Pune, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Spark Plug Market Analysis
Market Research Future (MRFR) presumes the global spark plug market to reach around USD 6.5 billion, growing at a 5% CAGR from 2018 to 2025 (forecast period).
A spark plug is an electrical device inserted cylinder of spark ignition engine, which generates a spark to ignite the combustible air-fuel mixture in the cylinder bore at the time required. The device contains a shell, resistance, electrodes, and insulator. When high tension current flows through the center electrodes during the engine operation, it ionizes the gas present between the electrode gap, generating a spark. The modern spark plug is built to provide a powerful ignition spark about 500-3,500 times per minute. The temperature at the tip of the spark plug is usually between 500C and 800C.
The key driving forces of the spark plug market are the high fuel prices that have driven competition between companies to concentrate on producing performance-oriented products. The spark plug has revolutionized the automotive industry by reducing emissions, solving cold starting problems, and improving vehicle efficiency. Growing automotive production and sales coupled with rising preference for dual-fuel option passenger vehicles and numerous ongoing and upcoming technological developments are estimated to bolster sales of automotive spark plugs in the global market over the coming years. Increasing R&D activities by prominent players in the advancement of a cost-effective product is expected to generate new opportunities.
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Moreover, strong government regulations and norms on emissions and fuel efficiency and the development of the automotive industry are pushing the spark plugs market.
The transition to electric vehicles is restricting the growth of the global market for spark plugs. Nevertheless, the rapid expansion in the automotive industry in developing regions and the emergence of recreational boats and jet skis provide growth opportunities for the global market.
COVID-19 Impact on the Spark Plug Market
A spark plug is a device designed to fit inside the cylinder head of the internal combustion engine. It holds two electrodes separated by an air gap. These electrodes deliver electric current from the ignition system to generate a spark and cause combustion. Advanced spark plugs produce sufficient combustion and enhance cold starting, enhancing vehicle performance and increased fuel efficiency. The development of the automotive industry, especially in emerging economies such as China and India, is responsible for market growth. In addition, strict emission and fuel efficiency regulations and requirements are also boosting the market growth. However, COVID-19 has spread around the globe, resulting in lockdowns in most nations, which, in turn, have shut down businesses and transportation activities to curb the spread of the virus.
Chinese manufacturers of spark plugs have greatly reduced their production as a result of the pandemic, which is dramatically hindering the growth of the industry. In addition, the fall in sales of commercial and passenger vehicles due to delays in production also impedes the development of the market for spark plugs. Most companies in China are moving operations to other countries, which are expected to affect the Chinese market. China is the largest vehicle manufacturer hub in the world. Due to the effects of COVID-19, companies are expected to face difficulties after the lockdown period.
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Market Segmentation
The global spark plug industry has been segmented into product type, material, sales channel, and application.
Based on product type, the global spark plug market has been segmented into the hot and cold spark plug.
Based on material, the global spark plug market has been segmented into copper, platinum, and iridium spark plug.
Based on the sales channel, the global spark plug market has been segmented into OEM and aftermarket.
On the basis of application, the global spark plug market has been segmented into automotive, marine, industrial, and others.
Regional Analysis
Geographically, the global spark plug industry has been segmented into four major regions: North America, Europe, Asia Pacific, and the rest of the world.
APAC to lead the global market
The Asia Pacific spark plug market is the most significant spark plug market among other regions due to a rise in the number of vehicles in China, India, and Japan. The involvement and continued commitment of major car manufacturers in China to invest in the Asia Pacific and the development of a range of joint ventures with international brands are driving the market growth. Furthermore, Asia Pacific is the largest market for gasoline & gas-based generators due to an increase in industrialization and urbanization in emerging nations like China, India, Thailand, and Singapore, thereby accelerating market growth.
North America is rising at a substantial rate over the forecast period due to the increasing production of gasoline light commercial vehicles (LCVs) in the region and the increasing demand for cold spark plugs. Europe is another important regional market for spark plugs owing to the well-established automotive industry and the strict regulation regarding carbon emissions.
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Competitive Landscape
With the involvement of many international and regional players, the global spark plug market is moderately fragmented and competitive. Market players are actively engaged in technological advancement, geographic expansion, and mergers and acquisitions in order to retain their market place.
List of the Notable players operating in the global spark plug market are
- NGK Spark Plug Co. Ltd (Japan)
- Robert Bosch Gmbh (Germany)
- Federal-Mogul Corporation (US)
- Borgwarner Inc. (US)
- Denso Corporation (Japan)
- General Motors (US)
- Valeo (France)
- Weichai Power Co. Ltd (China)
- Delphi Automotive (Ireland), and
- FRAM GROUP IP LLC. (US)
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