Press release
Global Automotive Glow Plug Market Size To Grow At A CAGR Of 4.30% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter's Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2022): Around USD 3.39 Billion
Forecast CAGR (2023-2028): 4.30%
Forecast Market Size (2028): Nearly USD 4.35 Billion
A major factor driving the global automotive glow plug market is the increasing production of commercial vehicles worldwide. Due to the growing population and rapid urbanisation, the demand for vehicles has increased, which is further prompting the utilisation of automotive glow plugs. Moreover, a rise in disposable income is also expected to boost the sales of vehicles, which further encourages the market growth. Growing environmental concerns also support the implementation of glow plugs in vehicles for better fuel combustion.
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Furthermore, the growth of the e-commerce sector is another important factor that boosts the usage of commercial vehicles for the transportation of goods, bolstering the usage of glow plugs. Increased investments by governments into transportation services also provide growth opportunities to the market. Additionally, the increased demand for pickup trucks for multi-purpose utility also accelerates the market growth.
The surge in the popularity of ceramic glow plugs owing to their ability to heat up faster than conventional metals further favours the global automotive glow plug market. The heating element encased in a ceramic glow plug ensures safety and provides superior performance. Moreover, the growing demand for ceramic plugs by both OEM and aftermarket sales channels also positively influences the market.
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Automotive Glow Plug Industry Definition And Major Segments
A glow plug is a heating device typically made of ceramics or metals which is used in vehicles to start the engine. It is generally utilised when the temperature is too low for compression ignition by heating the air and fuel present in the engine and supporting the combustion of fuel in diesel engines.
On the basis of product type, the market is classified into:
Metal Glow Plug
Ceramic Glow Plug
Based on vehicle type, the market is categorised into:
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
On the basis of sales channel, the UVA and UVB market is segmented into:
OEM
Aftermarket
Based on region, the market is divided into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Automotive Glow Plug Market Trends
A key trend propelling the growth of the global automotive glow plug market is the increasing demand for automotive glow plugs in aftermarkets. Growing cargo transportation is also expected to boost the implementation of glow plugs in the aftermarket.
Furthermore, technological advancements by market players to improve the heating capability of glow plugs also fuel the market growth. A rise in business contracts between the spark and glow plug manufacturer and the supplier to reduce the production cost is also expected to augment the market in the forecast period.
The Asia Pacific accounts for a sizeable share of the global automotive glow plug market due to the growing demand for automotive components and commercial vehicles in the region. Moreover, the increasing purchasing power of individuals, coupled with the rise in urbanisation, is also expected to favour the market. Additionally, a surge in the adoption of lightweight commercial vehicles fuels the implementation of automotive glow plugs.
Europe is also expected to provide lucrative growth opportunities to the overall market for automotive glow plug owing to the increased demand for commercial vehicles in the logistics sector. Furthermore, increasing efforts by market players to improve the efficiency of automotive glow plugs for superior heating is also a crucial trend in the region.
Key Market Players
The major players in the global automotive glow plug market report are DENSO Corporation, NGK Spark Plug Co., Ltd., Robert Bosch GmbH, Tenneco Inc., Magneti Marelli S.p.A., BorgWarner Inc., General Motors, HKT Corporation, First Brands Group LLC., and Zenith Industries, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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