Spark Plug Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030

Introduction: -

A spark plug is an electrical gadget primarily used to transfer electric currents from an ignition system to the chamber of combustion in a vehicle. It supplies the spark that ignites the combustible air-fuel mixture inside the engine cylinder. It aids in producing power in the engine by creating explosions. The device typically comprises a metal-threaded shell, resistance, ribs, hex, electrodes, and insulator. It is designed to produce a powerful ignition spark around 500-3,500 times per minute, with temperatures revolving between 500C and 800C. Spark plugs are fused in cylinders of gasoline engines, while glow plugs are integrated on the cylinder head of the diesel engines. The global spark plug market is expected to grow at a compounded annual growth rate (CAGR) of 5.5% during the forecast period of 2022-2030.

Growth Drivers:

The adoption of spark plugs is high in petrol-based passenger vehicles, recreational boats, jet skis, and gasoline and natural gas powered-generators. Apart from this, platinum and iridium-based cold spark plugs also have heavy utilization in high-performance engines to produce minimal carbon emissions. Moreover, the growing automobile production across the globe and the increasing need for part substitution in vehicles are leading to an increased demand for spark plugs in such vehicles. All these factors are considerably aiding in the swift expansion of the global spark plug market.

Additionally, the major players present in the global spark plug market are actively engaged in introducing enhanced spark plugs with new electrode materials, improved performance & ignitability, and better electrical energy conductivity. The advent of spark plugs with plasma core and Advanced Corona Ignition System (ACIS) and iridium spark plugs that have higher life and can operate in corrosive environments during marine application are other recent developments that are expected to bolster the growth of the global spark plug market during the forecast period.

Furthermore, the escalating demand for vehicles across the globe, the elevating international pressure towards reducing carbon emission, the rising number of regulations pertaining to emissions and fuel efficiency, the rapidly expanding automobile industry, and the implementation of favorable government policies encouraging the use of energy-efficient systems worldwide are among other primary factors fueling the growth of the global spark plug market.

On the other hand, the growing penetration of electric vehicles & electrically powered working equipment such as mowers and saws, and the surging adoption of engine downsizing to reduce vehicle weight are projected to hamper the growth of the global spark plug market to some extent during the forecast period of 2022-2030.

Spark Plug Market Segmentation:

By Type:

·         Spark Plugs

o    Hot Spark Plugs

o    Cold Spark Plugs

·         Glow Plug

o    Metal Glow Plug

o    Ceramic Glow Plug

 

By Material:

·         Copper

·         Iridium

·         Platinum

·         Others

 

By Engine Cylinder Layout Type:

·         L3

·         L4

·         L5

·         L6

·         V6

·         H6

·         V8

·         V10

·         V12

 

By Market Type:

·         OE

·         Aftermarket

 

By Vehicle Type:

·         Passenger Car

·         Light Commercial Vehicles (LCV)

·         Heavy Commercial Vehicles (HCV)

 

By Application:

·         Automobile

·         Marine

·         Industrial

·         Others

 

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

Spark Plug Market: Type Review:

Based on type, the spark plug section is segmented into hot spark plugs and cold spark plugs. The hot spark plugs segment is anticipated to dominate the market over the forecast period of 2022-2030. However, the cold spark plug segment is predicted to attain the highest growth in the market during the same period. This can be attributed to the proliferating demand for 4-stroke gasoline engines worldwide.

 

Spark Plug Market: Material Review:

Based on material, the global spark plug market is segmented into copper, iridium, platinum, and others. The iridium segment is expected to witness robust growth in the market during the forecast period. This can be ascribed to the elevating demand for iridium spark plugs from the marine sector due to their high longevity and enhanced engine performance.

 

Spark Plug Market: Application Review:

Based on application, the global spark plug market is segmented into automobile, marine, industrial, and others. The automobile segment acquired 81.0% of the market in 2021. The segmental lead is projected to continue over the forecast period of 2022-2030. The enhancing demand for natural gas-powered and fuel-efficient vehicles and the rising number of gasoline-powered passenger cars, especially in emerging nations across the globe, are the major factors attributable to the large share of this segment.

 

Regional Outlook:

The spark plug research report offers detailed analysis and forecasts for five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

 

The Asia Pacific region commanded the largest share of the global spark plug market in 2021, followed by Europe, North America, Latin America, and the Middle East & Africa, respectively. The region is anticipated to remain dominant further during the forecast period of 2022-2030. The major factors responsible for the large share of this region include the presence of leading car manufacturers, the rapidly growing automobile infrastructure, the escalating technological advancements in spark plug and glow plugs, and the high production & sales of automobile vehicles in the region. Moreover, the surging disposable incomes of people and the fast-paced urbanization activities in the region also contribute to the market growth in the region. India, China, Japan, and South Korea are the leading contributors to the market in this region.

 

The European region is expected to garner swift growth in the spark plugs market during the forecast period, predominantly owing to the expanding automobile industry, the rising export of luxury vehicles, the increasing number of government-based regulations pertaining to carbon emission, and the high consumer spending on hybrid vehicles in the region.

 

The report also identifies the country market outlook for spark plug, covering country-wise market size, growth rate, market share, segmentation, leading players, current trends, and opportunities.

 

Key Companies in Spark Plug Market:

The research report offers a competitive analysis of prominent companies operating in the global spark plug market. Some of the leading players profiled in the market research report include:

·         NGK Spark Plug Co. Ltd.

·         Federal-Mogul Corporation

·         Stitt Spark Plug

·         Acdelco Corporation

·         E3 Sparkplugs

·         Borgwarner Inc.

·         Denso Corporation

·         Robert Bosch Gmbh

·         General Motors

·         Delphi Automotive

·         Valeo

·         Ford Motor Company

·         Other Players