Press release
Automotive Spark Glow Plugs Market is Expected to Exceed US$ 6.6 Bn by 2022
In terms of market value, Asia-Pacific is expected to dominate the global automotive spark & glow plugs market over the forecast period. Europe is expected to be the second-largest market, accounting for revenue share of 22.0% of the global estimated market value by 2016 end. MEA automotive spark & glow plugs market is slated to expand at the highest CAGR in terms of value during the forecast period.
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On the basis of product type, the ceramic glow plug segment is expected to expand at a comparatively higher value CAGR during the forecast period. The growth of this segment is primarily driven by increasing demand for diesel engines in developing countries such as China, Mexico and Brazil. On the basis of vehicle type, revenue contribution of the passenger cars segment is expected increase at the CAGR of 2.3% during the forecast period. On the basis of sales channel, aftermarket segment is expected to have dominant revenue share over the forecast period.
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Expansion of existing manufacturing facilities and collaboration with technology providers are major trends observed among key manufacturers to increase their market presence and enhance their product portfolio. Prominent players in the global automotive spark & glow plugs market include NGK Spark Plug Co. Ltd, Federal-Mogul Corporation, Denso Corporation, Robert Bosch GmbH, Borgwarner Inc., Weichai Power Co., Ltd, Valeo SA, ACDelco Corporation, Magneti Marelli Aftermarket N.A.
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