Spark Plug Market : A $5.1 Billion Projection by 2030 with a 5.1% CAGR Growth From 2020-2030

According to a new report published by Allied Market Research, titled, "Spark Plug Market,"𝐓𝐡𝐞 𝐬𝐩𝐚𝐫𝐤 𝐩𝐥𝐮𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 $𝟑.𝟐 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟎, 𝐚𝐧𝐝 𝐢𝐬 𝐞𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 $𝟓.𝟏 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟎, 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐭 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟓.𝟏% 𝐟𝐫𝐨𝐦 𝟐𝟎𝟐𝟏 𝐭𝐨 𝟐𝟎𝟑𝟎.

Asia-Pacific region is expected to dominate the global spark plug market, owing to increase in sales of commercial vehicles as a result of rise in e-commerce activities in the region. Increase in production of passenger cars , rise in number of gasoline or natural gas-powered generators, due to ongoing industrialization and urbanization drive the market growth.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/1873

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.

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 end-use segment has been divided into automotive, marine, and others. The automotive segment accounted for a major share in 2020. The automotive segment includes gasoline & natural gas-powered passenger cars, light commercial vehicles, and heavy commercial vehicles. These vehicles require a spark plug to produce spark in combustion chamber for ignition process. Iridium and platinum spark plugs are most preferred for passenger vehicles.

Significant factors impacting the growth of the spark plug market comprises rise in demand for fuel efficient vehicles, introduction of stringent norms regarding carbon emissions, increase in demand for passenger vehicles in developing nations, and rise in demand for leisure boats & personal watercraft from marine sector. Moreover, factors such as rise in adoption of electric vehicles and engine downsizing to reduce weight of vehicles are expected to be hinder the market growth. Furthermore, increase in adoption of natural gas-powered vehicles and technological advancements are expected to create new growth opportunities for spark plug market during the forecast period.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/spark-plug-market/purchase-options

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

The COVID-19 crisis created uncertainty in the spark plug industry, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. Governments of different regions announced total lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales.

The impact of the COVID-19 pandemic resulted in supply-chain disruptions causing low sales of passenger cars across the globe, which, in turn, reduced the demand for peripherals, such as spark plugs. Several automobile manufacturers faced shortage of components and materials leading to delay in production of vehicles.

However, growth in sales of commercial vehicles is observed, which, in turn is anticipated to be contributing in the growth of the market post pandemic. Various countries have introduced initiatives to revive the automobile industry in their region during the COVID-19 pandemic.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘 :

By type, the cold spark plug segment is anticipated to exhibit significant growth in the near future.

By material, the iridium segment is anticipated to exhibit significant growth in the near future.

By end-use, the marine segment is anticipated to exhibit significant growth in the near future.

By sales channel, the aftermarket segment is anticipated to exhibit significant growth in the near future.

By region, Europe is anticipated to register the highest CAGR during the forecast period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/1873

The key players operating in the global spark plug market comprises 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.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐒𝐞𝐦𝐢𝐜𝐨𝐧𝐝𝐮𝐜𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/automotive-semiconductor-market-to-reach-113-94-billion-globally-by-2030-at-11-8-cagr-allied-market-research-301434802.html

𝐅𝐥𝐞𝐱 𝐅𝐮𝐞𝐥 𝐄𝐧𝐠𝐢𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/flex-fuel-engine-market-to-garner-105-11-billion-globally-by-2030-at-5-6-cagr-allied-market-research-301439341.html

𝐑𝐚𝐢𝐥𝐰𝐚𝐲 𝐓𝐫𝐚𝐜𝐭𝐢𝐨𝐧 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/railway-traction-motor-market-to-hit-48-72-billion-globally-by-2030-at-4-4-cagr-allied-market-research-301468317.html

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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