Spark Plug Market to Surpass $USD 6.5 Billion Revenue by 2030 | Valeo, General Motors, NGK Spark Plug Co. Ltd
Research Reports
Mar 24, 2022
Spark Plug Market Overview
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?GR during the assessment period. 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.
Get free sample Copy @ https://www.marketresearchfuture.com/sample_request/1931
Furthermore, the growing demand for improved fuel-efficient vehicles, alongside the proliferation of electric vehicles, influences the growth of the spark plug market. 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.
Leading Contenders
Leading contenders in the spark plug industry include Weichai Power Co. Ltd (China), Valeo (France), General Motors (US), Delphi Automotive (Ireland), Borgwarner Inc. (US), NGK Spark Plug Co. Ltd (Japan), Robert Bosch Gmbh (Germany), Federal-Mogul Corporation (US), Denso Corporation (Japan),FRAM GROUP IP LLC. (US), to name a few.
COVID-19 Analysis
COVID-19 impact analysis by MRFR reveals that there has been a significant drop in vehicle sales in the space of just a few months, owing to the shutdowns across regions as well as the oil price fluctuations. Renowned automotive OEMs are adopting multiple tactics to mitigate the negative impact of the pandemic on their businesses by assessing their dealerships to resume services. The short-term impact of COVID-19 in the automotive sector has led to shutting down of assembly plants in the United States (US), manufacturing interruptions across Europe and ceased export of Chinese components, in the face of the lockdown situation. Additionally, post SARS-CoV-2, the demand for commercial vehicles has significantly plummeted following the shutdown of almost every non-essential service across the globe.
On the bright side, till the time a COVID-19 breakthrough is not achieved, the automotive industry can remain strong, thanks to the ongoing efforts by leading companies to curb revenue losses by adopting recovery tactics such as mergers and acquisitions and more. Despite the significant impact of the novel coronavirus on the automotive industry, online sale of vehicles can emerge as one of the growth boosters in the spark plug market.
Primary Boosters and Key Barriers
The spark plug as a concept has completely transformed the automotive industry, in terms of carbon emission. It helps resolve the cold starting issues and also helps boost the efficiency of the vehicles. Advanced spark plugs are used for improving cold starting and generating better combustion, leading to boosted performance of the vehicle. The ongoing development of spark plugs to elevate the performance as well as ignitability combined with the mounting consumer awareness about the product is also helping the spark plug market advance at a rapid pace.
Request For Customization @ https://www.marketresearchfuture.com/ask_for_customize/1931
Superior quality gasoline engines are being developed, with prime focus on the idea of lower consumption of fuel, considering lower emission rates along with better driving experience. In addition to this, the trend of engine downsizing has become mainstreamed within the automotive industry, which translates into massive demands from the segment of automotive ignition systems. It is no wonder that the demand for spark plugs has risen significantly in recent years.Sensing the opportunity, leading manufacturers are concentrating on catering to these requirements by modifying the designs and selecting the ideal materials.For example, at present, a number of leading vendors are developing thin and long spark plugs that are compatible with the decreased size of the head spaces within engines, leading to easy installation.
The escalating demand for natural gas-powered vehicles and frequent technological innovations like new electrode materials can be attractive opportunities for the leading companies, which could also benefit the worldwide market in the years to come.
Market Segmentation
The spark plug market has been considered for product type, material, sales channel as well as application.
The product types outlined in the study include hot as well as cold spark plug.
The materials assessed are platinum, iridium and copperspark plug.
The primary sales channels discussed in the report are aftermarket and OEM.
Application-based segmentation comprises industrial, marine, automotive, and others.
Regional Insight
The spark plug market has been regionally dissected into Europe, North America, AsiaPacific or APAC, along with RoW or the rest of the world.
APAC can emerge as the most profitable market for spark plug, thanks to the high production level of vehicles in India, Chinaand Japan. A massive number of renowned car manufacturers are headquartered in China, which is committed to make sizeable investments in the automotive industry. Most of these players are increasingly entering into joint ventures with global brands, which work in favor of the spark plug market. Since the region holds the biggest market for natural gas-based and gasoline generator in line with the steadily increasing industrialization as well as urbanization, the market is expected to advance rapidly in the near future.
The North American market is quite substantial and seems to be advancing at a fast pace, as a result of the rising sale of gasoline light commercial vehicles along with the heightened demand for cold spark plugs.
In Europe, the soaring awareness level regarding fuel efficiency has induced the demand for better quality and advanced spark plugs among automotive-based end users. The continuously growing demand for these spark plugs is compelling manufacturers to work on their research and development capacity and develop better quality products.
Industry/ Innovation/ Related News
October 21, 2019 — Bosch Auto Parts (the US) introduced new aftermarket automotive parts compatible with more than 4.5 million vehicles in North America. The new replacement spark plugs, brake pads, and engine management parts offer coverage for select BMW, Fiat, Ford, and Mazda applications. Bosch spark plug technology and performance-proven products are trusted by OE manufacture worldwide.
Bosch expanded its spark plug product line, including one new double platinum spark plug SKU and Bosch OE fine wire double platinum spark plugs. These products are engineered with a laser-welded platinum inlay ground electrode, providing up to three times longer service life than regular/standard copper spark plugs.
Continue…….
Access Full Report @ https://www.marketresearchfuture.com/reports/spark-plugs-market-1931
Related Links –
http://icrowdnewswire.com/robo-taxi-market-2022-trends-market-share-industry-size-opportunities-analysis-and-forecast-by-2030
https://www.icrowdfr.com/2022/03/09/tendances-du-marche-robo-taxi-2022-part-de-marche-taille-de-lindustrie-opportunites-analyse-et-previsions-dici-2030/
https://www.icrowdde.com/2022/03/09/robo-taxi-market-2022-trends-marktanteil-branchengrose-chancen-analyse-und-prognose-bis-2030/
https://icrowdpt.com/2022/03/09/robo-taxi-market-2022-tendencias-market-share-tamanho-da-industria-oportunidades-analise-e-previsao-ate-2030/
About Market Research Future –
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
MRFR team has the supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with the technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact Information:
Market Research Future® 99 Hudson Street,5Th Floor New York, New York 10013 United States of America Phone: +1 628 258 0071(US) +44 2035 002 764(UK) Email: sales@marketresearchfuture.com Website: https://www.marketresearchfuture.com
Tags:
PR-Wirein, Wire, Research Newswire, English