Spark Plug Market Size Estimated to Reach USD 5.41 billion by 2031, Growing at a CAGR of 4.9%: Straits Research
New York, United States, Dec. 06, 2023 – Spark plugs play a crucial role in the ignition system of vehicles, igniting the combustion mixture within the cylinder. As the automotive industry embraces engines of the next generation, the demand for high-performance spark plugs is expected to increase in the coming years. According to research conducted by the American Physical Society, incorporating plasma into spark plugs to enhance fuel combustion is a recent trend, especially in the premium vehicle industry. Companies like Pulstar Spark Plugs are capitalizing on the promise of plasma-assisted combustion to meet the demand for better engine performance.
As per Straits Research, the global spark plug market size was valued at USD 3.52 billion in 2022 and is projected to reach USD 5.41 billion by 2031, growing at a CAGR of 4.9% during the forecast period (2023-2031). One of the driving factors is the growing sales of gasoline-powered vehicles, as consumers are switching from diesel to gasoline due to the narrowing gap in oil prices. Moreover, government regulations on emissions have made it challenging for automakers to maintain fuel economy, further driving the demand for spark plugs.
The expanding automotive industry in emerging economies, such as Asia-Pacific, Latin America, and Southeast Asia, has seen significant investment in original equipment manufacturer (OEM) facilities to reduce production costs. This presents opportunities for the spark plug market, as the demand for vehicles in these regions continues to rise. In Thailand, for example, the automotive aftermarket spark plug industry is expected to benefit from the projected increase in passenger car numbers to over 18 million by 2020.
The development of new innovative technologies is also driving the growth of the spark plug market. With the implementation of strict environmental rules and emission requirements to combat global warming, contemporary gasoline engines are being developed with improved fuel economy and lower emissions without sacrificing performance. This calls for new ignition systems and spark plug technologies that can meet these requirements. Participants in the market are experimenting with various materials and designs to develop spark plugs that can function effectively in modern engines operating at increased gas pressures.
North America is currently the highest contributor to the spark plug market, with the United States being the second-largest vehicle production and sales market globally. The presence of leading automakers in the United States, along with significant investment in research and development, is driving the expansion of the spark plug industry in the region. In Europe, the spark plug market is expected to grow rapidly, driven by increased vehicle exports and production, implementation of new emission laws, and rising demand for hybrid vehicles.
Key players in the global spark plug market include Ngk Spark Plug Co., Ltd., Federal-Mogul Corporation, Denso Corporation, Robert Bosch GMBH, Autolite, Enerpulse Technologie, Stitt Spark Plug, Acdelco, E3 Sparkplugs, Zhuzhou Torch Spark Plug, and Tenneco Inc.
In conclusion, the global spark plug market is poised for significant growth, driven by factors such as the increasing demand for high-performance spark plugs, the growing sales of gasoline-powered vehicles, and the development of new innovative technologies. As governments worldwide focus on reducing emissions and improving fuel economy, the spark plug market is expected to play a crucial role in meeting these objectives.
About Straits Research Pvt. Ltd.
Straits Research Pvt. Ltd. is a market intelligence company that provides global business information reports and services. Through quantitative forecasting and trends analysis, Straits Research delivers forward-looking insights for decision-makers across industries. The company’s market research data and services are designed to assist clients in making informed decisions and maximizing their return on investment.
