Press release
Automotive Spark & Glow Plugs Market is Anticipated to Grow US$ 6.6 Billion by 2022
Automotive Spark & Glow Plugs Market, Automotive Spark & Glow Plugs, Spark Glow Plugs, Spark plugs
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Automotive spark and glow plugs market growth is influenced by a number of factors such as increasing automotive production and vehicle parc, upcoming stringent emission norms and rising demand for high fuel efficiency. Long-term business contracts of spark & glow plug manufacturers with suppliers to reduce production costs and increase profit margin is another factor expected to fuel the growth of the market over the forecast period. Increasing replacement interval for spark plugs, engine downsizing and focus of prominent players on business expansion and collaboration with technology providers are some of the prominent trends observed in the market.
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Persistence Market Research, in its latest report titled ‘Automotive Spark and Glow Plugs Market: Global Industry Analysis and Forecast, 2016–2022’, has segmented the global automotive spark and glow plugs market into product type, vehicle type, sales channel and region. On the basis of product type, the market is segmented into hot spark plug, cold spark plug, metal glow plug and ceramic glow plug. On the basis of vehicle type, the market is segmented into passenger cars, LCV and HCV. On the basis of sales channel, the market is segmented into OEM and aftermarket. On the basis of geographic regions, the automotive spark and glow plugs market is segmented into Asia-Pacific, Europe, North America, Latin America and the Middle East & Africa.
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Amongst the aforementioned regions, MEA Automotive Spark and Glow Plugs market is expected to expand at the highest CAGR of 4.0%, in terms of volume during the forecast period. Asia-Pacific is expected to account for dominant market volume share of 47.2% by 2022 end in the global automotive spark & glow plugs market. In terms of market volume, Europe market is expected to depict slow growth during the forecast period. It is slated to account for a value share of 22.0% by the end of 2016. Revenue contribution of Latin America to the global automotive spark and glow plugs market is expected to increase at a CAGR of 3.0% over the forecast period.
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