According to a new market research report published by Credence Research, “Spark Plug Market By Product Type (Hot Spark Plug, Cold Spark Plug), By Electrode Material Type (Copper, Iridium, Platinum), By Application (Automobile, Marine, Industrial, Others (Working Equipment, Brush Cutters, Scythes, Mowers, Saws)) and By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global spark plug market is expected to reach US$ 10.98 Bn by 2027, expanding at a CAGR of 5.7% during the forecast from 2019 to 2027.
Increasing sales and production of gasoline powered vehicles coupled with an increase in the number of small & recreational boats and jet skis are projected to fuel the spark plugs market globally. Technological advancements in electrode material along with growing penetration towards electric vehicles and working equipment such as mowers and saws is expected to foster the market growth. In addition, stringent government guidelines against emissions control and fuel efficiency are some key factors to drive spark plug market. The rise in number of cruise ships, vessels, and other marine vessel sales is widening the demand for marine engines likely to accelerate the growth of the global spark plug market.
Rapid urbanization growth and advancement in spark plug technologies such as u-shaped core nose and v-grooved spark plugs are few indicators estimated to drive the spark plugs over forecast period. In addition, the growing in number of passenger cars is further intensify the demand for spark plugs. However, increasing penetration of powered equipment such as saws & mowers, electric vehicles, availability of low cost spark plugs by local vendors and technological up-gradation of automotive engines are expected to hinder the growth for spark plug market.
Asia Pacific holds the largest market for spark plug among other regions, owing to huge automotive industry in countries such as China, Japan, and India. In addition, growing number of joint ventures between auto makers, presence of major car manufacturers and being holding a larger base for gasoline and natural gas is expected to boost the demand for spark plug in this region. Energy efficiency and environmental awareness in countries like China and India is predicted to fuel the demand for spark plugs.
Some of the leading manufacturers profiled in the study includes Ngk Spark Plug Co., Ltd., Federal-Mogul Corporation, Denso Corporation, Robert Bosch GMBH, Autolite, Enerpulse Technologie, Stitt Spark Plug, Acdelco, E3 Sparkplugs, and Zhuzhou Torch Spark Plug.
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