Why Spark plug Market Trending in 2020? Know The Forecast Research till 2026

Escalating pollution levels caused by vehicular emissions is likely to propel the global spark plug market growth in the upcoming decade, according to the latest Fortune Business Insights(TM) report, titled "Spark plug Market Size, Share & Industry Analysis, By Product Type (Hot Spark Plug, Cold Spark Plug), By Electrode Material Type (Copper, Iridium, Platinum, Others), By Vehicle Type (PC, LCV, HCV) Others and Regional Forecast, 2019-2026". The world is in the grip of a grave and long-lasting environmental crisis driven by skyrocketing pollution levels and one of the greatest contributors to this are vehicles.

These machines emit some of the most toxic pollutants such as carbon monoxide and nitrogen oxides and the enormous size of vehicular fleet on world roads is keeping pollution at persistently high levels. A report published by the European Parliament stated that approximately 30% of the carbon dioxide emissions in the European Union are emitted by transport. Of these, 72% come from road transport, the report highlights. Similarly, the US Environment Protection Agency estimates that motor vehicles account for nearly 75% of the carbon monoxide pollution in the US. As a result, the demand for fuel- and economy-efficient automobiles and automotive components is rapidly growing across the globe and leading the spark plug market trends.

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List of Prominent Companies Covered in the Spark Plug Market Report:

Magneti Marelli
Valeo SA
Borgwarner Inc.
Federal-Mogul Corporation
Denso Corporation
ACDelco Corporation
Weichai Power Co. Ltd.
Robert Bosch GmbH
NGK Spark Plug Co. Ltd.
The report provides answers to the following questions:

What are the key market drivers and restraints?
Who are the major market players and what are their key strategies?
What are the possible market segments and how are they shaping the growth of the market?
Which regions hold the greatest growth prospects for the market?
Market Restraint

Rising Popularity of Electric Vehicles to Slow Down Market Growth

While deployment of energy-efficient components in automobiles is economically more attractive in the present scenario, in the long-run, its environmental feasibility is likely to diminish. Therefore, automakers are investing in clean and green technologies with renewed zeal to ensure their survival in this market. Electric vehicles (EVs) have emerged as the most sustainable solution for curbing carbon emissions and their production has witnessed a meteoric rise in the past few years. According to the International Energy Agency (IEA), the global electric car fleet reached 5 million in 2018, exhibiting a sharp rise of 63% from 2017 levels. The IEA further projects that the world EV sales in 2030 will hit 44 million, with more than 200 million electric cars on roads during the same time period. Since EVs eliminate the need for internal combustion engine, demand for components such as spark plugs is likely to plummet and hinder the spark plug market growth during the forecast period.

Regional Analysis

High Population Growth to Propel the Market in Asia-Pacific

Among regions, Asia-Pacific is anticipated to dominate the spark plug market share owing to speedy population rise, high demand for passenger vehicles, and increasing environmental awareness. Within the region, India is set to emerge as the most promising country due to its robust tire industry. In Europe, the main driving factor will be tightening governmental norms regarding emissions, making the continent the second-largest region in this market. North America is expected to register healthy growth on account of its thriving automotive industry and advancements in automotive technology.

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Competitive Landscape

Intense Focus on Innovation to Energize Market Competition

With rising emphasis on sustainable development, industry leaders are shifting their focus toward developing novel solutions that will have a low environmental impact. Cash-rich companies are directing their investment energies towards innovation with a view to solidify their position in this market, as per the spark plug market analysis.

Industry Developments:

August 2019: The Japanese automotive giant, Mazda Motor Corporation, devised a ground-breaking process called Spark Plug Controlled Compression Ignition (SPCCI). The process enables the engine to function at a compression ratio of 16.3:1 and at ostensibly low air to fuel ratio. This lean ratio will not the spark plug to burn and make the vehicle fuel-efficient.
April 2019: Robert Bosch GmbH, the German engineering behemoth, launched a novel tool that increases the service life of the company's signature M18 Iridium Spark Plugs. The tool will enable professionals to realign spacing between electrodes in industrial spark plugs, thereby extending their wear time and prolonging their service life.
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