DUBLIN--(BUSINESS WIRE)--The "Spark Plug Market By Type, By Material, By End-Use, By Sales Channel: Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
According to this report the spark plug market was valued at $3.2 billion in 2020, and is estimated to reach $5.1 billion by 2030, growing at a CAGR of 5.1% from 2021 to 2030.
Key Market Players
- Denso Corporation
- E3 Spark Plugs
- Ford Motor Company
- General Motors Company
- Marelli Holdings Co., Ltd.
- NGK Spark Plug Co., Ltd.
- Robert Bosch GmbH
- Tenneco Inc.
- Valeo S.A.
- Weichai Power Co., Ltd.
Spark plug transmits high voltage electrical energy to ignite the air-fuel mixture in combustion chamber. It also assists in removal of heat from combustion chamber. Spark plugs are used in internal combustion engine driven vehicles, aircrafts, boats, industrial & oil field engines, power mowers, and chain saws. Platinum and iridium spark plugs are used for modern engines, owing to their enhanced performance, durability, reliability, and firing efficiency.
Increase in demand from the marine sector for recreational boats, such as bay or flats boats, cabin cruisers, deck boats, and inboard ski/wakeboard boats drives the growth of the spark plugs industry. Most boats are equipped with one or more than one cylinder gasoline or natural gas-powered engine, which requires a spark plug for its ignition process. Factors, such as compact boat size, change in boat engine technologies, and rise in tourism industry across the globe drive the growth of recreational boat market, which boost the demand for the marine spark plugs.
The market is driven by rise in demand for fuel efficient vehicles, introduction of stringent norms regarding carbon emissions, increase in demand for passenger vehicles in developing nations, and growth in demand for leisure boats & personal watercraft from marine sector.
However, rise in adoption of electric vehicles and engine downsizing to reduce weight of vehicles hinder the growth of the global spark plug market. On Contrary, increase in adoption of natural gas-powered vehicles and technological advancements are expected to create lucrative growth opportunities for the global spark plug market.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global spark plug market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall spark plug market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global spark plug market with a detailed impact analysis.
- The current spark plug market is quantitatively analyzed from 2021 to 2030 to benchmark financial competency.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
- Hot Spark Plug
- Cold Spark Plug
By Sales Channel
- Original Equipment Manufacturer
- North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
For more information about this report visit https://www.researchandmarkets.com/r/uvaulf
Laura Wood, Senior Press Manager
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