According to Research Report Insights (RRI) report, titled “Automotive spark & glow plugs Market by 2022”, the global automotive spark & glow plugs market is projected to exhibit moderate CAGR, accounting for US$ 6.6 billion in the forecast period from 2016 to 2022.
Some key factors fueling the growth of the global market for automotive spark & glow plugs include growing production of automotive and vehicle parc, forthcoming stringent efficiency of fuel and certain norms related to emissions. Also, spark & glow plugs manufacturers’ durable business contracts with several OEMs help them in reducing cost of production duo to which profit margins increases and in turn shields them from cost fluctuations. These factors are also boosting the market growth during the forecast period. However, growing market demand for electric vehicles owing to fluctuating cost of fuel, rising awareness about environment and ongoing shift to engine downsizing is estimated to hinder the growth of global market for automotive spark & glow plugs in the coming years.
The global automotive spark & glow plugs market is categorized into product, sales channel, vehicle and regions. Based on product type, the global automotive spark & glow plugs market is fragmented into cold spark plug, ceramic glow plug, hot spark plug and metal glow plug. Among these, the segment of ceramic glow plug is projected to grow at relatively higher CAGR in the forecast period from 2016 t 2022. In addition, the market growth of ceramic glow plug segment is mainly driven by growing diesel engines demand in several developing countries viz. Mexico, China, Brazil etc.
Based on vehicle type, the global automotive spark & glow plugs market is categorized into light commercial vehicle, passenger cars and heavy commercial vehicle. Among these, the segment of passenger cars is estimated to expand at a CAGR of 2.3% in terms of revenue in the next six years. However, based on sales channel, the global automotive spark & glow plugs market is bifurcated into aftermarket and OEM. And among these, the segment of aftermarket is anticipated to remain dominant in terms of revenue contribution in the coming years.
Regionally, the segmentation is done into North America, Europe, APAC, Latin America and Middle East & Africa (MEA). Among regions, the MEA market in terms of volume is projected to grow at maximum CAGR of 4.0% over the forecast period. Also, the APAC region is estimated to remain dominant and exhibit 47.2% volume share by the end of 2022 in the global market for automotive spark & glow plugs. While in terms of volume, the Europe region is projected to show slow market growth over the forecast period and by the end of 2016, it will exhibit 22% of value share. Moreover, in terms of revenue, the Latin America region is anticipated to expand at a CAGR of 3% in the coming six years.
Over the forecast period, the APAC region will remain dominant in the global market for automotive spark & glow plugs.
Some of the key players operating in the global market for automotive spark & glow plugs include Borgwarner Inc., Federal-Mogul Corporation, Robert Bosch GmbH, Weichai Power Co., ACDelco Corporation, NGK Spark Plug, Denso Corporation, Valeo SA, Magneti Marelli, among others.