The global spark plug market is projected to reach $4.1 billion by 2028, at a CAGR of 4.6% during 2023-2028. The growth of spark plug market is driven by growing demand of automobiles expanding usage of these plugs to transfer electric currents from an ignition system to the vehicle's combustion chamber, and increasing government regulations to regulate emissions, and fuel efficiency.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the
most promising, high-growth opportunities for the spark plug market by electrode
material (copper, iridium, and platinum), sales channel (OEM and aftermarket), application
(automobile, marine, and industrial), and region (North America, Europe, Asia
Pacific, and the Rest of the World)?
Q.2 Which segments will
grow at a faster pace and why?
Q.3 What are the
business risks and threats to the spark plug market?
Q.4 What are some
changing demands of customers in the spark plug market?
Q.5 What are the new
developments in the spark plug market? Which companies are leading these
developments?
Q.6 What strategic
initiatives are being implemented by key players for business growth?
Q.7 What are some of the
competitive products and processes in this spark plug area and how big of a
threat do they pose for loss of market share via product substitution?
Q.8 What M&A
activity has occurred in the last 5 years in this spark plug market?
Market Segmentation:
Based on electrode
material, the spark plug market is segmented into copper, iridium, and platinum.
The iridium segment accounted for the largest share of the market in 2023 and
is expected to register the highest CAGR during the forecast period, due to the
increasing use of these iridium-based plugs in the maritime industry, which
provides maximum power and combustion to improve engine performance.
North America is expected
to witness highest growth over the forecast period due to the presence of huge
vehicle manufacturing units and enormous demand for automobiles in the region.
Key Players in the spark
plug market are Ngk Spark Plug, Valeo, Denso, Robert Bosch, Autolite, and
Enerpulse Technologies.
The report helps stakeholders understand the
pulse of the market and provides them with information on key drivers,
restraints, challenges, and opportunities for market growth. It would also help
to understand the competitors better and gain more insights to improve their
position in the business.
About
Lucintel
Lucintel, the premier global
management consulting and market research firm, creates winning strategies for
growth. It offers market assessments, competitive analysis, opportunity
analysis, growth
consulting, M&A, and due diligence services to executives and
key decision-makers in a variety of industries.
Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. 972.636.5056
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