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A spark plug triggers an electric current from an ignition system to the combustion chamber of a spark-ignition engine which further leads to ignition of the compressed fuel/air mixture while containing combustion pressure within the engine. Increased sales and production of gasoline-powered vehicles and hike in number of petrol-based generators, small & recreational boats, and jet skis predominantly drive the growth of the market.
Over the past couple of years, the global spark plugs market is witnessing a brisk growth. According to a leading research firm, Market Research Future (MRFR), the global spark plugs market is estimated to witness steady growth by 2022, registering a moderate CAGR of 5.5% throughout the forecast period (2016 – 2022).
Stringent regulations imposed by governments to control emission and increase fuel efficiency in vehicles alongside, and the impressive growth of the automotive industry are propelling the spark plugs market. Also, the rise in demand for the natural gas-powered vehicle further boosts the growth of the automobile spark plug market.
On the other hand, factors that are impeding the growth of the market include technical advancements to rationalize automotive engines and market penetration of electric vehicles & electrically powered working equipment such as mowers and saws. Nevertheless, an increase in demand for natural gas-powered vehicles, technological advancements, such as new electrode material would boost the growth of the market, creating numerous opportunities for market players.
Segmentations
For a better understanding, the report has been segmented into five key dynamics:
By Product Type : Hot and Cold Spark Plug, among others.
By Material : Copper Spark Plug, Platinum Spark Plug, and Iridium Spark Plug, among others.
By Market : Original Equipment Market (OEM) and Aftermarket, among others.
By Vehicle Type : Passenger and Commercial Vehicle, among others.
By Regions : Europe, North America, Asia Pacific, and Rest-of-the-World.
Geographical Analysis
The Asia Pacific region would retain its dominance over the global spark plugs market. Reason behind the burgeoning automotive sector in the region is a huge increase in production. Surging demand and considerable advancements in related technologies are some of the primary factors driving the spark plugs market in the APAC region.
The presence of a number of notable manufacturers of spark plug and their continued commitment to invest, drive the growth of the regional market. Owing to increase in the production of vehicles and growth in the number of joint ventures with international brands the market is set to gain more in the future. Also, rapidly developing countries such as China, India, and Japan, are set to transform the regional market.
The spark plugs market in the North American region is a lucrative market. Increasing production and the growing demand for advanced spark plug technology foster the growth in the regional market.
Well-established automotive industry in this region creates significant opportunities for the market to grow. Increasing focus on improving ignition cycles of the air-fuel mixture inside the engine's combustion chamber propels the regional market. The US leads the regional spark plugs market owing to a high vehicles and population ratio.
The European spark plugs market is substantially large in terms of both, size and volume. The robust automotive sector drives the growth of the regional market, producing some of the most innovative and technologically advanced automobiles.
Highly competitive, the spark plugs market appears to be fragmented due to the presence of many well-established players. Manufacturers of moldings compete on price, quality, innovation, reputation, and distribution.
Besides, innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players in the spark plugs market.
Major Players
Players leading the global spark plugs market include Federal-Mogul Corporation, NGK Spark Plug Co. Ltd, Borgwarner Inc., Robert Bosch Gmbh, Denso Corporation, General Motors (Acdelco Corporation), Valeo, Delphi Automotive, Weichai Power Co. Ltd., and UCI-Fram Autobrands (Autolite), among others.
Read More :
https://issuu.com/www.marketresearchfuture.com/docs/polyvinyl_alcohol_packaging
https://www.slideshare.net/sakkk18/cosmetic-packaging-suppliers
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