NEWARK, Del, July 18, 2024 (GLOBE NEWSWIRE) -- The global spark plug market size is anticipated to be valued at USD 1, 1887.3 million in 2024. Global sales of spark plugs are set to total USD 21,353.5 million by 2034. The market is anticipated to witness a CAGR of 6% from 2024 to 2034.
The primary function of spark plugs in internal combustion engines is to ignite the air-fuel mixture within the engine's combustion chamber. The type of material used determines the operational ability of these igniters. Hot spark plugs are durable, reducing costs and increasing their lifecycle.
Iridium material is preferred due to its exceptional durability and performance, with a longer lifespan compared to copper spark plugs. They can withstand high temperatures and electrical stresses, and their thermo-edge design facilitates anti-carbon fouling performance and smooth engine running.
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Hot detonators are preferred in various industries, including automotive, marine, aerospace, and other industrial applications. They are recommended for reliable ignition and avoiding misfiring, as higher operating temperatures prevent carbon deposits on electrodes. Iridium ignitors also have a high melting point and consistent spark, improving fuel efficiency and reducing misfires. Their remarkable durability and wear resistance help them last up to 25% longer compared to platinum spark plugs.
Advanced ignitors with advanced material types, designs, and better operational results are expected to experience upward growth in the automotive sector due to the rising demand for high-performance vehicles requiring advanced ignitors for better combustion efficiency.
Key Takeaways from the Market Report
- The global spark plug market is set to reach USD 21,353.5 million by 2034, with a CAGR of 6% from 2024 to 2034.
- Based on material type, iridium is projected to witness a CAGR of 6.4% through 2034.
- By vehicle type, automotive is expected to surge at a CAGR 6.1% in the assessment period.
- Japan is estimated to record a dominant CAGR of 7.2% between 2024 and 2034.
- Sales in India are anticipated to spike at a CAGR of 7% through 2034.
How Is Technological Advancement Complementing Spark Plug Sales?
Implementation of stringent environmental regulations and emission norms to reduce the carbon footprint and curb global warming led to the development of modern gasoline engines capable of giving high mileage and low emission without compromising performance.
These next engines are compact and require a special type of ignition system leading to innovation in spark plug technology. Market players are experimenting with various materials and making design modifications to meet the requirements.
The development of long and thin spark plugs that can be attached in a small headspace of the engine is estimated to drive the market demand for spark plug. The launching of iridium spark plugs which have higher life provides superior combustion, and can work in corrosive environment during marine application is estimated to further accelerate the market demand.
Modern engines work on elevated gas pressure where electric spark plugs are not that effective. The use of plasma-assisted spark plugs in such special conditions is presumed to enhance efficiency.
With demand for modern spark plug consistently rising, rapid development is estimated to boost the spark plug market growth.
“The automotive industry is a rapidly growing end-use industry. Global expansion in the production of vehicles is propelling the demand for spark plugs,” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Why Is Automotive Spark Plug Gaining Popularity?
An automotive spark plug is expected to register exceptional growth owing to strict government emission norms and increasing demand for fuel-efficient vehicles. Rising private investments in the manufacturing sector and growing economy in developing nations are forecasted to boost automotive sales directly influencing automotive spark plug market growth.
Which Product Category May Experience Greater Demand?
Cold spark plugs are expected to grow substantially during the forecast period as the cold spark plugs firing end takes time to heat and provides a faster rate of heat transfer as compared to other types of spark plugs. Increasing demand for 4-stroke gasoline engines across the world is expected to drive the cold spark plugs demand even further.
Why is Iridium Type Spark Plug Gaining Traction?
An increase in demand for the iridium spark plug is anticipated especially from the marine sector as the iridium spark plug facilitates optimum power and combustion leading to improved engine performance. It also has longevity similar to platinum spark plugs and is thus used in newly launched automotive. Increasing production of automobiles is forecasted to drive the iridium spark plug market growth.
What Opportunities Are Prevalent in Sales Channel Segment?
Growing consumer preference towards vehicles with reliable ignition systems working in extreme conditions is causing OEMs to develop advanced spark plugs which are highly efficient and compact in size. High demand for modern spark plugs is forecasted to boost market sales in upcoming years.
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who is Winning?
Key companies in the spark plug industry, including Hella KGaA Hueck & Co., Denso Corporation, Valeo S.A., and Tenneco Inc., are investing in research and development to create new products with enhanced features, such as spark plus detonators with long lifespan, improved fuel efficiency, and performance. Balancing price with quality is crucial, and companies are exploring ways to reduce manufacturing costs without sacrificing performance. To reach a wider audience, companies are experimenting with different distribution channels, such as selling directly to automakers, supplying parts stores, and selling online.
Some industry giants are expanding their market share by entering new regions and collaborating with local distributors. Customer satisfaction is paramount, and these leaders prioritize collaborations to stay at the forefront of innovation, ensuring their spark plugs align with evolving demands and maintain the highest standards of quality and adaptability.
Top Key Players
- Robert Bosch GmbH
- Niterra Co., Ltd (NGK Spark Plugs Co. Ltd.)
- Hella KGaA Hueck & Co.
- Denso Corporation
- Valeo S.A.
- Tenneco Inc.
- Weichai Power Co., Ltd.
- Holley Performance Products, Inc.
- Torch Group
- MAGNETI MARELLI PARTS & SERVICES
Industry Updates
- Niterra, headquartered in Nagoya, in June 2023, launched Nine Laser Iridium Spark Plugs that find applications in several vehicles of Stellantis, Honda, Toyota, Subaru and BMW OEMs.
- Niterra, headquartered in Nagoya, in May 2024, expanded its selection of premium NGK Independent Aftermarket (IAM) products by adding four precious metal spark plugs. A single precious metal upgrade unit has also been added to the lineup of products.
Key Segmentations
By Material Type:
- Iridium,
- Platinum,
- Nickel,
- Others.
By Vehicle Type:
- Automotive,
- Marine,
- Aerospace.
By Sales Channel:
- Original equipment manufacturer (OEM)
- Aftermarket.
By Region:
- North America,
- Latin America,
- Western Europe,
- South Asia,
- East Asia,
- Middle East and Africa.
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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