Spark plug transmits high voltage electrical energy to ignite the air-fuel mixture in combustion chamber. It also assists in removal of heat from combustion chamber. Spark plugs are used in internal combustion engine driven vehicles, aircrafts, boats, industrial & oil field engines, power mowers, and chain saws. Platinum and iridium spark plugs are used for modern engines, owing to their enhanced performance, durability, reliability, and firing efficiency.
Increase in demand from the marine sector for recreational boats, such as bay or flats boats, cabin cruisers, deck boats, and inboard ski/wakeboard boats drives the growth of the spark plugs industry. Most boats are equipped with one or more than one cylinder gasoline or natural gas-powered engine, which requires a spark plug for its ignition process. Factors, such as compact boat size, change in boat engine technologies, and rise in tourism industry across the globe drive the growth of recreational boat market, which boost the demand for the marine spark plugs.
The market is driven by rise in demand for fuel efficient vehicles, introduction of stringent norms regarding carbon emissions, increase in demand for passenger vehicles in developing nations, and growth in demand for leisure boats & personal watercraft from marine sector. However, rise in adoption of electric vehicles and engine downsizing to reduce weight of vehicles hinder the growth of the global spark plug market. On Contrary, increase in adoption of natural gas-powered vehicles and technological advancements are expected to create lucrative growth opportunities for the global spark plug market.
The report segments the global spark plug market on the basis of type, electrode material, end-use, sales channel, and region. By type, the market is fragmented into hot spark plug and cold spark plug. Depending on electrode material, the market is categorized into copper, platinum, iridium, and others. According to end-use, the market is segmented into automotive, marine, and others. As per the sales channel, the market is segmented into original equipment manufacturer and aftermarket. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Increase in demand from the marine sector for recreational boats, such as bay or flats boats, cabin cruisers, deck boats, and inboard ski/wakeboard boats drives the growth of the spark plugs industry. Most boats are equipped with one or more than one cylinder gasoline or natural gas-powered engine, which requires a spark plug for its ignition process. Factors, such as compact boat size, change in boat engine technologies, and rise in tourism industry across the globe drive the growth of recreational boat market, which boost the demand for the marine spark plugs.
The market is driven by rise in demand for fuel efficient vehicles, introduction of stringent norms regarding carbon emissions, increase in demand for passenger vehicles in developing nations, and growth in demand for leisure boats & personal watercraft from marine sector. However, rise in adoption of electric vehicles and engine downsizing to reduce weight of vehicles hinder the growth of the global spark plug market. On Contrary, increase in adoption of natural gas-powered vehicles and technological advancements are expected to create lucrative growth opportunities for the global spark plug market.
The report segments the global spark plug market on the basis of type, electrode material, end-use, sales channel, and region. By type, the market is fragmented into hot spark plug and cold spark plug. Depending on electrode material, the market is categorized into copper, platinum, iridium, and others. According to end-use, the market is segmented into automotive, marine, and others. As per the sales channel, the market is segmented into original equipment manufacturer and aftermarket. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global spark plug market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall spark plug market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global spark plug market with a detailed impact analysis.
- The current spark plug market is quantitatively analyzed from 2021 to 2030 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Type
- Hot Spark Plug
- Cold Spark Plug
By Material
- Copper
- Platinum
- Iridium
- Others
By End-Use
- Marine
- Others
- Automotive
By Sales Channel
- Original Equipment Manufacturer
- Aftermarket
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Denso Corporation
- E3 Spark Plugs
- Ford Motor Company
- General Motors Company
- Marelli Holdings Co., Ltd.
- NGK Spark Plug Co., Ltd.
- Robert Bosch GmbH
- Tenneco Inc.
- Valeo S.A.
- Weichai Power Co., Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SPARK PLUG MARKET, BY TYPE
CHAPTER 5: SPARK PLUG MARKET, BY MATERIAL
CHAPTER 6: SPARK PLUG MARKET, BY END-USE
CHAPTER 7: SPARK PLUG MARKET, BY SALES CHANNEL
CHAPTER 8: SPARK PLUG MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Spark Plug Market,' the spark plug market was valued at $3.2 billion in 2020, and is estimated to reach $5.1 billion by 2030, growing at a CAGR of 5.1% from 2021 to 2030.Asia-Pacific region is expected to dominate the global spark plug market, owing to increase in sales of commercial vehicles as a result of rise in e-commerce activities in the region. Increase in production of passenger cars, rise in number of gasoline or natural gas-powered generators, due to ongoing industrialization and urbanization drive the market growth.
Modernization of passenger vehicles for enhanced vehicle performance and compliance with stringent emissions norms drive the growth of the spark plug market. Manufacturers are launching advanced spark plugs to increase fuel efficiency and reduce emissions from vehicles. For instance, in 2020, Pulstar LLC, launched fine-wire iridium high-power spark plug to provide better performance with less usage of gasoline.
Based on material, the global spark plug market is segregated into copper, platinum, iridium, and others. Automobile manufacturers shift to materials such as platinum and iridium for improved durability, reliability, and performance. Iridium spark plugs possess high melting points along with great efficiency and performance.
The end-use segment has been divided into automotive, marine, and others. The automotive segment accounted for a major share in 2020. The automotive segment includes gasoline & natural gas-powered passenger cars, light commercial vehicles, and heavy commercial vehicles. These vehicles require a spark plug to produce spark in combustion chamber for ignition process. Iridium and platinum spark plugs are most preferred for passenger vehicles.
Significant factors impacting the growth of the spark plug market comprises rise in demand for fuel efficient vehicles, introduction of stringent norms regarding carbon emissions, increase in demand for passenger vehicles in developing nations, and rise in demand for leisure boats & personal watercraft from marine sector. Moreover, factors such as rise in adoption of electric vehicles and engine downsizing to reduce weight of vehicles are expected to be hinder the market growth. Furthermore, increase in adoption of natural gas-powered vehicles and technological advancements are expected to create new growth opportunities for spark plug market during the forecast period.
COVID-19 Impact Analysis
The COVID-19 crisis created uncertainty in the spark plug industry, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. Governments of different regions announced total lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales.
The impact of the COVID-19 pandemic resulted in supply-chain disruptions causing low sales of passenger cars across the globe, which, in turn, reduced the demand for peripherals, such as spark plugs. Several automobile manufacturers faced shortage of components and materials leading to delay in production of vehicles.
However, growth in sales of commercial vehicles is observed, which, in turn is anticipated to be contributing in the growth of the market post pandemic. Various countries have introduced initiatives to revive the automobile industry in their region during the COVID-19 pandemic.
Key findings of the Study
- By type, the cold spark plug segment is anticipated to exhibit significant growth in the near future.
- By material, the iridium segment is anticipated to exhibit significant growth in the near future.
- By end-use, the marine segment is anticipated to exhibit significant growth in the near future.
- By sales channel, the aftermarket segment is anticipated to exhibit significant growth in the near future.
- By region, Europe is anticipated to register the highest CAGR during the forecast period.
Companies Mentioned
- Denso Corporation
- E3 Spark Plugs
- Ford Motor Company
- General Motors Company
- Marelli Holdings Co., Ltd.
- NGK Spark Plug Co., Ltd.
- Robert Bosch GmbH
- Tenneco Inc.
- Valeo S.A.
- Weichai Power Co., Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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