Igniting Innovation : The Evolving Landscape of the Global Spark Plug Market Forecast, 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.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 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

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

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.,
Weichai Power Co., Ltd.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

David Correa
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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.