Global Spark Plug Market Predicted to Expand at a CAGR of 4.9% during Forecast 2018 – 2027

A new report titled “Global Spark Plug Market Predicted to Expand at a CAGR of 4.9% during Forecast 2018 – 2027” has been included in the enormous research repository of Market Research Reports Search Engine (MRRSE) that compiles various facets of the Spark Plug Market at a global level portraying a holistic analysis of the marketplace along with intelligence on key participants. The report covers an unbiased analysis on various market aspects, emphasizing major trends giving direction to the market, key opportunities paving new growth avenues, key drivers pushing the market’s growth and challenges and restraints hindering the market for Spark Plug Market across the globe.

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The new research report on global spark plug market is an analysis of the overall development of the global market during the forecast period. The market is bifurcated into various segments based on different parameters. It includes two types of spark plugs, i.e. hot spark plugs and cold spark plugs. The rate of heat transfer in a hot spark plug is very slower, which helps in keeping the firing tip hotter for longer duration.  In case of cold spark plugs the rate of heat transfer from firing tip in to the engine head is very rapid, which keeps the firing tip cooler. According to the analysis of global spark plug market, hot plugs is expected to be the leading segment with a great margin. It is expected to reach a market value of over US$ 3,600 Mn by the end of 2027, growing at a value CAGR of 4.9%. Whereas, cold spark segment lags behind in terms of market value which is expected to reach over US$ 900 Mn by the end of 2027, but the segment is expected to compete well, witnessing a high growth rate of 4.3% during the forecast period of 2018-2027.

With the increase in automotive production, there has also been an increase in the fuel efficiency and emission norms. Introduction of such norms will have a direct impact on the demand for spark plugs, as spark plug ensures smooth ignition and engine operation by complete combustion of fuel, which ensures low emissions from the engine. Similarly, glow plugs reduce exhaust gas emissions and improves performance of diesel engines. The stringent emission and fuel norms are also expected to increase adoption of advanced automotive spark plugs by automakers in the near future for compliance with stringent emission norms worldwide. However, emission and fuel efficiency norms can have a negative impact on the sales of spark plugs as well.

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Stringent emission norms are forcing OEMs to produce new two wheelers that comply with the new norms. This is increasing the prices of conventional motorcycles and scooters. Stringent two wheeler tailpipe emission rules are shifting focus towards the manufacturing of electric bikes, which in turn hampers the growth of the conventional motorcycles and scooters market. According to the Japan Automobile Manufacture Association (JAMA), household demand for scooters and motorcycles is expected to drop by 1.6% in the financial year 2018.

There is also an increase in the demand for OEM products. Automotive component markets in countries such as China, India, Indonesia, Brazil, and Mexico are projected to benefit significantly from demand for aftermarket and OEM products. With the increase in demand for spark plugs, manufacturers are getting into long term contracts with OEMs. The contracts assists them in maintaining a continuous flow in their business. Such contracts have various benefits associated with it, such as reducing production costs, increasing profit margins, shielding the component manufacturers from price fluctuations in raw materials etc.

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