Rise in demand for fuel-efficient vehicles, strict norms about carbon emissions, and surge in need for passenger vehicles in developing countries drive the global spark plug market. Asia-Pacific held the lion’s share in 2020, contributing to more than two-fifths of the market. Owing to lockdown and restrictions on travel, the need for automotives and sales of passenger cars declined. This, in turn, hampered the sale of spark plugs.
The global spark plug market size was accounted for $3.17 billion in 2020, and is estimated to reach $5.13 billion by 2030, growing at a CAGR of 5.1% from 2021 to 2030.
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.
Spark Plug Market Segment Overview
The report divides the global spark plug market on the basis of type, electrode material, end use, sales channel, and region.
By type, the hot spark plug segment dominated the global spark plug market in 2020, in terms of revenue, and is expected to lead the market throughout the forecast period. By electrode material, the iridium segment is anticipated to witness lucrative growth over the forecast timeframe. Based on end-use, the automotive segment accounted for a major share in 2020. On the basis of sales channel, the OEM (original equipment manufacturer) segment accounted for a major share in 2020. At present, Asia-Pacific is the highest revenue contributor, followed by Europe.
On the basis of end use, the automotive segment held the lion’s share in 2020, contributing to nearly four-fifths of the market. However, the marine segment is estimated to portray the highest CAGR of 7.3% from 2021 to 2030.
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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 global spark plug market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2020, accounting for more than two-fifths of the market. However, the market across Europe is anticipated to showcase the highest CAGR of 6.1% during the forecast period.
Spark Plug Market Key Players
The global spark plug market includes an in-depth analysis of the prime market players such as 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., and Weichai Power Co., Ltd.
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The report provides a detailed analysis of these key players in the global market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in the country. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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