Global Spark Plug Market to Reach USD 21,353.5 Million by 2034, with a CAGR of 6%

According to a recent study by Future Market Insights, the global spark plug market is projected to achieve a favorable growth trajectory, with an estimated value of USD 11,887.3 million in sales for 2024. The market is expected to expand at a CAGR of 6% from 2024 to 2034. By the end of 2034, the spark plug market is anticipated to reach approximately USD 21,353.5 million.

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Key Takeaways

The Indian market for spark plugs is expected to reach USD 541.0 Million by 2033.
By 2033, it is predicted that the Chinese market for spark plugs will reach USD 1.9 billion.
By 2033, the German spark plug market is anticipated to generate revenues of USD 308.99 million.
The US market may grow at a CAGR of 3.4% during the course of the projection year.
During the forecast period, the hot spark plug product type may experience CAGR growth of 3.9%.
During the anticipated time frame, the CAGR for the UK market might be 5.8%.
Over the course of the forecast period, the German market may grow at a CAGR of 3.2%.
From 2023 to 2033, the spark plug market in India is anticipated to grow at a CAGR of 3.9%.
Between 2023 and 2033, the Chinese spark plug market is projected to expand at a CAGR of 4.6%.
By 2033, the UK market is expected to generate sales of $154.1 million in spark plugs.
By 2033, the US market is expected to reach USD643.4 million.
Over the course of the projected year, nickel might expand in the material type category at a CAGR of 3.8%.

Growing automotive vehicle production and demand, as well as stringent government regulations governing emissions and fuel efficiency, are some of the major driving forces behind the expansion of the global spark plug market. Additionally, it is projected that an increase in the availability of jet skis, gasoline-powered generators, and recreational boats will hasten market expansion.

Trends in the Spark Plug Market

Drivers:

The Automotive Industry is Expanding

One of the key factors fueling the growth of the spark plug market is the expansion of the automotive industry globally. Spark plugs are widely used in electrical, marine, and aerospace industries, which benefits the market.

Increased Production of Vehicles

Consumer demand for reliable, high-performance cars is rising, which is causing the market to expand more quickly. Production of automobiles increases as demand for spark plug along with these improved vehicles rises.

Utilization in Petrol-Powered Passenger Cars

The widespread usage of spark plugs in gasoline-powered passenger cars, leisure boats, jet skis, and generators powered by gasoline and natural gas also has an impact on the market. Cold spark plugs made of platinum and iridium are used in high-performance engines to produce very little carbon emissions, which helps the market grow.

Additionally, the market for spark plugs benefits from the growth of the automobile industry, an increase in investments, and rising disposable income.

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Competitive Landscape

With a focus on the global market, the "Global Spark Plug Market" study report will offer insightful information. NGK Spark Plug Co. Ltd., Robert Bosch, Tenneco Inc., Valeo are the major market participants.

Key Players

Robert Bosch GmbH
Niterra Co., Ltd (NGK Spark Plugs Co. Ltd.)
Hella KGaA Hueck & Co.
Denso Corporation
Valeo S.A.
Tenneco Inc.
Weichai Power Co., Ltd.
Holley Performance Products, Inc.
Torch Group
MAGNETI MARELLI PARTS & SERVICES
HKS Co., Ltd.
Recent Development

Product Expansions and Product Launches

To expand its product line, DENSO released new component numbers in February 2020.
The new GOETZE® product range for industrial ignition solutions was launched by Tenneco in May 2020.
Agreements, Collaborations, and Partnerships

Neural Analytics, Inc. and NGK SPARK PLUG CO., LTD. announced their strategic alliance in July 2019.
In order to expand their product portfolios, Bosch and Munich Re entered into a partnership agreement in February 2018.
Acquisitions and Mergers

For a staggering USD5.4 billion, Tenneco purchased Federal-Mogul in April 2018.
In the most recent development, NGK SPARK PLUG CO. had finished acquiring Wells Inc.

Key Segmentations

By Sales Channel:

OEM
Aftermarket
By Material Type:

Iridium
Platinum
Nickel
Others
By End Use:

Automotive
Two Wheelers
Passenger Cars
LCV
HCV
Marine
Aerospace
Industrial
By Product Type:

Hot Spark Plug
Cold Spark Plug
Regional Outlook

Due to the surge in the development of the automotive infrastructure in the industrial sector in developing nations like China and India, the Asia Pacific region currently dominates the market.

Major automakers have operations in China as well and are still making investments in the Asia Pacific area. The production of gasoline-powered light commercial vehicles is on the rise, which will lead to positive growth in the North American region.

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.