Spark Plugs Market overview
Spark plug market is predicted to outstretch around USD 6.5 Billion by the end of 2025, with a growth rate of 5% CAGR during the forecast period.
The Global Spark Plug Market is garnering substantial traction. The market growth is attributed to the increasing adoption of spark plugs across the industry verticals. Besides, the growing demand for advanced spark plugs due to the spurting growth in automotive and marine industries drives the market growth. Moreover, rising usages of spark plugs in various industrial and other applications escalate the development of the market.
According to Market Research Future (MRFR), the Spark Plug Market valuation is poised to reach approximately USD 6.5 BN by 2025, registering 5% CAGR during the assessment period (2019–2025). Over the last couple of years, spark plug technology has evolved dramatically. Advanced spark plugs improve cold starting and generate adequate combustion, which increases the fuel efficiency and performance of the vehicles.
Additionally, stringent regulations norms implemented by the governments to control emissions and improve fuel efficiency boost the growth of the market. Also, the development of automotive industries positively impacts the growth of the spark plugs market. Moreover, the spurting rise in electric vehicles and power management devices influences the market growth.
Furthermore, the growing demand for improved fuel-efficient vehicles, alongside the proliferation of electric vehicles, influences the growth of the Spark Plug Market Size. Rise in recreational boats and jet skis foster the growth of the market. Also, the increasing production of gasoline light commercial vehicles (LCVs) and rising demand for cold spark plugs substantiate the development of the market.
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Market Players
Players leading the Global Spark Plug Industry include Federal-Mogul Corporation (US), NGK Spark Plug Co. Ltd (Japan), Borgwarner Inc. (US), Robert Bosch Gmbh (Germany), Denso Corporation (Japan), General Motors (US), Valeo (France), Delphi Automotive (Ireland), FRAM GROUP IP LLC. (US), and Weichai Power Co. Ltd (China), among others.
Global Spark Plug Market – Segmentation
The report is segmented into five dynamics;
Product Type : Hot and Cold Spark Plug.
By Material: Copper, Platinum, and Iridium Spark Plugs.
By Sales Channel: OEM and Aftermarket.
By Application: Automotive, Marine, Industrial, and others.
By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
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Global Spark Plug Market – Regional Analysis
The Asia Pacific region dominates the global Spark Plug Market Share. The largest market share attributes to the expansion of automobile infrastructures in the region. Besides, rising usages of spark plug across industry verticals such as automotive, marine, industrial, and others drive the growth of the regional market. Moreover, the presence of many electronic devices companies in the region fosters the market growth.
Japan, China, and India are the key market for spark plugs in the region, substantially driving the market growth. Additionally, raw material advantage in the region boosts market growth, attracting foreign investors, and increasing production plants. APAC spark plug market is projected to retain its dominance throughout the estimated period.
North America stands second in the global Spark Plug Market trends. The market growth is driven by the proliferation of electric vehicles in the region. Additionally, the strong presence of notable industry players and well-established infrastructure in the region pushes market growth, supporting the faster implementation of advanced plug technologies.
Also, the huge demand, particularly for Marine, Industrial applications, substantiates the growth of the regional market. The North American spark plug market is to demonstrate a considerable revenue generation during the upcoming years.
The Europe spark plug market is growing at a rapid pace. The region perceives a massive uptake of spark plugs, driving the growth of the regional market. The burgeoning electronics industry in Germany and the UK contribute to the market growth in the region majorly. The European spark plug market is anticipated to generate a substantial revenue pocket during the assessment period.
Global Spark Plug Market – Competitive Analysis
Highly competitive, the Spark Plug Market growth appears fragmented due to the presence of several well-established players. To gain a larger competitive advantage, industry players incorporate strategic initiatives, such as mergers acquisitions, collaborations, expansion, and product/technology launch. Manufacturers are committed to deliver reliable product ranges and services. They make substantial RD investments in developing products and technologies.
These companies develop their product portfolios with the latest technologies. They follow organic and inorganic growth approaches. The market competition is anticipated to intensify in the recent future due to new product launches and the new entrants in the market.
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Table of Content
1. Executive Summary
2. Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. Assumptions
2.2.4. Limitations
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
3. Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Buyers
3.1.3. Threat Of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power Of Buyers
3.2. Value Chain/Supply Chain Analysis
4. Market Dynamics
4.1. Introduction
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Market Trends
5. Global Spark Plug Market, By Product Type
5.1. Introduction
5.2. Hot Spark Plug
Continued………
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