Global Spark plug and Glow Plug Market - Insights
A spark plug is an electronic device, which was integrated with cylinder head in the vehicle engine that produces electric spark to burn petrol. Similarly, a glow plug is an electrically heating device, which is integrated on the cylinder head of the diesel engine, which helps to start the diesel engine in a cold condition. Increasing vehicle sales is one of the major factors for growth of the spark plug and glow plug market. According to International Organization of Motor Vehicle Manufacturers, in 2017, the sales of vehicles or registration of new vehicles was 96,804,390 units up from 93,905,634 units in 2016. According to Coherent Market Insights’ analysis, the sales or registration of new vehicles is expected to reach 141,303,730 units by 2025.
However, increasing sales of electric vehicles is one of the major factors, which is negatively impacting growth of the market. According to Coherent Market Insights’ analysis, in 2017, the global sales of electric vehicle was 962 thousand units.
Spark plug segment held the dominant position in 2017
The spark plug segment held the dominant position in the global market and is projected to retain its dominance throughout the forecast period. In 2017, the spark plug segment was valued at US$ 2414.3 million and is expected to reach US$ 3801.3 million by 2025 with a CAGR of 5.8% over the forecast period. Increasing sales of passenger cars that run on gasoline is one of the major factors expected to aid in growth of the market over the forecast period. According to International Organization of Motor Vehicle Manufacturers, the sales of passenger vehicles was 70,849,466 units in 2016 up from 69,506,882 units in 2015.
Figure. Global Spark plug and Glow Plug Market Share, by Region, 2017 (Mn)
Asia pacific held the dominant position in spark plug and glow plug market in 2017
On the basis of geography, the spark plug and glow plug market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific held the dominant position in the market in 2017 and is projected to retain its dominance throughout the forecast period. In 2017, the Asia Pacific market was valued at US$ 1542.6 million and is expected to reach US$ 2679.2 million by 2025 with a CAGR of 7.1%. India, China, Japan and South Korea are some of the major countries in the spark plugs market in this region. High sales of passenger cars in the region is one of the major factors for the growth of the spark plug market in this region. For instance, according to International Organization of Motor Vehicle Manufacturers, in 2017, the new sales or registration of new passenger car in China was 24,961,948 units up from 24,376,902 units in 2016. Similarly, in 2017, the new passenger car sales or registration in India, Japan, and South Korea was 3,227,701 units, 4,391,100 units and 1,495,468 units, respectively. This is expected to be one of the major driving factors for growth of the market in Asia Pacific. In addition to this, advancement in technology in spark plug and glow plug such as pressure sensor glow plugs for diesel engines is also expected to support in growth of market.
Key Players - Global Spark Plug and Glow Plug Market
The major players operating in the global spark plug and glow plug market include NGK Spark Plug Co. Ltd, Federal-Mogul Corporation, Borgwarner Inc., Denso Corporation, Robert Bosch Gmbh, General Motors (Acdelco Corporation), Delphi Automotive, Valeo, Weichai Power Co. Ltd., and UCI Fram Autobrands (Autolite)
A spark plug is an electronic device, which when integrated with cylinder head in the vehicle engine, produces electric spark to burn petrol. Similarly, a glow plug—electrically heating devices—when integrated on the cylinder head of the diesel engine, helps to start the diesel engine in cold conditions. China is one of the major growth engines in the spark plug and glow plug market in Asia Pacific. Growth of the spark plug and glow plug market is directly proportional to increasing numbers of vehicles, globally.
North America held the second-largest position in the spark plug market after Asia Pacific in 2016. The U.S. is the major growth engine in the market in this region. The region is expected to exhibit high growth, owing to high presence of major automotive companies in the U.S. VW Group, Toyota Group, GM Group, Renault-Nissan Alliance, Hyundai Kia Automotive Group, Ford Group, Honda, FCA, Daimler Group, BMW Group, Mazda, and Subaru are some of the major automotive companies in the U.S. According to Coherent Market Insights, Toyota Group held the largest share in the passenger car sales, in terms of units, in the U.S. in 2016. Furthermore, Europe holds the largest share in the glow plug market. This is due to high presence of diesel engine vehicles in the region and this is one of the major driving factors for growth of glow plugs market in this region. Germany, the U.K., Italy, France, Spain, and Russia are some of the major countries, in this region. According to Coherent Market Insights’ analysis, in Germany 46% of the new passenger cars sales had diesel engine, in 2016. Similarly, in France, 52% of the new passenger car had diesel engines, in 2016
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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