What Is The Overview Of The Global Spark Plug Market?
A spark plug is a device that delivers electric current from the ignition system to the combustion chamber of an internal combustion engine. It ignites the air-fuel mixture by creating a spark, initiating the combustion process. This is crucial for starting the engine and maintaining its efficient operation.
Spark Plug Global Market Report 2024 provides data on the global spark plug market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The spark plug market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Spark Plug Market Expected To Grow In Size And Annual Rates?
The spark plug market has grown robustly, with revenues increasing from $3.96 billion in 2023 to $4.17 billion in 2024, reflecting a CAGR of 5.5%. The market's historical expansion can be attributed to rising global vehicle production, increasing demand for high-performance engines, advances in engine technology for greater efficiency, the adoption of gasoline direct injection engines, and growth in automotive production. Moving forward, the market is forecasted to reach $5.19 billion by 2028 at a CAGR of 5.6%. Contributing factors include a shift toward electric vehicles, growth in the automotive aftermarket, rising interest in turbocharged engines, and expanding vehicle production in emerging markets. Major trends for the forecast period encompass improved durability and performance of spark plugs, the development of plugs for hybrid and electric vehicles, the adoption of multi-electrode designs, and the rising popularity of iridium and platinum spark plugs.
What Main Forces Are Fueling Expansion In The Spark Plug Market?
The growth in automotive production is expected to contribute to the expansion of the spark plug market. The increase in automotive production is driven by the rising global demand for vehicles due to economic growth, urbanization, and increased consumer purchasing power. Spark plugs are essential components in automotive engines, responsible for igniting the air-fuel mixture in the combustion chamber to start and run gasoline engines. For example, in June 2024, Statistics Canada reported that the number of registered road vehicles in Canada reached 26.3 million in 2022, a 0.3% increase from 2021. Thus, the growing automotive production is supporting the spark plug market.
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What Are The Primary Segments In The Global Spark Plug Market?
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
Which Key Trends Are Driving Changes In The Spark Plug Market?
Companies in the spark plug market are focused on developing durable spark plugs to improve performance and longevity. A durable spark plug is designed to withstand harsh conditions without degrading, ensuring reliable ignition over extended use. For example, in January 2021, Robert Bosch GmbH, a Germany-based company, introduced the EVO spark plug, designed for turbocharged gasoline direct injection (GDI) engines. It can handle extreme combustion conditions, featuring a laser-welded iridium alloy pin and a platinum-iridium alloy plate, ensuring a long service life and resistance to wear.
What Is The Leading Region In The Spark Plug Market?
Asia-Pacific was the largest region in the spark plug market in 2023. The regions covered in the spark plug market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
