(MENAFN- America News Hour) The increasing disposable income combined with the growing middle-class population is driving the global automotive industry around the globe. The growing sales of automotive vehicles are further paving the way for the growth of the global spark plug market. Further, to curb the emissions and harmful pollutants to the environment, there are strict government regulations that are forcing the spark plug manufacturers to develop advanced and efficient spark plugs. In addition to that, the growing adoption and increasing awareness regarding spark plugs among the consumers is the promising growth factor behind the development of spark plug market in the years ahead.
The increasing awareness about the spark plugs quality is believed to supplement the growth of the global spark plug market with USD 9,267.2 Million by the end of 2024, rising its way up from USD 6,012.9 Million in 2016, expanding at a CAGR of 5.7% between the period 2017 and 2024.
spark plug market
is segmented into product type, electrode material, application and distribution channel, out of which, the electrode material segment is further divided into copper, iridium, platinum and other material. The Iridium segment held more than 45% of market share in overall spark plug market and is believed todominate the market in upcoming years. Further, the global iridium spark plug segment is expected to achieve Y-o-Y growth rate of 7.6% in 2024, whereas, the copper spark plug segment is projected to achieve Y-o-Y growth rate of 5.4% in the same year.
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Worldwide Automobile Productionto Escalate the Demand for Spark Plugs in Upcoming Years
The global spark plug market is thriving on the back of increasing rate of vehicle consumption around the globe.
Increasing Production and Sale of Automobile– Growing middle class population in developing regions has raised the demand and sale of automotive vehicles.
Consumers are adopting advanced spark plugs as it helps to increase fuel efficiency.
Growth of Automotive Component Aftermarket– Increasing emphasis on aftermarket by the manufacturers is expected to propel the growth of the spark plug market.
Industry Players' are Progressing towards Minimizing the Barriers faced by the Global Spark PlugMarket
According to Research Nester, increasing penetration of low quality spark plug in the market is dampening the growth of the spark plug market.
Presence of Local Manufacturers – There is presence of high number of local manufacturers in many regions combined with local vendors with low cost spark plugs.
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Rising Adoption of Electric Vehicles– Adoption of electric vehicles in developing and developed nations is believed to slow down the growth rate of spark plug market in the years ahead.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players ofthe global spark plug market which includes company profiling ofFederal-Mogul Corporation, Denso Corporation, Robert Bosch GmbH, ACDelco, Weichai Power Co.Ltd., Megenti Marelli S.p.A., NGK Spark Plug Co. Ltd., Valeo, MSD Performance, HELLA GmbH & Co. KGaA.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global
spark plug market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 120 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors.We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.