Spark Plug Market growing at a CAGR of 4.19% through 2023
The global spark plug market is projected to witness a higher CAGR of 4.19% by 2023. The government in developed and developing countries has imposed a permissible upper limit for automobile pollution, which in turn calls for spark plugs as a necessary component in automotive. Rise in production units and revenue share of market is likely to trigger the market growth during the forecast period.
Technological improvements in spark plug category in automobiles is likely to contribute to the market growth during the forecast period. In addition, strategic alliances and emphasis of business players on market expansion is likely to stimulate the market growth during the forecast period.
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By type, the spark plug market comprises platinum spark plug, double platinum spark plug, iridium spark plug and copper spark plug. Application segment for spark plug market includes commercial vehicles, heavy commercial vehicles and passenger vehicles. Product segment for spark plug market includes hot spark plug, cold spark plug, ceramic glow plug and metal glow plug. By vehicle type, the market segmentation includes light commercial vehicle and heavy commercial vehicles. Light commercial vehicles are likely to dominate the segment growth displaying a larger market size.
Geographical segmentation for spark plug market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific regions are likely to grow at a higher CAGR during the forecast period due to rise in automotive industry and presence of automobile setups. Rise in number of OEM and aftermarket services is likely to contribute significantly towards market development. The market gains an upper traction, one of the major reasons being changing trends for automobile sector.
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North American and European markets is likely to grow at a higher CAGR as the auto industry in these regions is highly developed and constant R&D is stressed upon for efficient working of an auto engine. The key players in the spark plug market include NGK Spark Plug Co Ltd, Denso Corporation, BorgWarner Inc and Robert Bosch GmbH.
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