A spark plug is a device used for delivering electric current from an ignition system to the combustion chamber. On the basis of product type, the automotive spark & glow plugs market has been segmented into the metal glow plug, cold spark plug, hot spark plug, and ceramic glow plug. The global automotive spark & glow plugs market focuses on five regions namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The global Automotive Spark and Glow Plugs market is estimated to be valued at US$ 6,481.20 million in 2021 and is expected to exhibit a CAGR of 2.1% over the forecast period (2021-2028).
Recent Developments:
In September 2021, NGK SPARK PLUG, a prominent player in the spark and grow plugs market launched three new spark plugs and one new glow plug. These advanced spark and glow plugs offer better performance compared to traditional plugs.
In July 2015, Bosch Auto Parts launched new laser welded single platinum spark plug. This spark in made from advanced laser welded technology.
In July 2019, NGK Spark Plugs launched more than 150 new products including the spark and glow plugs.
Statistics:
Figure 1. Global Automotive Spark and Glow Plugs Market Value (US$ Mn), by Region, 2020
To learn more about this report, request a free sample copy
Asia Pacific held dominant position in the global Automotive Spark and Glow Plugs market in 2020, accounting for 42.0% share in terms of Value, followed by North America and Europe respectively.
Market Dynamics- Drivers
Increasing automotive production is expected to drive growth of the global automotive spark & glow plugs market during the forecast period. Sales of automotive spark plugs and glow plugs are directly associated with the automotive production and vehicle parc. The global automotive industry has witnessed significant growth in the recent past, regardless of unstable economic conditions. According to Coherent Market Insights’ analysis, global automotive production is expected to increase at a modest CAGR of 3–3.5% over the forecast period. Moreover, automotive production is expected to higher in emerging economies as compared to developed economies. This is typically due to rising urbanization and stable economic conditions in the countries.
Stringent fuel emission rules are expected to propel the global automotive spark & glow plugs market growth over the forecast period. Spark plugs provide smooth ignition and engine operation by complete combustion of fuel, which further ensures low emission from the engine. Similarly, glow plugs reduce exhaust gas emissions and improves the performance of diesel engines. As a result of this, adoption of advanced automotive spark plugs and glow plugs is expected to increase among automakers in the near future, in order to comply with stringent emission norms.
Market Opportunities
Major companies in the market are focused on business expansion, collaboration, and partnership activities, in order to enhance the market presence. For instance, in 2015, Denso Corporation expanded its manufacturing facility in North America for production of engine-related components for use in automobiles in order to cater to rapid growth in automobile production in North America.
The replacement rate of spark plugs in developed countries is more than that in developing nations. This mainly due to lack of awareness about various issues associated with the use of old and worn out spark plugs in these regions. According to Coherent Market Insights’ analysis, in the U.S., the average replacement rate of spark plugs in a year is 20–25%, while in India replacement rate of spark plugs in a year is around 10–15%.
Automotive Spark and Glow Plugs Market Report Coverage
Report Coverage | Details | ||
---|---|---|---|
Base Year: | 2020 | Market Size in 2021: | US$ 6,481.20 Mn |
Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
Forecast Period 2021 to 2028 CAGR: | 2.1% | 2028 Value Projection: | US$ 7508.22 Mn |
Geographies covered: |
|
||
Segments covered: |
|
||
Companies covered: |
NGK Spark Plug Co. Ltd, Magneti Marelli Aftermarket N.A., Federal-Mogul Corporation, ACDelco Corporation, Denso Corporation, Valeo SA, Robert Bosch GmbH, Weichai Power Co., Ltd., and Borgwarner Inc. |
||
Growth Drivers: |
|
||
Restraints & Challenges: |
|
Market Trends
Increasing demand for mid-size and compact cars is a major trend. On average, sales of compact or mid-size cars account for 55%–65% share of global car sales. Thus, this segment offers lucrative opportunities for deployment of automotive spark plugs and glow plugs. The trend is expected to gain traction in the near future.
Increasing adoption of e-tailing is another key trend in the market. E-tailing is the fastest-growing retail sector in the automotive aftermarket and is becoming a significant revenue stream for auto parts sales. Component manufacturers such as Bosch and Denso have their own portal to sell products online. Other prominent e-tailing companies include Auto Car Parts, Rock Auto, O’ Ralliys, and Amazon.
Figure 2. Global Automotive Spark and Glow Plugs Market Share, By Pricing Range, 2020
To learn more about this report, request a free sample copy
Key Takeaways of the Graph:
Market Dynamics- Restraints
Increasing demand for electric vehicles is expected to restrain growth of the global automotive spark & glow plugs market during the forecast period. Rising environmental awareness and fluctuating fuel prices have influenced consumers, especially in developed regions such as North America and Europe to opt for electric car models such as plug-in hybrid electric vehicles (PEHV) and battery electric vehicles (BEV). Increasing urban population, decreasing battery prices, lucrative incentives for electric vehicles, and enhancing transportation infrastructure in emerging economies are other factors driving adoption of electric cars.
Engine downsizing is expected to hinder the global automotive spark & glow plugs market growth over the forecast period. Engine downsizing may lead to decreased number of cylinders in the engine, thereby decreasing a number of spark plugs and glow plugs required in the vehicle. For instance, in Engine downsizing may lead to decreased number of cylinders in the engine, thereby decreasing number of spark plugs and glow plugs required in the vehicle.
Competitive Section
Key players involved in the global automotive spark & glow plugs market are NGK Spark Plug Co. Ltd, Magneti Marelli Aftermarket N.A., Federal-Mogul Corporation, ACDelco Corporation, Denso Corporation, Valeo SA, Robert Bosch GmbH, Weichai Power Co., Ltd., and Borgwarner Inc.
Key Developments
Frequently Asked Questions
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients