Increasing automotive production and growing demand for passenger cars, across the globe to drive the spark plug market

The global spark plugs market is poised to reach US$ 11.60 Bn by 2030, expanding at a CAGR of 5.7% during the forecast period from 2023 to 2030. Rising sales and production of automotive vehicles, introduction and development of advanced spark plugs, and growing trend of environment-friendly spark plugs is expected to boost the demand for spark plugs. In addition, stringent government regulations towards spark plugs manufacturer to produce efficient and advanced spark plugs, owing to reduce harmful pollutants is expected to drive the market over forecast period. However, technical advancement to downsize automotive engine, penetration of electric vehicles, and presence of local vendors are projected to hinder the growth of spark plugs market.   

Increasing Demand from the Automobile segment to Drive Growth Prospects

Automotive spark plug plays a vital role in delivering electric current from the ignition system to the combustion chamber in the engine. Government norms and policies towards emission, increase in demand for fuel efficient vehicles, economic reforms from developing countries is expected to drive the demand for spark plugs. In addition, growing equity investments by spark plugs manufacturing companies in automotive sector is acting as a positive factor for the spark plug growth.

In 2020, according to International Organization of Motor Vehicle Manufacturers (OICA), around 95 million units vehicle were sold globally, which is expected to create a huge demand for spark plugs market over the forecast period. The global automotive industry continues to grow on account of advanced spark plugs such as environment friendly spark plugs, increase in urbanization and growing demand for passenger vehicles.

Asia Pacific to Dominate, North America to Witness Strong Growth

Asia Pacific is expected to dominate the spark plug market due to increase in number of automobiles in emerging economies like India, China, Thailand and Singapore. Moreover, due to the presence of leading manufacturers like TVS Motors, Hero MotoCorp, Ford, BMW and Maruti Suzuki, North India is projected to generate demand for spark plugs in coming years.

North America spark plug market is driven majorly by the U.S. which is projected to have a largest market share across the region. As per American Automotive Policy Council, the automotive sector holds a largest market over U.S. which is projected to fuel up spark plug market. In 2020, as per International Organization of Motor Vehicle Manufacturers (OICS) the U.S. and Mexico holds a higher production capacity of automobile segment, which is expected to drive the demand for spark plugs across region.

Key Players & Competitive Landscape:

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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Spark Plug market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Spark Plug market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Spark Plug market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Spark Plug market?
• Which is the largest regional market for Spark Plug market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Spark Plug market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Spark Plug market worldwide?