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Growing urbanization and increasing disposable income of consumers is expected to fuel the demand for fuel-efficient vehicles. This, in turn, is expected to drive the spark plug market. Various ruling bodies across the globe have imposed stringent emission norms on automotive manufacturers to manufacture environment-friendly vehicles to curb the emission. Key manufacturers are focusing on manufacturing advanced spark plugs, which would help to improve the fuel efficiency of the vehicle. The u-shaped and v-grooved core nose spark plugs are the advanced spark plug that enhances the ignition ability and performance of the spark plug. A spark plug is one of the most vital components in the IC engine; it helps to ignite the fuel inside the combustion chamber. It consists of an insulator that separates it from the electrode. Spark plugs are of four different types, which are copper, platinum, iridium, and double platinum spark plug.
Key Market Driver -
Rising automotive sales globally will drive the growth of the market.
Key Market Restraint -
Growing adoption of electric vehicles is expected to restrain the growth of spark plug market
Some of the major companies that are present in the automotive spark plug market include Denso Corporation, NGK Spark Plug Co.Ltd, Federal-Mogul Corporation, Robert Bosch Gmbh, Borgwarner Inc., Weichai Power Co.Ltd, Valeo SA, ACDelco Corporation, and Magneti Marelli among the other players.
The global automotive spark plug market has been segmented into product type, electrode material type, vehicle type, and region. By product type, the global automotive spark plug market is segmented into the hot spark plug and cold spark plug. The hot spark plug segment is anticipated to decline over the forecast period owing to the slow transfer of heat to the engine head. The hot spark plug has a large surface area, and firing end of the hot spark plug heats up quickly. This is also one of the reasons that are anticipated to decline the growth of hot spark plug market. The Cold spark plug is expected to dominate the automotive spark plug market over the forecast period. The Cold spark plug’s firing end does not heat quickly and transfers heat at a fast rate compared to the hot spark plug. By electrode material type automotive spark plug market is segmented into copper, iridium, platinum, and others. Copper electrode material segment is anticipated to dominate the market over the forecast period amid lost cost and better conductivity of electricity compared to other material types.
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Geographically, the automotive spark plug market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is anticipated to hold significant market share amid rapidly growing domestic consumption, large population, and evolving standards. India is expected to dominate the region owing to the massive investment in the tire industry. Europe is projected to witness significant growth in the global spark plug market. Europe currently holds the second-largest position market in the automotive spark plug market. The increased steps were taken by various governments in the region to reduce the emissions that are expected to be the driving factor for the growth of the automotive spark plug market in the region. North America is also estimated to show steady growth in the automotive spark plug market over the forecast period.
By Product Type
By Electrode Material Type
By Vehicle Type
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