Spark Plug Market will reach at a CAGR
of 4.9% from 2017 to 2027
Hot spark plug to grow at a high rate and stay the leading product type in the global spark
plug market
The new research report on global spark plug market is an analysis of the overall development of the
global market during the forecast period. The market is bifurcated into various segments based on
different parameters. It includes two types of spark plugs, i.e. hot spark plugs and cold spark plugs.
The rate of heat transfer in a hot spark plug is very slower, which helps in keeping the firing tip hotter
for longer duration. In case of cold spark plugs the rate of heat transfer from firing tip in to the
engine head is very rapid, which keeps the firing tip cooler.
Report overview @ https://www.xploremr.com/report/475/spark-plug-market
According to the analysis of global spark plug market, hot plugs is expected to be the leading
segment with a great margin. It is expected to reach a market value of over US$ 3,600 Mn by the
end of 2027, growing at a value CAGR of 4.9%.
Whereas, cold spark segment lags behind in terms of market value which is expected to reach over
US$ 900 Mn by the end of 2027, but the segment is expected to compete well, witnessing a high
growth rate of 4.3% during the forecast period of 2017-2027.
Fuel efficiency and emission norms to have both positive and negative impact on the spark
plug market
With the increase in automotive production, there has also been an increase in the fuel efficiency
and emission norms. Introduction of such norms will have a direct impact on the demand for spark
plugs, as spark plug ensures smooth ignition and engine operation by complete combustion of fuel,
which ensures low emissions from the engine. Similarly, glow plugs reduce exhaust gas emissions
and improves performance of diesel engines.
The stringent emission and fuel norms are also expected to increase adoption of advanced
automotive spark plugs by automakers in the near future for compliance with stringent emission
norms worldwide. However, emission and fuel efficiency norms can have a negative impact on the
sales of spark plugs as well.
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Stringent emission norms are forcing OEMs to produce new two wheelers that comply with the new
norms. This is increasing the prices of conventional motorcycles and scooters. Stringent two wheeler
tailpipe emission rules are shifting focus towards the manufacturing of electric bikes, which in turn
hampers the growth of the conventional motorcycles and scooters market. According to the Japan
Automobile Manufacture Association (JAMA), household demand for scooters and motorcycles is
expected to drop by 1.6% in the financial year 2017.
A new trend of growing long-term contracts with OEMs to fuel market growth
There is also an increase in the demand for OEM products. Automotive component markets in
countries such as China, India, Indonesia, Brazil, and Mexico are projected to benefit significantly
from demand for aftermarket and OEM products. With the increase in demand for spark plugs,
manufacturers are getting into long term contracts with OEMs. The contracts assists them in
maintaining a continuous flow in their business.
Such contracts have various benefits associated with it, such as reducing production costs,
increasing profit margins, shielding the component manufacturers from price fluctuations in raw
materials etc.
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