Increased Production of Vehicles, and Manufacturers Plant Expansion in the Region Propelled the Growth of the Spark Plug Market in the Asia Pacific Region!

The Asia Pacific region would exhibit the highest CAGR during 2022-2030 due to the numerous factors which include the growing demand for automobiles, the speedy urbanization, and the growth of the car industry in the place. Moreover, the region is going through a heavy automotive expanding industry with major big giants such as Hyundai, Tata Motors, Maruti, Toyota, and others that persistently develop technologically advanced vehicles to satisfy the market demand. China is the largest automobile producer in the world, followed by Japan, India, and South Korea.

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For instance, according to the report published by the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced in the Asia Pacific region was 46,768,800 units in 2021, which increased to 50,020,793 units in 2022. To satisfy the market demand the major spark plug players in the region such as NGK Spark Plug Co., Ltd., and Denso Corporation have established their manufacturing plants. For instance, in 2021, NGK Spark Plug Co., Ltd., a leading player in the market, enhanced its production capacity in China to meet the increasing demand for spark plugs in the region. Similarly, in 2020, Denso Corporation, another major player in the market, announced the establishment of a new manufacturing facility in Indonesia to meet the rising demand for spark plugs in the region. Additionally, the Asia Pacific region is witnessing speedy urbanization, and the increasing populace in urban regions ends in a higher urge for transportation. Furthermore, the government initiatives to enhance the transportation infrastructure and the increasing investments in the automotive industry are contributing to the growth of the spark plug market within the region. Moreover, the Asia Pacific region in the spark plug market is the expansion of the industrial sector in countries like China and India. There is rapid growth in the power generation industry, construction, and manufacturing sectors in these countries, which significantly increases the demand for spark plugs.

Further, the Asia Pacific Spark Plug Market is expected to grow at a strong CAGR during the forecast period (2022-2030). Asia Pacific is anticipated to emerge as the fastest-growing spark plug market primarily owing to the increased production of vehicles, and growing industrialization. Furthermore, the rapid development of spark plugs in these countries such as the USA, Canada, and Mexico has gained traction in the market. Additionally, the major spark plug manufacturers in the region are taking advantage of several government initiatives that aim to promote the automotive industry with free emissions. This has further propelled the demand for the spark plug market.

FIG. 1 Asia Pacific Spark Plug Market Revenue (2020-2030)- USD Mn

Based on components, the market is segmented into insulators, central electrodes, ground electrodes, terminals, and metal shells. The insulators category is currently dominating the market and is expected to see the same trend in the forecast period. As it’s one of the most regularly replaced components of the spark plug. Insulators are prone to put on and tear and can crack or damage, main to engine misfires. Spark plug producers, therefore, are cognizant of growing insulators that could withstand high warmth from engine combustion, pressure, and chemical reaction from gasoline, oil, and different engine fluids. To ensure the longevity of their product, sparking plug companies invest in innovative materials and designs that can resist high heat and pressure. For instance, NGK Insulators Ltd. recently developed an insulator made of alumina-zirconia composite, which can easily dissipate heat, increasing engine horsepower and lifespan.

Based on material, the market is segmented into copper core, platinum, and iridium. The iridium segment is currently the leading segment and is expected to dominate the segment in the forecast period due to its superior performance, longevity, and efficiency. Iridium is a rare metal that is extremely tough and has a high melting point, making it an ideal material for spark plugs. Iridium spark plugs have a lifespan of as much as 100000 miles, which is extensively longer than the copper core and platinum spark plugs. Iridium spark plugs additionally offer higher fuel performance, more energy, and quicker acceleration than the copper core and platinum spark plugs. For instance, the 2021 Honda Civic Type R also comes standard with iridium spark plugs, which provide better performance and reliability than copper core or platinum spark plugs.

For a detailed analysis of the Global Spark Plug Market browse through – https://univdatos.com/report/spark-plug-market/

Global Spark Plug Market Segmentation

Market Insight, by Component

• Insulator
• Central Electrode
• Ground Electrode
• Terminal
• Metal Shell

Market Insights, by Material

• Copper Core
• Platinum
• Iridium

Market Insights, by Product Type

• Hot Spark Plug
• Cold Spark Plug

Market Insights, by End User

• Automotive
• Automotive
• Marine
• Aviation
• Industrial Machines/Engines

Market Insights, by Sales Channel

• OEM
• Aftermarket

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • India
  • South Korea
  • Rest of APAC
• Rest of the World

Top Company Profiles

• Niterra Group
• Denso Corporation
• Robert Bosch LLC
• Tenneco Inc.
• Valeo Service
• E3 Spark Plugs
• Ford Motor Company
• Weichai Power Co., Ltd
• MAGNETI MARELLI PARTS & SERVICES
• ACDelco