Spark Plug Market By Product (Hot Spark Plug, Cold Spark Plug), By Vehicle (Passenger Vehicle, Commercial Vehicle), By Sales Channel (OEM, Aftermarket) & Region For 2024-2031
Report ID: 35440|No. of Pages: 202
Spark Plug Market By Product (Hot Spark Plug, Cold Spark Plug), By Vehicle (Passenger Vehicle, Commercial Vehicle), By Sales Channel (OEM, Aftermarket) & Region For 2024-2031
Spark Plug Market Valuation – 2024-2031
The rising automobile sector, particularly in developing nations, drives the Spark Plug Market. Rising vehicle production and a growing demand for gasoline engines drive market expansion. Furthermore, the requirement for higher fuel efficiency and fewer emissions drives the development of sophisticated spark plugs. This is likely to enable the market size surpass USD 2.85 Billion valued in 2023 to reach a valuation of around USD 4.14 Billion by 2031.
Iridium and platinum-tipped spark plugs are examples of technological breakthroughs that improve performance and durability. The increasing popularity of hybrid automobiles presents opportunities. However, the transition to electric vehicles, which do not require spark plugs, presents problems that could impact long-term industry growth. The rising demand for Spark Plug is enabling the market grow at a CAGR of 4.77% from 2024 to 2031.
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Spark Plug Market: Definition/ Overview
A spark plug is a component used in internal combustion engines to ignite the air-fuel mixture by producing a spark, hence easing engine operation and assuring smooth vehicle performance.
Spark plugs are used in automobiles, motorbikes, lawnmowers and tiny engines. They improve engine efficiency, starting reliability and fuel economy by ensuring continuous ignition throughout the combustion cycles.
Future developments will include longer-lasting, eco-friendly spark plugs made of innovative materials for higher durability, ignition efficiency and compatibility with emerging engine designs, with a focus on lower emissions and increasing performance.
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Will Rising Urban Population and Increasing Disposable Incomes Drive the Spark Plug Market Growth?
Growing urban population and increasing disposable incomes are likely to drive growth in the Spark Plug Market. As more people move to cities and their incomes improve, so does vehicle ownership, fueling demand for autos. This need, in turn, increases the demand for spark plugs, which are critical components of engine performance.
Furthermore, greater disposable incomes allow consumers to invest in car maintenance and quality automobile parts, which boosts market growth. Urbanization also boosts industrial activity, raising the demand for machinery that requires spark plugs.
Will Growing Sales of Electric Vehicles Hamper the Spark Plug Market?
Increasing sales of electric cars (EVs) are projected to impact the spark plug business. Unlike internal combustion engines, EVs work utilizing electric motors that do not require spark plugs for ignition. As governments and customers progressively migrate toward electric mobility due to environmental concerns and incentives, demand for traditional spark plugs may drop.
The market may face long-term problems as EV adoption accelerates internationally, lowering the need for spark plugs in the automotive industry, which currently accounts for a sizable share of spark plug demand.
Category-Wise Acumens
Will Increasing Disposable Incomes Drive the Passenger Segment?
Rising disposable incomes are likely to propel the passenger car segment of the Spark Plug Market. As incomes rise, more people can afford personal vehicles, resulting in increasing sales in the passenger vehicle market.
Furthermore, greater income allows car owners to spend more on maintenance, such as regular spark plug replacements, which boosts market growth. The expanding middle-class population in emerging economies drives up demand for passenger vehicles, maintaining their dominance and generating consistent revenue for spark plugs.
Will Increasing Demand for Better Heat Retention Drive the Hot Spark Plug Segment?
The hot spark plug industry is predicted to grow in response to increasing demand for improved heat retention. Hot spark plugs, which are designed to retain more heat, are appropriate for engines that operate at moderate speeds or under normal driving conditions. Their capacity to avoid carbon buildup and ensure efficient combustion makes them popular in passenger cars and in everyday life.
As consumers prioritize engine economy and durability, demand for hot spark plugs, which provide consistent performance in a variety of situations, continues to rise, propelling the segment’s market growth.
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Country/Region-wise Acumens
Will High Vehicle Ownership Drive the Market in North America?
North America’s strong car ownership rate will drive the spark plug industry. With a large number of automobiles on the road, there is a constant need for maintenance and replacement parts, such as spark plugs. The high vehicle density provides a sustained demand for spark plugs as they are vital for engine performance.
Furthermore, the emphasis on vehicle upkeep and attention to maintenance plans promotes market growth. As vehicle ownership rates remain high, the North American spark plug industry benefits from consistent replacement and service requirements.
How will the Rise in Vehicle Production Boost the Spark Plug Market in the Asia-Pacific Region?
The rise in vehicle production in the Asia-Pacific region will significantly boost the Spark Plug Market. As automotive manufacturing expands, driven by increasing demand in countries like China and India, the need for spark plugs grows correspondingly. More vehicles on the road mean higher requirements for spark plugs for both new installations and replacements.
Additionally, increasing production leads to greater aftermarket opportunities, further fueling market growth. The region’s expanding automotive industry directly contributes to heightened demand for spark plugs, supporting overall market expansion.
Competitive Landscape
The Spark Plug Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.
Some of the prominent players operating in the Spark Plug Market include:
Robert Bosch GmbH, Niterra Co., Ltd (NGK Spark Plugs Co. Ltd.), Hella KGaA Hueck & Co., Denso Corporation, Valeo S.A., Tenneco, Inc., Weichai Power Co., Ltd., Holley Performance Products, Inc., Torch Group, MAGNETI MARELLI PARTS & SERVICES, HKS Co., Ltd.,ACDelco, Stitt Spark Plug Company.
Latest Developments
- In June 2023, Niterra, headquartered in Nagoya, debuted Nine Laser Iridium Spark Plugs which will be used in many Stellantis, Honda, Toyota, Subaru and BMW OEM automobiles.
- In May 2024, Niterra, located in Nagoya, will offer four precious metal spark plugs to its line of premium NGK Independent Aftermarket (IAM) products. A single precious metal upgrading unit has been introduced to the product portfolio.
- In May 2024, Niterra, headquartered in Nagoya and a long-time official supplier to Scuderia Ferrari, the Formula One racing team, signed a multi-year arrangement with the prancing horse trademark.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2031 |
| Growth Rate | CAGR of ~4.77% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2020-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Robert Bosch GmbH, Niterra Co., Ltd (NGK Spark Plugs Co. Ltd.), Hella KGaA Hueck & Co., Denso Corporation, Valeo S.A., Tenneco, Inc., Weichai Power Co., Ltd., Holley Performance Products, Inc. |
| CUSTOMIZATION | Report customization along with purchase available upon request |
Spark Plug Market, By Category
Product:
- Hot Spark Plug
- Cold Spark Plug
Vehicle:
- Passenger Vehicle
- Commercial Vehicle
Sales Channel:
- OEM
- Aftermarket
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1 INTRODUCTION OF GLOBAL SPARK PLUG MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL SPARK PLUG MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL SPARK PLUG MARKET, BY PRODUCT
5.1 Overview
5.2 Hot Spark Plug
5.3 Cold Spark Plug
6 GLOBAL SPARK PLUG MARKET, BY VEHICLE
6.1 Overview
6.2 Passenger Vehicle
6.3 Commercial Vehicle
7 GLOBAL SPARK PLUG MARKET, BY SALES CHANNEL
7.1 Overview
7.2 OEM
7.3 Aftermarket
8 GLOBAL SPARK PLUG MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East & Africa
9 GLOBAL SPARK PLUG MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Denso Corporation
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Federal-Mogul Corporation
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Magneti Marelli
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 General Motors
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 NGK Spark Plug Co. Ltd
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Robert Bosch Gmbh
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Valeo
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Holley Performance Products
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Weichai Power Co. Ltd.
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Borgwarner Inc.
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1 Related Research
Report Research Methodology
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Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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| Supplier side |
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Econometrics and data visualization model
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The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
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Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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