PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290822
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290822
Spark Plug Market size was valued at USD 3,771.2 Million in 2022, expanding at a CAGR of 5.1% from 2023 to 2030.
An internal combustion engine must have a spark plug to ignite the fuel-air combination in the cylinder. A metal body, an isolated center electrode, and a metal ground electrode enclosed in a ceramic insulator are its usual components. The spark plug produces a spark when an electrical current is run through it. This spark ignites the fuel-air combination and causes a controlled explosion that powers the engine. Spark plugs can deteriorate over time, lowering engine performance and increasing emissions and engine misfires. To keep the engine operating smoothly, routine maintenance is required, such as spark plug replacements at manufacturer-recommended frequencies.
In order to comply with a number of requirements, automakers must increase fuel economy and cut back on hazardous emissions. Spark plug demand is anticipated to rise as automakers concentrate on producing automobile parts that meet pollution standards to enable improved fuel economy. For instance, the IEA For Transport states that raising fuel economy requirements for all vehicle types is crucial since even under the Net Zero Emissions by 2050 Scenario, 80% of passenger vehicles would still be on the road in 2030 and run on internal combustion engines. In 2020, sales of larger, less efficient SUVs exceeded over 40% of worldwide sales, compared to just 5% for electric cars.
The Global Spark Plug Market is segmented on the basis of Product Type, electrode material, vehicle type, and Region.
The market is divided into two categories based on product type: hot and cold. The market is dominated by the hot spark plug industry. Since they can withstand greater engine temperatures and offer improved fuel economy, hot spark plugs are more popular. For engines that operate in colder climates or need stronger engine protection, cold spark plugs are important.
The market is divided into four categories based on electrode material: copper, iridium, platinum, and others. The most popular electrode materials used in spark plugs presently are iridium and platinum, and this trend is expected to continue for some time to come.
Iridium is a sharp melting point, very hard, and long-lasting metal that is perfect for spark plugs. Spark plugs made of iridium have a longer lifespan and function better than other spark plug varieties. While they are more costly than other spark plug types, many engine manufacturers choose them because of their improved performance and longevity.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Spark plug demand is predicted to be stronger in regions with large automobile markets, such as Europe, North America, and Asia-Pacific. Furthermore, high-tech nations such as Japan and Western Europe are likely to have a stronger need for spark plugs that can match the performance requirements of sophisticated automobile technology. With rising demand for high-performance automobiles and the expansion of the automotive sector in emerging nations, the spark plug market in Latin America and Asia-Pacific is predicted to expand. These regions are likely to witness a growth in automotive production and sales, which will boost demand for spark plugs.
Many companies, including NGK Spark Plug Co. Ltd, DENSO Corporation, Tenneco Inc., Robert Bosch GmbH, WEICHAI POWER CO. LTD., BorgWarner Inc., and AC Delco Corporation, dominated the market for spark plugs and glow plugs. To get an advantage over other enterprises, these businesses have been growing via the development of new, inventive vehicle parts.
In August 2022, A line of new Champion industrial spark plugs, renowned for their dependable, powerful performance and robust durability in industrial applications, is being introduced by Tenneco Inc.'s Powertrain business group. The newly developed ignition options complete Tenneco's Champion aftermarket value plug line by providing an affordable double Iridium alternative.
The scope of this report covers the market by its major segments, which include as follows: