Press release
Automotive Spark and Glow Plugs Market Sale is expected to Reach US$ 6.6 Bn by 2031
Automotive Spark and Glow Plugs Market 2022
Increasing demand for hot spark plugs and rising vehicle production are majorly influencing demand growth of automotive spark and glow plugs. Automotive Spark and Glow Plugs Market to Surpass Revenue of US$ 6.5 Bn by 2031: Study. The automotive spark and glow plugs market is expected to increase its worth from US$ 5.5 Bn in 2021 to US$ 6.6 Bn by 2031.
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The global automotive spark and glow plugs market is driven by an exponential rise in demand for automotive all across the world. The other factor is increase in sternness on the part of government regulations and norms regarding emissions and efficiency of fuel.
At the same time, increasing inclination towards electric vehicles is expected to hamper the automotive spark and glow plugs market in near future. As far as value is concerned, hot spark plugs account for more than half of the automotive spark and glow plugs market. Metal glow plugs come in second.
Persistence Market Research states that the global automotive spark and glow plugs market will witness a slow CAGR in the forecast period.
Key Companies-
• NGK Spark Plug Co. Ltd
• Federal-Mogul Corporation
• Denso Corporation
• Robert Bosch GmbH
• Borgwarner Inc.
• Weichai Power Co., Ltd.
• Valeo SA
• ACDelco Corporation
• Magneti Marelli Aftermarket N.A.
• Other
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Key Takeaways from Market Study
• Asia Pacific is expected to be the largest market for automotive spark and glow plugs. This could be attributed to countries such as India, Japan, and China being key contributors to its growth. Several OEMs are on an expansion spree in the region.
• North America and Europe collectively account for the largest market share due to majority of OEMs streaming their ideas in these two regions, which then spread to the rest of the world. However, the fact that these regions are on the verge of saturation can't be ruled out.
• By type of vehicle, passenger cars hold the largest market share due to increasing number of population opting for cars worldwide.
• The market in MEA and Latin America is expected to pick up pace due to rapid industrialization in countries such as Brazil and Nigeria.
Effect of COVID-19 on Market
The outbreak of Covid-19 has stalled or altered almost the entire industry vertical. The partial/total lockdowns inflicted all across have suspended the production of automotive, which has, in turn, adversely impacted the automotive spark and glow plugs market as well.
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Key Questions Answered in This Report -
• What is driving demand for automotive spark and glow plugs?
• How much does the automotive spark and glow plugs market revenue account for?
• Which trends are shaping the automotive spark and glow plugs landscape?
• What proportion of the market is dominated by the top 4 players?
• What are the expected expansion statistics for the decade?
• At what rate did the marketplace develop from 2016-2020?
• Which nations are driving demand for automotive spark and glow plugs?
• In terms of volume, what is the expected CAGR for the industry?
• What is the outlook for Germany in Europe?
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