APAC Leads the Automotive Spark Plugs Market Share, States MRFR in Its Forecast to 2022
A Spark Plug is a device that transfers the electric current from the ignition system to the combustion chamber of a vehicle. Market Research Future (MRFR) has published a research report about the global Spark Plugs Market Share that infers increase for this market at 5.5% CAGR (Compound Annual Growth Rate) during the forecast period between 2016 and 2022.
Analyzing the market structure, this report estimates the future growth potential of the market. It observes the strategies of the key players in the market and follows the competitive developments like joint ventures, new product developments, mergers and acquisitions, research and developments (R & D) in the market. This report also covers insights on the major countries/regions in which this industry is flourishing, along with the list and description of untapped regions which could be the potential markets in the future.
The key factor driving the global Spark Plugs Market Share is the stringent regulations and norms by the government regarding emissions & fuel efficiency. The second market driving factor is the growth of the automotive industries. The third factor supporting the market growth is increased fuel efficiency due to efficient combustion generated by cold starting improved by advanced spark plugs. However, the shift towards electric vehicles is hampering market growth.
Segments
The global Spark Plugs Market Share has been segmented on the basis of market type, material type, product type, vehicle type, and lastly, region. With regards to the market type, this market has been segmented into the original equipment market and aftermarket. Aftermarket is the market for the accessories, components, and spare parts, for motor vehicles. By material type, the market has been segmented into copper spark plug, iridium spark plug, platinum spark plug, and others.
Based on product type, the market has been segmented into hot spark plug and cold spark plug. Hot spark plugs by product type contribute to the largest market share in the global market, and this is expected to continue during the forecast period as well. As per vehicle type, the market has been segmented into the commercial vehicle and passenger vehicle.
The regional segmentation of the global Spark Plugs Market Share segments the market into the regional markets known North America, Europe, Asia Pacific, and rest of the world (RoW). During the forecast period, the Asia Pacific region is expected to dominate the global market because in Asia Pacific region is the largest market for the automotive industries. The main factor leading to market growth in this region is government incentives such as the lowering of value-added tax (VAT) rate on small and medium-sized vehicles. Other factors contributing to the market growth are growing economy, increasing industrialization and low manufacturing cost due to the availability of cheap labor. Most important country-specific markets in this region are China, India, Japan, and Vietnam, followed by the remaining Asia Pacific countries.
North America is a crucial regional market due to technological advancement, established automotive industry, and many key market players being present in this region. The highest revenue in this region comes from the markets in the USA, Canada, and Mexico.
Europe is another important regional market that is growing due to the presence of some key market players, established automotive industry, government regulations regarding carbon emissions, and technological advancement that is second only to North America. In this region, the vital country-specific markets are France, Germany, Italy, and the UK.
The RoW segment covers Brazil, Russia, and other countries. Among other countries, the Middle East & Africa (MEA) region plays an important role. In the MEA region, the market is growing due to the demand for vehicles that run of fuel that is available only in the MEA region. However, right now, the market is limited due to lack of necessary infrastructure, lack of technology, lack of awareness, and lack of education. In the MEA region, the major country-specific markets are Kuwait, Saudi Arabia, Qatar, and the UAE.
Key Players
The key players in the global Spark Plugs Market Share include Borgwarner Inc. (USA), Delphi Automotive (Ireland), Denso Corporation (Japan), Federal-Mogul Corporation (USA), General Motors (ACDelco Corporation) (USA), NGK Spark Plug Co. Ltd (Japan), Robert Bosch Gmbh (Germany), UCI-Fram Autobrands (Autolite) (USA), Valeo (France), and Weichai Power Co. Ltd. (China).
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