Zion Market Research, the market research group announced the analysis report titled ‘Spark Plugs Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024’
Global Spark Plugs Market: Overview
A spark plug generates an electric current from the ignition system to the combustion chamber of a spark-ignition engine by electric spark; it creates suitable combustion pressure within the engine to ignite the compressed fuel. Spark plug consists of a metal threaded shell, which is electrically isolated from a central electrode with the help of porcelain insulator. During the engine operation, high tension current flows through the center electrodes and it ionizes the gas present between electrode gaps thus producing a spark. Spark plug generates powerful ignition spark around 500-3500 times per minute. The temperature of the spark plug at the tip is usually between 500°C and 800°C.
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Global Spark Plugs Market: Growth Factors
The production and sale of the gasoline-powered vehicles have risen globally coupled with an increase in the number of small & recreational boats, petrol-based generators, and jet skis thus anticipating to fuel the spark plugs market. Technological advancements in the electrode material and rise in demand for natural gas-powered vehicles is expected to foster the market growth. Stringent government guidelines against emissions & fuel efficiency and developing automotive industries are the key factors that are driving the market growth. Modern spark plugs enhance cold starting and produce efficient combustion that will augment the performance of the vehicles and fuel efficiency. However, increasing penetration of electric vehicles and powered equipment such as saws & mowers and technical up gradation of automotive engines to economize are factors that will hamper the market growth to some extent.
Global Spark Plugs Market: Segmentation
The spark plugs market is segregated on the basis of application, electrode material, and region. The application segment is divided into marine, automobile, industrial, and others. Based on electrode material segment, the market is segregated into platinum, copper, and iridium. Region-wise, the market is fragmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Global Spark Plugs Market: Regional Analysis
Asia Pacific emerged as the most profitable market for spark plug due to increase in the number of vehicles in Japan, China, and India. China is the international hub for car manufacturing in the Asia Pacific region and rises in the number of international brands and joint ventures anticipate to boost the spark plugs market growth. Asia Pacific is also the largest base for gasoline & natural gas, thus being one of the factors that contribute to the market growth. Other developing regions are also contributing to the growth of the market which includes Singapore, China, Thailand, and India thus fueling the growth of the market. The rise in the number of gasoline-powered passenger cars in the Asia Pacific and the Middle East regions anticipate to open up new opportunities in the market.
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Global Spark Plugs Market: Competitive Players
Key market vendors in the global spark plugs market include General Motors, NGK Spark Plug Co. Ltd., Borgwarner Inc., Robert Bosch GmbH., Federal-Mogul Corporation, and Denso Corporation. Other players are UCI-Fram Autobrands, Delphi Automotive, Weichai Power Co. Ltd., and Valeo.