Global Spark Plug Market Size, Share, Forecast Report, 2020-2027
The global spark plug market is estimated to reach around USD 6.5 billion by 2025, growing at ~5% CAGR during the forecast period. Spark plugs are devices that are used to transfer electric current from the ignition system to the combustion chamber of a vehicle. Stringent regulations & norms by the government regarding emissions and fuel efficiency and growth of automotive industries are driving the market for spark plugs. Advanced spark plugs improve cold starting and generate adequate combustion, which in turn increases the fuel efficiency and performance of the vehicles.
The shift towards electric vehicles is restraining the growth of the global market for spark plugs. However, rapid expansion in the automotive industry in developing regions and rise in recreational boats and jet skis drive are providing growth opportunities for the global market.
The global spark plug market is segmented based on product type, material, sales channel, application, and region.
Based on product type, the global market has been divided into hot and cold spark plug. Based on material, the global market has been segmented into copper, platinum, and iridium spark plug. Based on sales channel, the global market has been bifurcated into OEM and aftermarket. On the basis of application, the global market has been segmented into automotive, marine, industrial, and others.
Geographically, the global spark plug market has been segmented into four major regions, namely, North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is projected to be the largest market for spark plug and is expected to lead the market by the end of the forecasted period due to the expansion of automobile infrastructure in developing countries such as China and India and growing industrial sector in the region.
North America is growing at a substantial rate over the forecast period due to the increasing production of gasoline light commercial vehicles (LCVs) across the region and rising demand for cold spark plugs. Whereas, Europe is another important regional market for the spark plug due to the well-established automotive industry and stringent regulations regarding carbon emissions.
The prominent players operating in the global spark plug market are NGK Spark Plug Co. Ltd (Japan), Federal-Mogul Corporation (US), Borgwarner Inc. (US), Denso Corporation (Japan), Robert Bosch Gmbh (Germany), General Motors (US), Delphi Automotive (Ireland), Valeo (France), Weichai Power Co. Ltd (China), and FRAM GROUP IP LLC. (US)