Emphasis on Component (Insulator, Central Electrode, Ground Electrode, Terminal, Metal Shell); Material (Copper Core, Platinum, Iridium); Product Type (Hot Spark Plug, Cold Spark Plug); End User Industry (Automotive, Marine, Aviation, Industrial Machines/Engines); Sales Channel (OEM, and Aftermarket); and Region/Country
The spark plug market is expected to grow at a strong CAGR of around 4% during the forecast period owing to the surging demand for natural gas equipment globally. The surging demand for natural gas equipment has an instantaneous impact on the spark plug market. Spark plugs are essential components within the ignition device of natural fuel systems. when an engine is running, the spark plug creates a spark that ignites the air and gas mixture, producing energy that powers the engine. considering the natural gas system is broadly used in numerous industries, such as power technology, transportation, and manufacturing, the demand for spark plugs used on this device has also multiplied significantly. Moreover, the growing use of natural gas in energy generation has also boosted the demand for spark plugs. Natural gas is an easy and reliable supply of strength, making it an appealing choice for energy plant life. As greater energy plants switch from coal to natural gasoline, the demand for spark plugs used in natural gas generators and turbines is anticipated to rise.
For instance, in September 2022, according to the report published by International Trade Administration, Mexico is one of the largest oil producers in the world (1.9 million barrels produced daily in 2021). The demand for imported upstream oil and gas equipment and services is expected to increase by 1.5 percent from 2021 to 2022, with a four percent increase in U.S. exports. Therefore, the growing demand for natural gas equipment propels the demand for the spark plug market in the coming years.
Some of the major players operating in the market include 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; and ACDelco. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst components, the insulator segment held a dominating share of the market in 2021”
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.
“Amongst materials, iridium held the leading segment of the market in 2021”
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.
“Asia Pacific dominated the spark plug market in 2021”
The Asia Pacific region is dominating the spark plug market because of 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, Suzuki, Toyota, and others that persistently develop technologically advanced vehicles to satisfy the market demand. 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.
Spark Plug Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Spark Plug Covid-19 Impact
6. Global Spark Plug Revenue, 2020-2030f
7. Market Insights By Component
8. Market Insights By Material
9. Market Insights By Product Type
10. Market Insights By End User Industry
11. Market Insights By Sales Channel
12. Market Insights By Region
13. Spark Plug Dynamics
14. Spark Plug Opportunities
15. Spark Plug Trends
16. Demand And Supply-side Analysis
17. Value Chain Analysis
18. Pricing Analysis
19. Strategic Insights
20. Competitive Scenario
21. Company Profiled
22. Disclaimer
Research Methodology for the Spark Plug Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global spark plug market were the three major steps undertaken to create and analyze the adoption of the spark plug in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global spark plug market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the spark plug market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the spark plug market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, material, product type, end-user industry, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the spark plug market. Further, we conducted factor analysis using dependent and independent variables such as component, material, product type, end-user industry, and sales channel of the spark plug market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the spark plug market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global spark plug market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global spark plug market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, material, product type, end-user industry, and sales channel in the global spark plug market.
The main objective of the Global Spark Plug Market Study
The current & future market trends of the global spark plug market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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