Global spark plug and glow plug market was valued at US$ 3369.3 million in 2017 up from US$ 3164.9 million by 2016. By 2025, spark plug and glow plug market is projected to reach US$ 5678.9 million with a CAGR of 6.7% over the forecast period, according to a new market research report Global Spark Plug and Glow Plug Market Report, by Product Type (Hot Plug, Cold Plug, Metal Glow Plug, Ceramic Glow Plug) and by Geography by Coherent Market Insights
Advancement in technology in the spark plug and glow plug is one of the major factor for growth of the market. For instance, innovation of pressure sensor glow plugs for diesel engines by various organization have accelerated demand for pressure sensor glow plugs by various automotive OEMs. Pressure sensor glow plugs measure the pressure in combustion chamber by using integrated sensors and reports to the engine control electronics. Hence, these aid in reducing diesel emissions, which is a factor supporting growth of the market over the forecast period. Furthermore, the development of digital twin spark ignition system, which includes two spark plugs located at opposite ends of combustion chamber that help to generate fast and efficient combustion, is another factor leading to high demand for spark plugs from automotive manufacturers. These help to provide better fuel efficiency and lowers emissions thus, in turn leading to growth of the spark plug and glow plug market.
However, rising sales of electric vehicles is one of the major factors hindering growth of the market over the forecast period. According to Coherent Market Insights’ analysis, in 2017, the global sales of electric vehicle was 962 thousand units.
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