The Spark Plug Market was worth USD 2.07 billion in 2014 and is expected to reach approximately USD 3.04 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 4.36% during the forecast period. Start plug is an electrical device strung into the cylinder of spark ignition engine, which creates spark at the expected time to touch off the ignitable air-fuel blend in the cylinder bore. The device involves resistance, insulator, shell, and electrodes. Amid the engine activity, when high strain current flows through the middle cathodes, it ionizes the gas exhibit between the anode holes, creating spark. The advanced spark plug is designed to provide a capable start around 500-3,500 times each moment. Temperature at the tip of the start plug is regularly in the vicinity of 500C and 800C.
Material Outlook and Trend Analysis
Based on material the market is segmented into Copper, Iridium, and Platinum. The iridium is the most progressive centre electrode material for spark plug, which has a life span of 100,000 Km—five times more than copper start plug. Iridium spark plugs have properties, for example, long administration life and enhanced ignitability because of fine tipped focus cathode. Also, iridium spark plug discovers its application to high-end passenger cars, HCVs, and in small boats.
Application Outlook and Trend Analysis
Automobile spark plug market drove the spark plug market, representing around 80% of the general market. This is ascribed to the rising number of gasoline-powered passenger cars generally in developing nations of Asia-Pacific and LAMEA. Additionally, developing demand for vehicles that are powered by natural gas helps the development of the automobile spark plug market.
Regional Outlook and Trend Analysis
Asia-Pacific spark plug market is the most lucrative spark plug market among different locales, inferable from increment in number of vehicles in China, India, and Japan. Existence of the major car makers in China and their responsibility of investing resources in Asia-Pacific and development in number of joint endeavours with universal brands drive the market development.
The leading players in the market are Federal-Mogul Corporation, Ngk Spark Plug Co Ltd, Enerpulse Technologie, Autolite, Denso Corporation, Zhuzhou Torch Spark Plug, Stitt Spark Plug, Acdelco and E3 Sparkplugs. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Spark Plug market is segmented as follows-
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?