| A11956 | Pages: NA | Jul 2022 | 1017 Views | ||
| Author(s) : Sonia Mutreja | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
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The automotive glow plug is a device fitted into each cylinder block of a diesel engine, with a heating system element to heat arriving fuel and air to make sure efficient combustion when the engine is cold. Stringent government regulations related to emissions and fuel efficiency are also key factors in the growth of spark plugs and glow plugs. The Government of India implemented BS-VI norms for automobiles to be sold after April 1, 2020. Glow plug manufacturers are launching the latest products to meet regulatory requirements to stay ahead of their peers and gain market share. For instance, in February 2020, NGK Spark Plugs India Private Limited launched a new range of BS-6 Ready and BS-6 compliant glow plugs for diesel vehicles in the country. The company is a leading supplier of spark plugs, glow plugs, and oxygen sensors to leading 2-wheeler and 4-wheeler OEMs in India. But, the increasing adoption of engine downsizing and transition to electric vehicles is expected to hinder the automotive glow plug market at a worldwide level. In addition, maintaining a balance between the low cost, high performance and durability of glow plugs is one of the common challenges that market participants need to deal with. Manufacturers are working with suppliers to reduce production costs. The market players are introducing new technologies in these plugs to attract consumers and stay at the forefront of the competition.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2020–2030 |
Base year considered | 2020 |
Forecast period | 2021–2030 |
Forecast units | Value (USD) |
Segments covered | Type, Vehicle Type, Sales Channel, and Region |
Regions covered | North America (U.S., Canada and Mexico), Europe (Germany, U.K, France, Russia and rest of Europe), Asia-Pacific (China, Japan, India, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa) |
Companies covered | Bosch, Magneti Marelli, Denso, Borgwarner, Delphi, NGK, FRAM Group, Hyundai Mobis, Tenneco(Federal-Mogul), and Valeo. |
COVID-19 Impact analysis
The COVID-19, has hit the automotive glow plug market more quickly and severely. It started as a domestic supply crisis in China, thereby rapidly turning into the biggest ever drop in global aftermarket demand. As the governments all over the world have declared lockdowns over the past few months, the demand and supply cycle of many automotive glow plug manufacturers is vulnerable. Majority of automotive glow plug manufacturers are facing major issues such as closure of factories and unavailability of workforce due to the lockdowns which further affects the production of cars as well. Pandemic halted vehicle production and sales activities in the majority of the countries. However, the demand for commercial vehicles is likely to resume its growth post FY21.
Top Impacting Factor
Rise in aftermarket sale
Glow plug (used in diesel engine) is an important component essential for the operation of a vehicle engine. These plugs play a key role in every vehicle that has an internal combustion engine. This validates the fact that the demand for glow plugs is directly linked to the number of vehicles produced per year. Glow plugs characteristically have a limited lifespan, owing to which they are in demand not only in the OE market, but in the aftermarket as well.
Rise in commercial vehicle fleet
Commercial vehicles are witnessing high demand across the world, with high-capacity utilization and profitability driving the momentum for fleet renewal and expansion activities. Strong and sustained freight demand across the world and the growth of the e-commerce industry are propelling the operators to purchase new commercial vehicles. For example, in June 2020, Ford launched the 2021 F-150 pickup truck, which includes a hybrid version with new features, such as a hands-free highway driving system for market segments, a 12-inch screen, and wireless updates. The new pickup truck is also claimed to have better fuel efficiency and performance. The overall macroeconomic environment is favorable, and the strong utilization and profitability of operators has accelerated the renewal and expansion of the fleet. Thus rise in commercial vehicle fleet will directly impact the market of glow plug and will propel the demand of glow plug.
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Questions answered in the automotive glow plug market research report:
Key Market Segments
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Key Market Players
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