According to a newly updated study by Future Market Insights, the spark plug market is expected to grow favorably, with an estimated US$ 4.0 billion in global sales in 2023. Between 2023 and 2033, the market's value is anticipated to rise at a CAGR of 4.2%. By 2033, it is expected that the spark plug market would have grown to US$ 6.1 billion.
Key Takeaways
The Indian market for spark plugs is expected to reach US$ 541.0 Mn by 2033.
By 2033, it is predicted that the Chinese market for spark plugs will reach US$ 1.9 billion.
By 2033, the German spark plug market is anticipated to generate revenues of US$ 308.99 million.
The US market may grow at a CAGR of 3.4% during the course of the projection year.
During the forecast period, the hot spark plug product type may experience CAGR growth of 3.9%.
During the anticipated time frame, the CAGR for the UK market might be 5.8%.
Over the course of the forecast period, the German market may grow at a CAGR of 3.2%.
From 2023 to 2033, the spark plug market in India is anticipated to grow at a CAGR of 3.9%.
Between 2023 and 2033, the Chinese spark plug market is projected to expand at a CAGR of 4.6%.
By 2033, the UK market is expected to generate sales of $154.1 million in spark plugs.
By 2033, the US market is expected to reach US$643.4 million.
Over the course of the projected year, nickel might expand in the material type category at a CAGR of 3.8%.
Growing automotive vehicle production and demand, as well as stringent government regulations governing emissions and fuel efficiency, are some of the major driving forces behind the expansion of the global spark plug market. Additionally, it is projected that an increase in the availability of jet skis, gasoline-powered generators, and recreational boats will hasten market expansion.
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Trends in the Spark Plug Market
Drivers:
The Automotive Industry is Expanding
One of the key factors fueling the growth of the spark plug market is the expansion of the automotive industry globally. Spark plugs are widely used in electrical, marine, and aerospace industries, which benefits the market.
Increased Production of Vehicles
Consumer demand for reliable, high-performance cars is rising, which is causing the market to expand more quickly. Production of automobiles increases as demand for spark plug along with these improved vehicles rises.
Utilization in Petrol-Powered Passenger Cars
The widespread usage of spark plugs in gasoline-powered passenger cars, leisure boats, jet skis, and generators powered by gasoline and natural gas also has an impact on the market. Cold spark plugs made of platinum and iridium are used in high-performance engines to produce very little carbon emissions, which helps the market grow.
Additionally, the market for spark plugs benefits from the growth of the automobile industry, an increase in investments, and rising disposable income.
Opportunities
The market players would benefit from profitable prospects during the forecast period of 2023 to 2033 due to the rise in demand for commercial vehicles and high-performance cars. Additionally, increased international demand to cut carbon emissions has accelerated the market expansion for spark plugs.
Constraints Faced by Manufacturers
There are certain obstacles, such as the growing use of electric vehicles and workplace machinery. Spark Plugs for internal combustion engines are becoming obsolete due to the desire for electric vehicles. The growing tendency of engine downsizing to minimise vehicle weight is another limitation.
Regional Outlook
Due to the surge in the development of the automotive infrastructure in the industrial sector in developing nations like China and India, the Asia Pacific region currently dominates the market.
Major automakers have operations in China as well and are still making investments in the Asia Pacific area. The production of gasoline-powered light commercial vehicles is on the rise, which will lead to positive growth in the North American region.
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Competitive Landscape
With a focus on the global market, the "Global Spark Plug Market" study report will offer insightful information. NGK Spark Plug Co. Ltd., Robert Bosch, Tenneco Inc., Valeo are the major market participants.
Recent Development
Product Expansions and Product Launches
To expand its product line, DENSO released new component numbers in February 2020.
The new GOETZE® product range for industrial ignition solutions was launched by Tenneco in May 2020.
Agreements, Collaborations, and Partnerships
Neural Analytics, Inc. and NGK SPARK PLUG CO., LTD. announced their strategic alliance in July 2019.
In order to expand their product portfolios, Bosch and Munich Re entered into a partnership agreement in February 2018.
Acquisitions and Mergers
For a staggering $5.4 billion, Tenneco purchased Federal-Mogul in April 2018.
In the most recent development, NGK SPARK PLUG CO. had finished acquiring Wells Inc.