Global spark plug and glow plug market was valued at US$ 3369.3 million in 2017 up from US$ 3164.9 million by 2016. By 2025, spark plug and glow plug market is projected to reach US$ 5678.9 million with a CAGR of 6.7% over the forecast period, according to a new market research report Global Spark Plug and Glow Plug Market Report, by Product Type (Hot Plug, Cold Plug, Metal Glow Plug, Ceramic Glow Plug) and by Geography by Coherent Market Insights
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Advancement in technology in the spark plug and glow plug is one of the major factor for growth of the market. For instance, innovation of pressure sensor glow plugs for diesel engines by various organization have accelerated demand for pressure sensor glow plugs by various automotive OEMs. Pressure sensor glow plugs measure the pressure in combustion chamber by using integrated sensors and reports to the engine control electronics. Hence, these aid in reducing diesel emissions, which is a factor supporting growth of the market over the forecast period. Furthermore, the development of digital twin spark ignition system, which includes two spark plugs located at opposite ends of combustion chamber that help to generate fast and efficient combustion, is another factor leading to high demand for spark plugs from automotive manufacturers. These help to provide better fuel efficiency and lowers emissions thus, in turn leading to growth of the spark plug and glow plug market.
However, rising sales of electric vehicles is one of the major factors hindering growth of the market over the forecast period. According to Coherent Market Insights’ analysis, in 2017, the global sales of electric vehicle was 962 thousand units.
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Key Takeaways of the Spark Plug and Glow Plug Market:
- The glow plug segment is projected to register the highest CAGR over the forecast period. Advancement in technology in glow plugs is a major factor for growth of this segment in the market. For instance, integration of ceramic heating with glow plug, aids in reducing time for heating process and improves temperature keeping process, as compare to conventional glow plugs that requires lower voltage from an accumulator to start the working of a plug.
- Africa region is projected to exhibit the highest CAGR over the forecast period. In 2017, the Africa spark plug and glow plug market generated revenue of US$ 74.9 million. By 2025, Africa spark plug and glow plug market is projected to reach US$ 165.4 million with a CAGR of 10.4% during the forecast period. Increasing sales or registration of new vehicles is a major factor for growth of the spark plug and glow plug market. According to Coherent Market Insights’ analysis, in 2017, the sales or registration of new vehicles in Africa was 1,195,765 units and is projected to reach 1,700,671 units by 2025. The passenger car segment held the largest share in the Africa vehicles market, which is turn, aided in growth of the spark plug market in Africa. According to Coherent Market Insights’ analysis, in 2017, the sales or registration of new passenger car was 862,907 units. Hence, high sales of passenger car in Africa region is a major factor for growth of the market in the region.
- Major players operating in the global spark plug and glow plug market include NGK Spark Plug Co. Ltd, Federal-Mogul Corporation, Borgwarner Inc., Denso Corporation, Robert Bosch Gmbh, General Motors (Acdelco Corporation), Delphi Automotive, Valeo, Weichai Power Co. Ltd., and UCI Fram Autobrands (Autolite)
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