Global Spark Plug Market Trends 2024, Forecast To 2033
23 Sep, 2024
The spark plug market has demonstrated strong growth, rising from $3.96 billion in 2023 to $4.17 billion in 2024, achieving a CAGR of 5.5%. This increase is largely due to global vehicle production growth, heightened demand for high-performance engines, and advancements in engine technology. The market is expected to continue expanding, reaching $5.19 billion by 2028, with a CAGR of 5.6%. Influencing factors include the shift towards electric vehicles and the growing automotive aftermarket.
Major Driver In The Spark Plug Market
The spark plug market is anticipated to grow alongside the rising production of automobiles. This increase in automotive production is fueled by global demand for vehicles, driven by economic growth, urbanization, and enhanced consumer purchasing power. Spark plugs play a vital role in automotive engines by igniting the air-fuel mixture in combustion chambers. Statistics Canada reported that the number of registered road motor vehicles in Canada reached 26.3 million in 2022, showing a slight increase of 0.3% from the previous year. This trend is propelling growth in the spark plug market.
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Robert Bosch GmbH, Hitachi Ltd., Denso Corporation, Weichai Power Co. Ltd., Valeo SA, Tenneco Inc., BorgWarner Inc., NGK Spark Plug Co. Ltd., Enerplus Corporation, Delphi Automotive LLP, Zhuzhou Torch Spark Plug Co. Ltd., Magneti Marelli SPA, ACDelco, Autolite (India) Limited, Motorcraft, Pulstar Inc., Stitt Spark Plug Company, E3 Sparkplugs, Brisk Co., Champion Industrial Contractors Inc., KLG Spark Plugs
Key Spark Plug Market Trend
In the spark plug market, companies are developing durable spark plugs to enhance performance and longevity. In January 2021, Robert Bosch GmbH, a Germany-based engineering company, launched the EVO spark plug, designed for turbocharged gasoline direct injection (GDI) engines. The EVO spark plug features a laser-welded iridium alloy pin and a platinum-iridium alloy plate, ensuring reliable ignition and durability under extreme engine conditions.
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Spark Plug Market Segmentation
The spark plug market covered in this report is segmented –
1) By Product Type: Hot Spark Plug, Cold Spark Plug
2) By Material Type: Copper, Iridium, Platinum, Other Material Types
3) By Application: Automotive, Marine, Aerospace, Other Applications
4) By Distribution Channels: Original Equipment Manufacturer (OEM), Aftermarket
By Geography:The regions covered in the spark plug market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the spark plug market in 2023.
The Spark Plug Global Market Report 2024 furnishes information about the global spark plug market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.