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

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.