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.
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.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.
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.
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. 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 parc, upcoming stringent emission norms and rising demand for high fuel efficiency. 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.
Persistence Market Research, in its latest report titled ‘Automotive Spark and Glow Plugs Market: Global Industry Analysis and Forecast, 2016–2022’, has segmented the global automotive spark and glow plugs market into product type, vehicle type, sales channel and region. 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.
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 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.
This Persistence Market Research report examines the ‘Automotive Spark & Glow Plugs’ market for the forecast period 2016-2022. The primary objective of the report is to identify opportunities in the market and present updates and insights, pertaining to various segments of the global automotive spark & glow plugs market.
The automotive spark plug is a device designed to fit in each cylinder of a gasoline-powered internal combustion engine to produce the 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. Automotive spark & glow plugs market is generally classified by product type into spark plug and glow plug, these are further categorized into hot spark plug, cold spark plug, metal glow plug and ceramic glow plug respectively.
To understand and assess opportunities in this market, the report is categorically divided into four sections namely by product type, vehicle type, sales channel and region. The report analyses the global automotive spark and glow plugs market in terms of market value (US$ Mn) and volume (‘000 units).
The report begins with an overview of the global automotive spark and glow plugs, appraising market performance in terms of revenue and volume, followed by PMR’s analysis of key trends, drivers and restraints witnessed in the global market. Key trends specific to different geographies are also included in the report to equip the client with crystal clear decision-making insights.
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 plugs assessed in the report includes:
Vehicle types assessed in the report includes:
Sales channels assessed in the report includes:
Regions assessed in the report include:
To calculate the market size, the report considers various aspects based on secondary research. Furthermore, data points such as regional split and market split, by product type, vehicle type and sales channel, and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses total revenue generated by the global automotive spark and glow plugs market.
When developing the market forecast, the report begins with sizing the current market, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, PMR triangulates the data via the different analysis based on the supply side, demand side and dynamics of the automotive spark & glow plugs market. However, quantifying the market across the abovementioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed.
It is imperative to note that in an ever-fluctuating global economy, we not only provide forecasts in terms of CAGR but also analyse the market on the basis of key parameters such as year-on-year (Y-o-Y) growth, to understand predictability of the market and identify right opportunities.
Another key feature of this report is an analysis of the automotive spark and glow plugs market and corresponding revenue forecast in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective of the global automotive spark and glow plugs market.
To understand key segments in terms of their growth and performance in the automotive spark and glow plugs market, Persistence Market Research has developed a market attractiveness index. The resulting index should help providers identify existing market opportunities in the global automotive spark and glow plugs market.
In the final section of the report, automotive spark and glow plugs market, the competitive landscape is included to provide a dashboard view of companies that manufacture and supply spark plugs and glow plugs. The competition dashboard section compares products offered by key players and highlights estimated revenue of the company from the relative segment (i.e. segment including spark & glow plugs). The report also includes a section titled ‘Who Supplies Whom’ that highlights list of top automobile manufacturers and their respective spark plug and glow plug suppliers. The report contains company profiles of some of the major players operating in the global automotive spark and glow plugs market.
Some market players featured in this report are as follows: