Automotive Spark and Plugs Market Driven by Rising Demand for Commercial and Passenger Vehicles in Asia Pacific
Published On : Mar 20, 2016
Automotive spark and glow plugs are crucial components of an automobile. Spark plugs and glow plugs help initiate ignition in an internal combustion engine. A spark plug ignites the air-fuel mixture entering an engine, while a glow plug is used to preheat the mixture to make it more combustible. Glow plugs are mostly used in diesel vehicles, since initiating ignition in diesel engines, particularly in cold weather and if the engine has a large capacity, is significantly harder than with petrol/gasoline engines. Spark and glow plugs are installed within each cylinder of an engine, to ensure smooth ignition and operation.
According to Persistence Market Research, the global spark and glow plugs market is expected to be worth US$5.6 bn by the end of 2016 and rise to a valuation of US$6.6 bn by 2022. This represents a CAGR of 2.1% between 2016 and 2022.
Rising Automobile Production Drives Automotive Spark and Glow Plugs Market
The primary driver of the global automotive spark and plugs market is, naturally, the rising demand for vehicles. Passenger cars, light commercial vehicles, and heavy commercial vehicles are all experiencing rising demand due to the rising amount of disposable income available to the average customer. Increasing globalization has also benefitted the demand for commercial vehicles. Since commercial vehicles usually have high-capacity diesel engines, the demand for spark and glow plugs is rising.
The increasing regulatory focus on the fuel efficiency of vehicles has also brought spark and glow plugs into the spotlight. Proper functioning of spark and glow plugs ensures smooth combustion in an internal combustion engine, increasing the fuel efficiency of the vehicle. Rising awareness about the importance of fuel efficiency in reducing carbon emissions has led to steady innovation in spark and glow plugs, driving the global spark and glow plugs market.
Demand for Ceramic Glow Plugs to Rise the Fastest
Spark and glow plugs can be segmented into ceramic glow plugs, metal glow plugs, hot spark plugs, and cold spark plugs on the basis of product type. Among these, the segment of ceramic glow plugs is expected to rise the fastest in the aforementioned forecast period. This is due to the higher heat tolerance of ceramics than metals and the increasing demand for diesel vehicles. The latter is a particularly influential factor in developing countries, where commercial vehicles are almost exclusively run on diesel.
The strong demand for spark and glow plugs from rising countries such as China and India is expected to allow the Asia Pacific automotive spark and glow plugs market to dominate the global market in the coming years. The demand for commercial as well as passenger vehicles is growing in several Asia Pacific countries, leading to strong growth prospects for the regional automotive spark and glow plugs market. The rising demand for passenger cars in China, India, Indonesia, Thailand, etc. is another major factor boosting the Asia Pacific automotive spark and glow plugs market, since the passenger cars segment is expected to exhibit a 2.3% CAGR in the aforementioned forecast period.
Collaboration with Technology Providers the Dominant Trend in Spark and Glow Plugs Market
Major players operating in the global automotive spark and glow plugs market are NGK Spark Plug Co. Ltd., Denso Corporation, Borgwarner Inc., Federal-Mogul Corporation, Robert Bosch GmbH, Valeo SA, among others. The major trends observed in the automotive spark and glow plugs market in recent years are expansion of manufacturing facilities to keep up with increasing demand and collaboration with technology providers to keep up to date with the latest innovations.
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