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| ✷ Report Code: A01543 | Apr 2022 | Pages: 220 | ||
| Tables: 162 | Charts: 58 |
| |
Spark plug is equipped into the cylinder head of an internal combustion engine for ignition of air-fuel mixture and removal of heat from combustion chamber. A spark plug carries two electrodes separated by an air gap and is utilized to form a spark for igniting air fuel mixture. A good spark plug results in smooth start of engine along with improved fuel economy. Moreover, a spark plug can be made up of copper, iridium, platinum, and nickel.
The COVID-19 crisis created uncertainty in the spark plug industry with slowing of supply chain and falling business confidence. Governments of different regions announced total lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales. The impact of COVID-19 pandemic resulted in supply-chain disruptions causing low sales of passenger cars across the globe, which, in turn, reduced the demand for peripherals, such as spark plugs. Several automobile manufacturers faced shortage of components and materials leading to delay in production of vehicles. However, growth in sales of commercial vehicles observed post pandemic, which, in turn, contributes in the growth of the spark plug industry. Various countries introduced initiatives to revive the automobile industry in their region during the COVID-19 pandemic.
The growth of global spark plug market is propelling, due to increase in demand for fuel efficient vehicles, introduction of stringent norms regarding carbon emissions, surge in demand for passenger vehicles in developing nations, and rise in demand from marine sector for leisure boats & personal watercraft. However, growth in adoption of electric vehicles and engine downsizing to reduce weight of vehicles are the factors restraining the growth of the market. Furthermore, increase in adoption of natural gas-powered vehicles and technological advancements are expected to offer growth opportunities during the forecast period.
The spark plug market is segmented on the basis of type, electrode material, end-use, sales channel, and region. Based on type, it is divided into hot spark plug and cold spark plug. According to electrode material, it is classified into copper, platinum, iridium, and others. Depending on end-use, it is fragmented into automotive, marine, and others. As per the sales channel, it is fragmented into original equipment manufacturer and aftermarket. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some leading companies profiled in the spark plug market report comprises Denso Corporation, E3 Spark Plugs, Ford Motor Company (Motorcraft), General Motors Company (AcDelco Corporation), Marelli Holdings Co., Ltd., NGK Spark Plug Co., Ltd., Robert Bosch GmbH, Tenneco Inc., Valeo S.A., and Weichai Power Co., Ltd.
Rise in demand for fuel-efficient vehicles
Several regulations are introduced that require automobile manufacturers to improve fuel efficiency and reduce harmful emissions caused by automobiles. Automakers focus toward manufacturing of automotive components with emission norms to provide higher fuel efficiency, which, in turn, is expected to increase the demand for spark plug. Hence, rise in demand for fuel-efficient vehicles drive the growth of the spark plug industry.
Introduction of stringent norms regarding carbon emissions
Spark plug is utilized for igniting air-fuel mixture in combustion chamber of engine. It provides smooth ignition and aids in reducing emission. Several regulations are introduced by countries across the globe to contain carbon emissions. Euro6 is introduced to reduce several different pollutants, such as carbon monoxide, hydrocarbons, and nitrogen oxides. Euro6 norms introduced new CO2 emissions targets for passenger cars that is 95g/km of CO2, and light-commercial vehicle standards remain at 147 g/km of CO2 for 2020. In addition, the permitted level of nitrogen oxide emission is 80mg/km for diesel cars and permitted level of nitrogen oxide emission is 60mg/km for petrol cars. Hence, introduction of stringent norms regarding carbon emission is one of the factors that is expected to contribute toward the  growth of market.
Increase in demand for leisure boats & personal watercraft from the marine sector
Recently, the International Maritime Organization (IMO) issued regulations for sulfur emissions from ships & vessel, resulting in integration of advanced components for reducing the emission produced by vessels. Moreover, increase in demand for recreational boats & jet skis from marine sector has also created increased demand for spark plugs. Hence, increase in demand for leisure boats & personal watercraft from marine sector drives the growth of the market.
Spark Plug Market Report Highlights
| Aspects | Details |
|---|---|
| By Type |
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| By Material |
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| By End-Use |
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| By Sales Channel |
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| By Region |
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| Key Market Players | Weichai Power Co., Ltd., NGK Spark Plug Co., Ltd., Robert Bosch GmbH, Valeo S.A., E3 Spark Plugs, General Motors Company, Ford Motor Company, Tenneco Inc., Marelli Holdings Co., Ltd., Denso Corporation |
Growth of the spark plug market is propelled by factors such as rise in demand for fuel efficient vehicles and growth in modernization of passenger vehicles. There is increase in focus on development of advanced spark plugs to improve fuel efficiency of vehicles. Manufacturers introduce emission norms compliant spark plugs, which enhance ignition ability as well as fuel efficiency of vehicles. For instance, in February 2020, NGK Spark Plug India introduced new range of BS-6 Ready and BS-6 compliant spark plugs for gasoline vehicles.
Several developments have been carried out by key players operating in the spark plug market industry. In September 2020, Bosch introduced new EVO spark plug. The first release of EVO spark plugs was launched for modern gasoline direct injection engines of Volkswagen and Mercedes-Benz vehicles. Moreover, in April 2020, NGK Spark Plug Co., Ltd. introduced five new spark plugs, such as SILZKFR8F7S, SILKGR9A7ES, ILFER7C8EG, DIFR5C, and SILKAR8D6 to extend its aftermarket offerings.
Rise in demand for spark plug from developing countries, such as Asia-Pacific coupled with increase in sales of commercial vehicles as a result of growth in e-commerce activities is expected to supplement the market growth. Collaborations and acquisitions are expected to enable the leading players to enhance their product portfolios and expand into different regions.
A. The global spark plug industry was valued $3.2 billion in 2020 and is projected to reach $5.1 billion in 2030, registering a CAGR of 5.1%.
A. Asia-Pacific is the largest regional market for spark plug.
A. The automotive segment accounts for a major share of the spark plug market.
A. Some top companies in the spark plug market include Denso Corporation, E3 Spark Plugs, Ford Motor Company, General Motors Company, Marelli Holdings Co., Ltd., NGK Spark Plug Co., Ltd., Robert Bosch GmbH, Tenneco Inc., Valeo S.A., and Weichai Power Co., Ltd.
A. In May 2020, Tenneco Inc. launched spark plugs specially designed for industrial gas engines. The new GOETZE industrial spark plug are designated as G-6001, G-6002, G-6003, and G-6004. In April 2020, NGK Spark Plug introduced five new spark plugs such as SILZKFR8F7S, SILKGR9A7ES, ILFER7C8EG, DIFR5C, and SILKAR8D6 to extend its aftermarket offerings.
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