Spark Plug Market Overview:
Global spark plug market is expected to reach $2,904 million by 2022, growing at a CAGR of 4.2% during the forecast period 2014 - 2022. Spark plug is an electrical device threaded into the cylinder of spark ignition engine, which produces spark at the required time to ignite the combustible air-fuel mixture in the cylinder bore. The device comprises shell, resistance, electrodes, and insulator. During the engine operation, when high tension current flows through the center electrodes, it ionizes the gas present between the electrode gap, producing spark. The modern spark plug is designed to deliver a powerful ignition spark around 500-3,500 times per minute. Temperature at the tip of the spark plug is normally between 500C and 800C.
The market segmentation is based on electrode material, application, and geography. Electrode material segment is divided into copper, platinum, and iridium. On the basis of application, the market is categorized into automobile, marine, industrial, and others (working equipment, brush cutters, scythes, mowers, saws). Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is divided into the U.S., Canada, and Mexico, whereas Europe is classified into Germany, France, Italy, UK, and rest of Europe. Asia-Pacific is further segmented into China, Australia, Japan, India, and rest of Asia-Pacific. Latin America, Middle East, and Africa are considered under LAMEA.
Increase in sales and production of gasoline powered vehicles globally and rise in number of petrol-based generators, small & recreational boats, and jet skis drive the market growth. However, technical advancements to downsize automotive engines and growth in penetration of electric vehicle & electrically powered working equipment such as mowers and saws hinder the growth of the spark plug market. Irrespective of these challenges, increase in demand for natural gas-powered vehicles, technological advancements, such as new electrode material, are expected to create numerous opportunities for the market players, thus boosting the market growth.
Automobile Segment Lead the Spark Plug Market:
Automobile spark plug market led the overall spark plug market, accounting for around 80% of the overall market. This is attributed to increase in number of gasoline-powered passenger cars mostly in developing countries of Asia-Pacific and LAMEA. In addition, rise in demand for natural gas-powered vehicle further boosts the growth of the automobile spark plug market.
Asia-Pacific: Most Lucrative Market for Spark Plug:
Asia-Pacific spark plug market is the most lucrative spark plug market among other regions, owing to increase in number of vehicles in China, India, and Japan. Presence of the major car manufacturers in China and their continued commitment to invest in Asia-Pacific and growth in number of joint ventures with international brands drive the market growth. Moreover, Asia-Pacific is the largest market for gasoline & natural gas-based generator due to rise in industrialization and urbanization in developing countries such as China, India, Thailand, and Singapore, thus fueling the growth of the market.
Key Benefits of the Report
- The report includes an extensive analysis of the factors that drive as well as restrain the global spark plug market.
- The market projections from 2014 to 2022 are included along with the affecting factors.
- The report also provides quantitative as well as qualitative trends to assist the stakeholders understand the situations prevailing in the market.
- An in-depth analysis of key segments demonstrates stakeholders with different types of electrode material and application of spark plug.
- Competitive intelligence highlights the business practices followed by leading market players across various geographies.
KEY MARKET SEGMENTS OF SPARK PLUG MARKET
BY ELECTRODE MATERIAL
- Others (working equipment, brush cutters, scythes, mowers, saws)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East