Market Research Future (MRFR) in its latest report, published on spark plug market, reveals that the market is likely to expand at approximately 5.5% CAGR over the forecast period of 2016 to2022.
MRFR identified that the increase in demand for automobiles as the primary factor to boost the global spark plug market growth over the assessment period. As the population is growing, the need for better transportation is increasing. This, in turn, is surging the production of automobiles. In addition, as the comfort threshold of people is increasing, the need for better transportation feasibility is rising, so is the demand for intelligent automobiles. Integration of continuous technical upgradation in the manufacturing of automobiles is increasing the safety and comfort provided by an automobile. These factors are expected to drive the growth of the global spark plug market.
Spark plug regulates the combustion of an automobile engine. Strict governments norms for environmental protection is casting a positive impact on the market growth, as high efficacy of spark plugs reduces emission that leads to air pollution. Moreover, increase in governments’ budget for the automobile industry and high investments made by different companies in the research and development activities for launching more effective spark plugs, is anticipated to fuel its market growth.
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The global market of spark plug market has been studied based on material type, product type, sales channel, and vehicle type.
By product type, the spark plug market has been segmented into hot spark plug and cold spark plug. Hot spark plugs has high effectiveness in providing better insulation. This is boosting the sales of spark plugs. This is likely to gain traction for the growth of the market in the coming years.
By material type, the spark market has been segmented into platinum spark plug, iridium spark plug, copper spark plug, and other
By sales channel, the spark plug market has been segmented into aftermarket and original equipment market. The original equipment segment is expected to dictate the growth of the market.
By vehicle type, the spark plug market has been segmented into commercial vehicle and passenger vehicle. The growing need for seamless public conveyance is expected to increase the adoption of better quality spark plug. This is expected to boost the market growth.
By region, the spark plug market has been studied in Asia-Pacific, (APAC), North America, Europe, and RoW (the Rest of the World).
The market in the Asia-Pacific region is likely to hold the highest share of the global market. The fast-paced expansion of the automobile industry in economies such as China, India, and Japan is expected to contribute to the growth of the regional market. Moreover, rapid industrialization is likely to play a significant role in the APAC spark plug market expansion.
The North America market is expected to register high rate of growth in the review period. Increase in the manufacturing of commercial vehicles (LCVs) is rising the demand for spark plugs. This is expected to push the market growth. In Europe, the fast growing automotive industry and stringent rules on carbon emissions are factors that are likely to fuel the regional market growth.
Federal-Mogul Corporation (US), NGK Spark Plug Co. Ltd (Japan), Denso Corporation (Japan), Borgwarner Inc. (US), General Motors (US), Robert Bosch Gmbh (Germany), Valeo (France), Delphi Automotive (Ireland), FRAM GROUP IP LLC. (US), and Weichai Power Co. Ltd (China) are some of the dynamic contenders that are functional in the spark plug market. Intense competition among key players is likely to generate high revenue for the market.
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