The global automotive spark and glow plugs market is expected to expand at a CAGR of 2.1% in terms of value over the forecast period (2016–2022), to reach a market value of US$ 6.6 Bn by 2022.
New York, NY -- (SBWIRE) -- 06/10/2016 -- According to the latest market report published by Persistence Market Research titled 'Global Market Study on Automotive Spark and Glow Plugs: Ceramic Glow Plugs to be the Dominant Segment during the Forecast Period 2016 - 2022, the global automotive spark & glow plugs market is estimated to be valued at US$ 5.6 Bn by 2016 end, and is expected to increase at a moderate CAGR during the forecast period (2016–2022).
The automotive spark plug is a device designed to fit in each cylinder of a gasoline-powered internal-combustion engine to produce the electric spark for ignition of the air-fuel mixture. The automotive glow plug is a device fitted into each cylinder of a diesel engine, with a heating element to heat incoming fuel and air to ensure efficient combustion when the engine is cold. Automotive spark & glow plugs are generally classified by type into hot spark plugs, cold spark plugs, metal glow plugs and ceramic glow plugs. On the basis of vehicle type, the market has been segmented into passenger cars, light commercial vehicles (LCV) and heavy commercial vehicle (HCV). The market is segmented into OEM (original equipment manufacturer) and aftermarket, on basis of the sales channel.
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Increasing automotive production & vehicle parc, upcoming stringent fuel efficiency and emission norms are expected to emerge as major factors driving the growth of automotive spark & glow plugs market during the forecast period. Long-term business contracts of spark & glow plugs manufacturers with OEMs helps them reduce production costs and increase profit margins and also shield them from price fluctuations of raw material. Such factors are further expected to fuel the growth of the market over the forecast period. However, rising demand for electric vehicles due to increasing environmental awareness, fluctuating fuel prices and ongoing inclination towards engine downsizing are projected to impede the growth of the global automotive spark & glow plugs market during the forecast period. Global automotive spark & glow plugs demand is expected to increase to 893,437 thousand units by 2022 at a moderate CAGR during the forecast period.
In terms of market value, Asia-Pacific is expected to dominate the global automotive spark & glow plugs market over the forecast period. Europe is expected to be the second-largest market, accounting for revenue share of 22.0% of the global estimated market value by 2016 end. MEA automotive spark & glow plugs market is slated to expand at the highest CAGR in terms of value during the forecast period.
On the basis of product type, the ceramic glow plug segment is expected to expand at a comparatively higher value CAGR during the forecast period. The growth of this segment is primarily driven by increasing demand for diesel engines in developing countries such as China, Mexico and Brazil. On the basis of vehicle type, revenue contribution of the passenger cars segment is expected increase at the CAGR of 2.3% during the forecast period. On the basis of sales channel, aftermarket segment is expected to have dominant revenue share over the forecast period.
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Expansion of existing manufacturing facilities and collaboration with technology providers are major trends observed among key manufacturers to increase their market presence and enhance their product portfolio. Prominent players in the global automotive spark & glow plugs market include NGK Spark Plug Co. Ltd, Federal-Mogul Corporation, Denso Corporation, Robert Bosch GmbH, Borgwarner Inc., Weichai Power Co., Ltd, Valeo SA, ACDelco Corporation, Magneti Marelli Aftermarket N.A.
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