Press release
Automotive Glow Plug Market is expected to Reach $4.69 Bn in 2028 at a CAGR of 4.2% within Forecast Period 2024-2033
Automotive Glow Plug Market Report
The Business Research Company offers in-depth market insights through Automotive Glow Plug Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive glow plug market size has grown strongly in recent years. It will grow from $3.77 billion in 2023 to $3.98 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to vehicle sales growth, stringent emission standards, diesel engine prevalence, cold climate regions, aftermarket sales.
The automotive glow plug market size is expected to see steady growth in the next few years. It will grow to $4.69 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to continued emission regulations, rise in electric vehicles, global economic trends, urbanization and commercial fleets, focus on fuel efficiency. Major trends in the forecast period include focus on lightweight materials for enhanced fuel efficiency, growing popularity of cold-start systems in electric vehicles, expansion of aftermarket sales channels, emphasis on sustainable and eco-friendly automotive components, collaborations for research and development in glow plug technology.
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Market Segmentation:
The automotive glow plug market covered in this report is segmented -
1) By Type: Metal Glow Plug, Ceramic Glow Plug
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Major Driver - Rising Vehicle Production Catalyst For The Expansion Of The Automobile Glow Plug Market
The rise in the production of vehicles is expected to propel the growth of the automobile glow plug market going forward. Production of vehicles refers to the process of manufacturing mass-produced identical models of automobiles that are offered for sale to the public and can be legally driven on public roads. Glow plugs are heating devices used in diesel engines to aid in starting the engine in cold weather. They work by heating the incoming fuel and air to encourage efficient fuel combustion in the engine. For instance, in August 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, in June 2023, car production in the United States increased to 11.87 million units, up from 10.91 million units. Therefore, a rise in the production of vehicles will drive the growth of the automobile glow plug market.
Competitive Landscape:
Major companies operating in the automotive glow plug market report are Automotive Ignition Market, Automotive Spark Plugs And Glow Plugs Market, Spark Plug And Glow Plug Market, Diesel Engine Market, Automotive Ignition Coil Market
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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