USD 1,592.60 Million
Spark Plug Market Size, Share, Growth Analysis, By Product(Spark Plugs and Glow Plugs), By Electrode Material(Copper, Platinum, and Iridium), By Sales Channel(OEM and Aftermarket), By Application(Two Wheelers and Four Wheelers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2220 |
Region:
Global |
Published Date: March, 2024
Pages:
190
|Tables:
111
|Figures:
75
Spark Plug Market Insights
Global Spark Plug Market size was valued at USD 1,592.60 Million in 2022 and is poised to grow from USD 1,672.64 Million in 2023 to USD 2,949.39 Million by 2031, growing at a CAGR of 7.3% in the forecast period (2024-2031).
A major trend is the increasing demand for more efficient fuel-efficient materials, which led to the development of new materials such as iridium and platinum A key factor is the growth of hybrid vehicles, with global demand for spark plugs are varied more than usual petrol engines are built on more efficient and cleaner combustion engines. A new spark plug has played an important role in improving engine performance and reducing emissions.
Furthermore, engine manufacturers are constantly working to develop more fuel-efficient engines. Advances in spark plugs improved engine performance and fuel economy, making them increasingly important in achieving these goals.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Glow Plugs
Fastest Growth
Growth Rate
7.3% CAGR
Global Spark Plug Market ($ Bn)
Country Share for Asia Pacific Region (%)
To get more reports on the above market click here to Buy The Report
Spark Plug Market Segmental Analysis
Based on product type, the market is segregated into spark plugs and glow plugs. In terms of electrode material, the market is divided into copper, platinum, and iridium. By sales channel, the market is divided into OEM and aftermarket. Based on application, the market segmented into two wheelers and four wheelers. The regional market includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
The spark plugs segment held the largest market share globally in 2022 and is poised to dominate the market during the forecast period. Modern vehicles use more fuel than diesel when emission standards are taken into account. Plugs have a huge presence in the market due to the prevalence of gasoline powered vehicles worldwide.
Most commercial vehicle engines are diesel powered, so glow plugs are needed. While diesel vehicles have been phased out in some areas, a few still have to rely on aftermarket taillights under their maintenance. Some diesel passenger cars also use glow plugs. The demand for spark plugs is closely associated with the ever-increasing proliferation of diesel engines, especially in the heavy-duty vehicle and industrial sectors and thus this segment shows a modest growth in the market.
Analysis by Electrode
The copper segment has the largest presence in the market, with the largest share. Traditional manufacturers usually use copper as the primary material for the electrode. Despite being highly conductive, copper electrodes wear faster than other materials. They cost less but have a shorter lifespan. Typically, bikes are fitted with brass accessories, which makes them dominant in the market.
The Iridium segment is expected to grow at the highest CAGR during the forecast period. Iridium has been very successful in this field due to its outstanding hardness, high texture and excellent hardness. Iridium-plated components provide durability and performance, although they are expensive. This is expected to drive growth in some segments of the market.
Global Spark Plug Market By Product
To get detailed analysis on other segments, Request For Free Sample Report
Spark Plug Market Regional Insights
Asia-Pacific dominated the market in 2022 and is set to rule with the fastest CAGR during the forecast period. The strong automotive industry in emerging Asia Pacific countries such as India, Japan and China support regional expansion and the need for new vehicles and replacement parts, including materials, is the key about progress. Asia-Pacific is expected to capture the largest share of the market due to rapid expansion of automobile industry and major presence of major automakers from countries such as India and China Vehicle emissions can be reduced while potentially deteriorating - It can prevent strikes, which are directly linked to increased carbon dioxide emissions.
North America, especially the United States, is known for its advanced automotive industry and technological innovation. The segment houses leading automotive manufacturers, research institutes and technology companies that continue to innovate in spark plug design and manufacturing This Innovation Center contributes to the development of cutting-edge spark plug technology, with high-performance products, advanced electrode design and integrated sensor capabilities are included. North America is expected to experience steady growth. The region has a mature automotive industry with constant demand for replacement and ongoing sales of new vehicles to support regional demand.
Global Spark Plug Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Spark Plug Market Dynamics
Drivers
- Increasing Vehicle Sales and Production in Each Region to Boost Market Expansion
Spark plugs and glow plugs are very important parts of a typical car. They play an important role in the efficiency of fuel combustion in engines. Thus, the steady expansion of automobile sales and production affects the demand for quality plugs. For example, according to OICA (International Organization of Motor Vehicle Manufacturers), commercial and passenger vehicle production has grown significantly in recent years with passenger vehicle production growing by 8% by 2022, to over a million units 61, and total automobile production increased by 6%, to over 85 million units in 2021 So global automobiles are products that allow carmakers to make spark plugs and glow plugs available.
- Advent of High-efficiency Electric Vehicles Driving Industry Expansion
A large-scale electrification of vehicles is steadily emerging around the world. Governments around the world are focusing on the use of green transportation to address air pollution and climate change. Thus, governments are implementing policies to increase the adoption of electric vehicles (EVs). In addition, improving the network and infrastructure of EV charging stations, distributing subsidies and incentives for purchasing electric vehicles, and other government initiatives are driving the global adoption of electric vehicles.
Restraints
- Increasing Disposable Income
The major factor driving the global spark plugs market is the rise in automotive production and sales. Increasing disposable income and urbanization have led to a sharp rise in the purchase of passenger cars and commercial vehicles, followed by an increased demand for spark plugs of the done They observe allowing to create opportunities for new spark plug technologies, which will drive the market expansion.
- Rise in the Risk of Electric Mobility
Despite the optimism, the global spark plugs market faces challenges primarily due to the emergence of electric vehicles (EVs) and the increasing demand for alternative mobility. The shift towards electric mobility threatens traditional spark plug manufacturers as EVs eliminate the need for internal combustion engines. Challenges associated with manufacturing compatible spark plugs severely restrict market growth. Apart from this, a slow economy and fluctuations in raw material prices may affect the market.
Request Free Customization of this report to help us to meet your business objectives.
Spark Plug Market Competitive Landscape
The competitive environment of the global Spark Plug Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. The global market is highly competitive with many key players trying to maintain their market position through innovation, partnerships, mergers and acquisitions, geographical expansion etc., Denso Company, BorgWarner Inc., Federal-Mogul Company, Valeo SA, Delphi Technology, Weichai Power Company Limited, is ACDelco Company, and Champion Automotive Parts. These companies focus research and development activities to introduce advanced spark plug technologies to meet the evolving needs of automakers and end users.
Top Player’s Company Profiles
- Semiconductor Components Industries, LLC
- NXP Semiconductors
- Texas Instruments Incorporated
- Microchip Technology
- STMicroelectronics
- Toshiba India Pvt. Ltd
- Renesas Electronics Corporation
- Visionics Sweden HB
- Labexports
- NXP Semiconductors
- STMicroelectronics
- Mouser Electronics, Inc.
- JaincoLab, SES INSTRUMENTS PVT. LTD
- SINGHLA SCIENTIFIC INDUSTRIES
- Jameco
- Springer Nature Switzerland AG
- Clamorworld, EKRAFT STUDIO Company
- Nexperia
Recent Developments
- In July 2023, MAN Engines began offering pre-chamber spark plugs adapted to the combustion chamber as an option for all current MAN E3262, E3268, E0836, E0834 series turbocharged natural gas engines, as well also was mandatory for MAN E3872 20 in quantity of the efficiency of the mass mixture.
- In July 2023, NGK acquired Denso Ceramic Products such as spark plugs, O2 sensors and air-fuel ratio sensors for NGK. Among dense internal combustion engine products, it will develop, manufacture and sell spark plugs and exhaust sensors in Japan and abroad.
- In January 2023, Transient Plasma Technology (TPS) installed a transient plasma ignition system. The company reports that it can increase engine performance by 20%, reduce NOx emissions and is compatible with a wide range of fuels.
Spark Plug Key Market Trends
- Increasing Demand for More Efficient Fuel-efficient Materials
A key trend is the increasing demand for more efficient fuel-efficient materials, leading to new materials such as iridium and platinum. Global demand for hybrid cars, which use spark plugs instead of conventional gasoline engines due to stricter emissions regulations, is a major contributing factor. Manufacturers are emphasizing cleaner, more effective combustion engines.
Spark Plug Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global spark plug market continues to grow due to several factors such as rising vehicle manufacturing, increasing demand for fuel efficient vehicles and increasing demand for electric vehicles. The auto industry’s shift to electric vehicles has led to speculation about the future of spark plugs; However, they remain important components of conventional gasoline vehicles and are expected to continue to be in demand for the foreseeable future. The market is characterized by fierce competition among specialist players, driving continuous innovation and product development. Manufacturers focus on increasing spark plug performance and durability to improve engine performance and meet stringent emissions regulations Besides, technological advances such as iridium-platinum spark plug development improve ignition performance and durability, driving market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1,592.60 Million |
| Market size value in 2031 | USD 2,949.39 Million |
| Growth Rate | 7.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Spark Plug Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Spark Plug Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Spark Plug Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Spark Plug Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Spark Plug Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Spark Plug Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
