Spark Plug Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Spark Plug Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : November, 2022 | Automotive

Report Digest

Spark Plug Market – Overview

The growth in the spark plug market has been growing rapidly because of a lot of factors. One of the prominent growth factors includes the increasing demand for fuel-efficient vehicles around the world. In addition to this, the introduction of the stringent norms related to carbon emission has also been predicted to drive growth avenues in the global market throughout the forecast period.

Rising demand from the marine industry for personal watercraft & leisure boats and growing demand for passenger vehicles in the developing countries are also estimated to fuel novel sales opportunities in the global market in the near future.

On the flip side, increasing adoption of electric vehicles as well as engine downsizing in order to reduce the weight of the vehicle has been expected to restrict expansion opportunities in the global market. But, technological advancements and the growing adoption of natural gas-powered vehicles have also been projected to provide numerous growth impetuses in the spark plug market during the forecast period.

spark plug market

Spark Plug Market – Key Drivers

The spark plug is generally equipped in the cylinder head of the internal combustion engine for the ignition of the air-fuel mixture. It is also used to remove the heat from the combustion chamber. Further, the spark plug carries two electrodes that are separated by the air gap. These plugs are also used in the form of spark in order to ignite the air-fuel mixture. The same spark plugs further result in the smooth start of the engine with improved fuel economy. Nickel platinum, iridium, and copper are used to make these spark plugs.

Various regulations are introduced, which necessitate the requirement for the improvement of fuel efficiency by automobile manufacturers. Further, these regulations are also important to reduce the harmful emission that is caused by automobiles. The automakers serving in the respective industry are concentrating to manufacture automobile components that follow the emission norms in order to provide higher fuel efficiency. Thus, based on the rising requirements for fuel-efficient vehicles, the spark plug market has been predicted to grow at a significant speed throughout the forecast period. 

Spark Plug Market – Recent Developments and Key Players

The spark plug market has been marked due to the presence of prominent players that are serving in regional as well as global areas. Their presence in the market is making the industry nature fragmented. Furthermore, these players are also taking into consideration certain novel growth strategies in order to achieve their pre-defined goals. Along with these factors, the rising penetration of the international market players and increasing awareness among consumers related to the industry brands are also driving new growth opportunities in the market. Novel product launches, mergers or tie-ups, product portfolio expansion, and the rising count of the R & D activities in enhancing the company portfolio are some strategies that are also adopted by these key market players to generate lucrative opportunities in the coming years.

For instance, Tenneco Inc. has launched its spark plugs in May 2020 and it is specially designed for industrial gas engines. Further, the newly designed GOETZE industrial spark plug has been designated as G-6004, G-6003, G-6002, and G-6001.

Some of the key players in the spark plug market are:

  • Denso Corporation
  • Weichai Power Co., Ltd.
  • E3 Spark Plugs
  • Tenneco Inc.
  • General Motors Company 
  • Marelli Holdings Co., Ltd.
  • Robert Bosch GmbH
  • Valeo S.A.
  • NGK Spark Plug Co., Ltd.
  • Ford Motor Company (Motorcraft)

Spark Plug Market – Regional Assessment

The spark plug market has been serving in various regions across the world. The prominent regions in the market include LAMEA, Asia Pacific, Europe, and North America. Among these global regions, Asia Pacific has been anticipated to grow at a rapid speed in the spark plug market due to rising product requirements and constant technological innovations in the industry.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.