Press release
Top Market Shifts Transforming the Spark Plug Market Landscape: Key Insights
Spark Plug
What Is the Expected CAGR for the Spark Plug Market Through 2025?
The market size for spark plugs has significantly expanded in recent times. The forecast indicates a surge from $4.17 billion in 2024 to $4.41 billion in 2025, with a compound annual growth rate (CAGR) of 5.8%. Several factors contribute to the historic growth; including a global rise in vehicle production, increasing demand for powerful engines, advancements in engine technologies for better efficiency, a growing trend of using gasoline direct injection engines, and enhanced automotive production.
What's the Projected Size of the Global Spark Plug Market by 2029?
In the coming years, a significant increase is projected for the spark plug market size, with an estimated growth rate of 5.5% per annum, raising its value to $5.47 billion by 2029. Factors contributing to this anticipated rise include the consistent growth in the automotive aftermarket, the increased preference for turbocharged engines, diminished traditional spark plug requirements due to the transition to electric vehicles, ongoing expansion in auto production in emerging markets, and heightened interest in electric vehicles. Notable trends for the forecast period comprise of technological progress, escalated demand for platinum and iridium spark plugs, advancement in spark plugs for hybrid and electric autos, enhanced longevity and performance, and the acceptance of multi-electrode spark plugs for improved combustion.
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Top Growth Drivers in the Spark Plug Industry: What's Accelerating the Market?
The spark plug market stands to benefit from the escalating production in the automotive sector. This upsurge in production is powered by factors such as economic growth, urban sprawl, and the increment in consumer buying capabilities which are fueling the global demand for vehicles. In vehicular production, spark plugs play a crucial role by igniting the mixture of air and fuel in the engine's combustion chamber, a process integral to the operation of gasoline-powered internal combustion engines. To illustrate, Statistics Canada, a Canadian national statistics agency, disclosed in a report issued in June 2024 that the amount of registered motor vehicles on Canada's roads had risen to 26.3 million in 2022, a modest increase of 0.3% from the previous year. Consequently, the boost in automobile manufacturing is influencing the expansion of the spark plug market.
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What Trends Will Shape the Spark Plug Market Through 2029 and Beyond?
Leading firms in the spark plug market are channeling their efforts into the creation of innovative products such as the durable spark plug to improve resilience and efficacy. The term 'durable spark plug' refers to a product designed to resist long-term usage and extreme conditions without notable decrease in performance or lifespan, thereby guaranteeing consistent ignition and operational efficiency for a prolonged period. To illustrate, Tenneco, a US-based company specializing in emission control systems, debuted a new selection of Champion industrial ignition spark plugs, C-4001, in August 2022. The range is developed for enhanced durability and performance specifically in stationary biogas and natural gas applications, as well as commercial lorries, buses and construction machinery.
What Are the Main Segments in the 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
Subsegments:
1) By Hot Spark Plug: Standard Hot Spark Plug, High Performance Hot Spark Plug
2) By Cold Spark Plug: Standard Cold Spark Plug, High Performance Cold Spark Plug
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Which Top Companies are Driving Growth in the Spark Plug Market?
Major companies operating in the spark plug market are 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
Which Regions Will Dominate the Spark Plug Market Through 2029?
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.
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