall spark plug market, expanding at a CAGR of 6.6%. Followed by Asia Pacific, North America and Europe are anticipated to expand at a moderate CAGR during forecast period. Rising awareness about fuel efficiency is increasing the acceptance of high quality and branded spark plugs among automotive users. This growing acceptance is supporting the manufacturers to develop and meet the demand for efficient spark plugs. Factors such as these, combined with growing affluent middle class population are estimated to fuel the growth of automotive market in the upcoming years which will further the growth of global spark plug market.
According to a recent study conducted by Research Nester, the global market for spark plug is expected to grow at a CAGR of 5.7 % during the period 2017-2024. Worldwide sales of spark plugs are anticipated to generate USD 9,267.2 Million in revenue by the end of 2024 as compared to USD 6,012.9 Million in 2016. Based on application type, the global spark plug market is segmented into automotive, marine and industrial among others. The automotive segment is expected to dominate the overall spark plug market.
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Our in-depth analysis of the global spark plug market includes the following segments:
The global spark plug market is further classified on the basis of region as follows:
The growth of the market is driven by increasing production and sale of automobiles. Global automotive industry is booming on the account of urbanization and increasing disposable income. This massive growth of automotive industry is widening the demand for spark plug. Additionally, automotive production is anticipated to increase on the account of rising demand. This factor signals promising growth of the spark plug market. Moreover, consumers are adopting advanced spark plugs as it helps to increase fuel economy making the manufacturers to develop advanced spark plugs to gain market share. Apart from this, advanced & efficient spark plugs also pose environmental benefits as they improve the fuel efficiency. These components combined with rising trend of adoption of environmental beneficial products are anticipated to spearhead future growth prospects of global spark plug market.
Apart from this, increasing marine ships ownership signals promising growth for the development of spark plug market. According to United Nations Conference on Trade and Development, in 2016, fleet ownership registered a growth of 3.48% as compared to the last year. Moreover, rising cruise ships, vessels and other marine vessels sale is widening the demand for marine engines which is likely to accelerate the growth of global spark plug market. However, availability of low cost spark plugs by local vendors and high number of local manufacturers in regions such as China, Russia and India among others are anticipated to deter the growth of the global spark plug market.
Overview of the Parent Market
The global spark plug market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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