Spark plug is an engine component, located at the top of cylinder, which delivers electric current during the combustion process to produce spark. Increase in production of gasoline and natural gas-based vehicle mostly two-wheeler and passenger cars drive the market growth. However, technical advancements to downsize automotive engines and growth in penetration of electric vehicle & electrically powered working equipment, such as mowers and saws, hinder the growth of the spark plug market. Irrespective of these challenges, increase in demand for natural gas-based vehicle and technological advancements, such as new electrode material, are expected to create numerous opportunity for the market players, thus fueling the market growth.
Electrode material segment is divided into copper, iridium, and platinum. In 2015, iridium spark plug accounted for the largest revenue among others. This is attributed to its benefits such as long service life, approximately five times greater than copper spark plug, and high ignitability due to fine tipped center electrode. However, copper spark plug is anticipated to witness decreased growth trend. Moreover, platinum spark plug is anticipated to witness the highest growth rate of 4.8% CAGR among others.
The global spark plug market is estimated to reach $2,904 million by 2022. Automobile segment is expected to maintain its dominant position throughout the forecast period. Asia-Pacific accounted for the highest share of 46% in 2015, and is anticipated to maintain its dominance throughout the forecast period.
Spark plug finds its application across several verticals such as automobile, marine, industry, and others (working equipment, brush cutters, scythes, mowers, saws). In 2015, automobile segment accounted for the largest market share among others, and is anticipated maintain its dominance due to increase in number of gasoline-based vehicle and rise in demand for natural gas vehicles. However, industrial segment is expected to witness the highest growth rate of 7.2% CAGR among others due to growth in urbanization and industrialization in developing countries, which further boosts the demand for petrol or natural gas generator.
Asia-Pacific accounted for the majority of revenue in 2015, and is expected to maintain its dominance, followed by Europe and North America. This is attributed to the increase in sales and production of automobiles such as two-wheelers and passenger cars and LCV.
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The key players in the spark plug market are focused to expand their business operations in the emerging countries with new product launches as a preferred strategy. The major players profiled in this report include NGK Spark Plug Co. Ltd, Federal-Mogul Corporation, Denso Corporation, Robert Bosch Gmbh, FRAM Group IP LLC (Autolite), Enerpulse Technologie, Stitt Spark Plug, Acdelco Corporation, E3 Sparkplugs, Zhuzhou Torch Spark Plug, Weichai Power Co. Ltd., MSD Performance, Ford Motor Company, and Valeo.
Key Benefits of the Report
- The report includes an extensive analysis of the factors that drive as well as restrain the global spark plug market.
- The market projections from 2014 to 2022 are included along with the affecting factors.
- The report also provides quantitative as well as qualitative trends to assist the stakeholders understand the situations prevailing in the market.
- An in-depth analysis of key segments demonstrates stakeholders with different types of electrode material and application of spark plug.
- Competitive intelligence highlights the business practices followed by leading market players across various geographies.
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KEY MARKET SEGMENTS OF SPARK PLUG MARKET
BY ELECTRODE MATERIAL
- Others (working equipment, brush cutters, scythes, mowers, saws)
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This post was originally published on Trading Herald