The global automotive spark glow plugs market is set to grow at a steady rate by the end of the year 2025. The rise in demand and sale of commercial vehicles is estimated to boost the market growth in the coming years. Platinum and Iridium are projected to gain preference over other materials for making automotive spark glow plugs.
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Some market players featured in this report are as follows:
- NGK Spark Plug Co. Ltd
- Federal-Mogul Corporation
- Denso Corporation
- Robert Bosch GmbH
- Borgwarner Inc.
- Weichai Power Co., Ltd.
- Valeo SA
- ACDelco Corporation
- Magneti Marelli Aftermarket N.A.
The automotive spark plug is a device designed to fit into each cylinder of a gasoline-powered internal combustion engine to produce an electric spark for ignition of the air-fuel mixture. The automotive glow plug is a device fitted into each cylinder of a diesel engine, with a heating element to heat incoming fuel and air to ensure efficient combustion when the engine is cold.
Long-term business contracts of spark & glow plug manufacturers with suppliers to reduce production costs and increase profit margin is another factor expected to fuel the growth of the market over the forecast period. Increasing replacement interval for spark plugs, engine downsizing and focus of prominent players on business expansion and collaboration with technology providers are some of the prominent trends observed in the market.
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Impact of Covid-19
The COVID-19 pandemic has brought down the growth rate of the market with sluggish progress of the automotive sector. A rise in vehicle production with increased relaxation is expected to upsurge the stagnant market conditions.
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Owing to the rapid growth in the adoption of light-weight vehicles, the Asia Pacific is projected to attain a leading position on the market. Europe is surfacing as a lucrative market for the manufacturers with increasing preference for pick-up trucks and small vans over heavy vehicles.
Amongst the aforementioned regions, MEA Automotive Spark and Glow Plugs market is expected to expand at the highest CAGR of 4.0%, in terms of volume during the forecast period. Asia-Pacific is expected to account for dominant market volume share of 47.2% by 2022 end in the global automotive spark & glow plugs market.
In terms of market volume, Europe’s market is expected to depict slow growth during the forecast period. It is slated to account for a value share of 22.0% by the end of 2016. Revenue contribution of Latin America to the global automotive spark and glow plugs market is expected to increase at a CAGR of 3.0% over the forecast period.
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OEMs in the Automotive Spark Glow Plugs Market
Manufacturers are collaborating with suppliers to reduce the production cost. The market players are introducing new technologies in these plugs to attract consumers and stay at the forefront of the competition. Established players in the global market include Robert Bosch GmbH, Magneti Marelli Aftermarket N.A., NGK Spark Plug Co. Ltd, Borgwarner Inc., Denso Corporation, ACDelco Corporation, and Valeo SA.
How is the Market Segmented?
Automotive spark & glow plugs are segmented on the basis of type into hot spark plugs, cold spark plugs, metal glow plugs and ceramic glow plugs. The global automotive spark and glow plugs market is expected to expand at a CAGR of 2.1% in terms of value over the forecast period (2016–2022), to reach a market value of US$ 6.6 Bn by 2022.
Automotive spark and glow plugs market growth is influenced by a number of factors such as increasing automotive production and vehicle parts, upcoming stringent emission norms and rising demand for high fuel efficiency.
On the basis of product type, the market is segmented into hot spark plug, cold spark plug, metal glow plug and ceramic glow plug. On the basis of vehicle type, the market is segmented into passenger cars, LCV and HCV. On the basis of sales channel, the market is segmented into OEM and aftermarket. On the basis of geographic regions, the automotive spark and glow plugs market is segmented into Asia-Pacific, Europe, North America, Latin America and the Middle East & Africa.
The subsequent sections analyse the automotive spark and glow plugs market on the basis of product type, vehicle type and sales channel and presents a forecast for the period 2016–2022.
|Type of spark & glow||