Automotive Spark Glow Plugs Market to reach stupendous Mn by 2030, to revitalize post Covid-19 Era
Published On : Nov 12, 2020
The global automotive spark glow plugs market is driven by an exponential rise in the demand for automotives all across. The other factor is increase in sternness on the part of government regulations and norms regarding emissions and efficiency of fuel. At the same time, increasing inclination towards electric vehicles is expected to hamper the automotive spark glow plugs market in near future.
As far as value is concerned, hot spark plugs account for more than half of the automotive spark glow plugs market. Metal glow plugs come in second.
PMR states that the global automotive spark glow plugs market will witness a stupendous CAGR in the forecast period.
Key Takeaways from the Automotive Spark Glow Plugs Market
- The Asia-Pacific is expected to be the biggest market for automotive spark glow plugs market. This could be attributed to countries like India, Japan, and China being the key contributors to its growth. Several OEMs are on to the expansion spree in these regions.
- North America and Europe collectively account for the largest market share due to majority of OEMs streaming their ideas in these two regions, which then get spread to the rest parts of the world. However, the fact that these regions are on the verge of saturation can’t be ruled out.
- By type of vehicle, passenger car holds the largest market share due to an increasing number of population opting for cars worldwide.
- MEA and Latin America are expected to pick up pace due to rapid industrialization in countries like Brazil and Nigeria.
How is the automotive spark glow plugs market structured?
The global automotive spark glow plugs market participants include Denso Corporation, Robert Bosch GmbH, BorgWarner Inc., and Federal-Mogul Corporation. Companies like NGK Spark Co., Ltd. are going for organic as well as inorganic modes of expansion to keep competitors on tenterhooks.
Effect of Covid-19 on the Automotive Spark Glow Plugs Market
The outbreak of Covid-19 has stalled or altered almost the entire industry vertical. The partial/total lockdowns inflicted all across have suspended the production of automotives, which has, in turn, adversely impacted the automotive spark glow plugs market as well. This situation is expected to continue till mid-2021 (till Covid-19 vaccine would probably in place). Working from home doesn’t actually go well with the automotive industry as it involves on job production.
“The global automotive spark glow plugs market will certainly scale new heights, but post-Covid-19 era. The present situation does not call for any major development. It’s just a matter of a few months before the market bounces back”.
Automotive Spark Glow Plugs Market: Conclusion
The automotive spark glow plugs market has been flourishing. In fact, it did till the year 2019. The year 2020 ushered Covid-19, which threw the world out of gear. The Covid-19 phase needs to pass. Thereafter, wonders would be seen in the automotive spark glow plugs market.
Automotive Spark Glow Plugs Market
Demand for Automotive Spark Glow Plugs to Augment With Sale of Commercial Vehicles; Asia Pacific Leads Growth
Demand for Automotive Spark Glow Plugs to Augment With Sale of Commercial Vehicles; Asia Pacific Leads GrowthRequest TOC