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Overview
Spark Plug is an automotive component that delivers electric current from an ignition system to the combustion chamber of a fuel-based engine. Market Research Future (MRFR), has recently published a report stating that the global Automotive Spark Plug market is marked to expand steadily at a CAGR of 5.5% during the forecast period of 2016-2022.
Increasing global population and availability of automobiles at affordable cost are inducing high demand for combustion engine-based vehicles all over the world, resulting in the expansion of the global Automotive Spark Plug market. Rapid development of automotive industry and high demand for vehicles with fuel efficiency and improved performance are some of the factors that are leading to the expansion of the global Automotive Spark Plug market. Rise in global demand for automotive with fuel-based engines and incorporation of advanced technology in the automotive sector are propelling the growth of the global Automotive Spark Plug market during the forecast period.
However, increasing consumer inclination towards switching to electric vehicles owing to the increasing environmental concerns, stringent government regulations for emission control and fluctuations in the prices of petroleum are likely to act as restraints on the expansion of the global Automotive Spark Plug market during the forecast period.
Segmentation
The global Automotive Spark Plug Market has been segmented on the basis of product type, material type, market and vehicle. Based on product type, the Automotive Spark Plug market has been segmented into hot spark plug and cold spark plug. The hot spark plug segment is anticipated to account for the largest share in the global Automotive Spark Plug market during the forecast period. Based on material type, the Automotive Spark Plug market has been segmented into copper spark plug, platinum spark plug, iridium spark plug and others. Based on market, the Automotive Spark Plug market has been segmented into original equipment market and aftermarket. Based on vehicle type, the Automotive Spark Plug market has been segmented into passenger vehicle and commercial vehicle.
Regional Analysis
Geographically, the global Automotive Spark Plug market has been segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. The Asia Pacific region is anticipated to lead the global Automotive Spark Plug market owing to the rapid development in automotive industry and high demand for fuel-based vehicles in this region. Increasing demand for automobiles and rise in disposable income are propelling the growth of the Automotive Spark Plug market in the North America region. The Automotive Spark Plug market in the Europe region is expanding significantly, owing to the increased manufacturing of automotive spare parts in the rapidly expanding automotive industry of this region. Increasing population and high demand for affordable vehicles are some of the major factors that are propelling the growth of the global Automotive Spark Plug market in the rest of the world.
Competitive Analysis
The players in the global Automotive Spark Plug market are coming up with different strategies to expand their businesses in the global market. The planned mergers and acquisitions and new product launches are aiding the players to gain a competitive edge in the global Automotive Spark Plug market.
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