FELTON, California, November 28, 2018
FELTON, California, November 28, 2018 /PRNewswire/ --
Global Spark Plug Market is estimated to grow significantly in the forecast period owing to the rising use of iridium material in new engine models. Spark plugs are the devices that deliver electric current from ignition system to combustion compartment in the car. Being a small electrical component, it is directly linked to the engine. They survive extreme pressure and heat within the car cylinders and efficiently burn off deposits from fuel additions to other pollutants.
The factors driving the market are comprise a fleet of automobiles due to significant demand for automobiles worldwide and promising government policies. In addition, increasing demand for LPG/CNG and petrol automobiles is impelling the demand for spark plugs, thereby boosting the market growth. However, increasing consumers' inclination for electric vehicles is expected to hamper the growth of market in the years to come. The increased demand for spark plugs by OEMs in different regions of the world is on the rise. This trend is expected to grow in future as well.
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The market is categorized on the basis of product type, sales channel, application, and geography. On the basis of product type, market is divided into cold spark plug and hot spark plug. Hot spark plug is expected to hold larger share of market owing to its extensive use. Cold spark plug is anticipated to grow at a comparatively steady rate in the years to come.
Based on sales channel, market is divided into aftermarket and (OEM) original equipment manufacturer. Original equipment manufacturer is predicted to grow substantially as compared to aftermarket channel owing to cheaper rates offered by different enterprises. In terms of application, market is split into marine, automotive, and industrial among others. Automotive segment is predicted to lead the spark plug market due to wide application of spark plug in automobiles.
Geographically, market is segmented as North America, Europe, Asia Pacific and RoW. Asia Pacific is projected to dominate the market owing to increasing number of automobiles in emerging economies like Thailand, Singapore, China and India. Moreover, North India is predicted to generate rising demand for spark plugs in future due to the presence of leading manufacturers like BMW, Maruti Suzuki, Ford, Hero MotoCorp, Mitsubishi and TVS Motors.
The key players in the spark plug market are General Motors (Acdelco Corporation), Federal-Mogul Corporation, NGK Spark Plug Co. Ltd, UCI-Fram Autobrands (Autolite), Borgwarner Inc., Denso Corporation, Delphi Automotive, Valeo, Weichai Power Co. Ltd., and Robert Bosch Gmbh.
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