The increasing use of iridium material in new model of engines, the market for spark plug is expected to grow with significant pace. Spark plugs deliver electric current from an ignition system to the combustion chamber of a spark-ignition engine to ignite the compressed fuel/air mixture by an electric spark, while containing combustion pressure within the engine. There are many new trends witnessed in the global spark plugs market which are closely analysed by Future Market Insights.
The insights on the research on global spark plugs market is shared in a new report titled ‘Spark Plug Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)’. The report includes all the crucial market numbers along with the growth rate for the forecast period of 2017-2027. According to the key results of this comprehensive research report, the global spark plugs market is expected to reach a market value a bit under US$ 5,000 Mn by the end of 2027, growing at a CAGR of 4.8% during the forecast period.
Global Spark Plug Market: Dynamics
The production of cars remains constant which results in maintaining steady demand for spark plugs in the global market. With the rise in automotive production, the demand for spark plugs is also expected to grow. Many people are also keeping cars for a longer time. As the life of cars is increased with the technological improvements in the industry, there is an increase in demand for parts replacements. It has a positive impact on the demand for spark plugs as well. However, new trends like introduction of electric cars may result in a decreasing demand for spark plugs. As the market for electric cars is expected to grow in the coming years, the global spark plugs market may witness a decrease in demand for the products.
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Global Spark Plug Market: Segmental Analysis
Based on material type, nickel segment is anticipated to lead the market with its market size expected to reach over US$ 2,300 Mn by the end of 2027. However, iridium segment is expected to stay ahead in the race among all the other products, expected to grow at a value CAGR of 5.8% during the forecast period.
In terms of end use, automotive is a clear leader of the market which is expected to reach a market size of over US$ 4,400 Mn by the end of 2027, growing a CAGR of 4.8% during the forecast period. Additionally, among the sub segments of automotive, passenger cars sub segment is expected to be dominate the global spark plugs market.
On the basis of product type, hot spark plug is a dominating segment of the market which leads in terms of market size and growth rate. However, cold spark plug is also expected to grow at a moderate rate during the forecast period.
Based on sales channel, aftermarket and OEM are expected to stay in close competition throughout the forecast period. The leading segment OEM is expected to grow at a CAGR of 5.3% whereas, aftermarket channel is expected to grow at a CAGR of 4.3% during the forecast period.
Among the various regions, China holds the highest market value of over US$ 1,400 Mn by the end of 2027, growing at a CAGR of 5.9% during the forecast period.
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Global Spark Plug Market: Competitive Landscape
The research report consists of a brief profile on all the major players that are leading the industry with their offerings. Some of these players mentioned in the report are ACDelco, NGK Spark Plugs, Magneti Marelli S.p.A., Holley Performance Products, Enerpulse Technologies, Inc., Stitt Spark Plug Company, Torch Group, Klaxcar France and Brisk Company.