Portland, OR -- (SBWIRE) -- 07/03/2018 -- The features of spark plugs, such as powerful ignition spark, technical advancements to downsize automotive engines, and others make it suitable for passenger and commercial vehicles in terms of safety and security. The different customized solutions by manufacturers increase their usability across various end users.
Korea & China Spark Plug Market was valued at $670 million in 2016, and is projected to reach at $947 million by 2023, growing at a CAGR of 5.2% from 2017 to 2023, according to the latest report published by Allied Market Research.
Spark plug is an electrical device, threaded into the cylinder of spark ignition engine, which produces a spark to ignite the combustible air-fuel mixture in the cylinder bore. A spark plug comprises a shell, resistance, electrodes, and an insulator.
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In 2016, the iridium segment dominated the market in terms of revenue and is estimated to reach $505 million in 2023, due to advancement in its technology and long service life.
China was the highest revenue contributor to the Korea & China spark plug market in 2016, accounting for around 94.46% of the market share.
Increase in Production and Sales of Vehicles
The China market is one of the dominant markets of gasoline-powered cars, and is anticipated to maintain its dominance throughout the forecast period. As the automobile industry becomes more standardized, manufacturing facilities have shifted towards countries such as China and Korea. Leading automotive manufacturers continue to increase their investment in developing countries owing to low cost of labor, which further decreases the production cost and caters to the increase in demand for vehicles. These factors collectively propel the growth of the spark plug market.
Key Findings of the Korea & China Spark Plug Market:
- The iridium segment accounted for the highest share in 2016.
- The automobile segment classified under the application type generated the highest revenue in 2016.
- China under the Asia-Pacific spark plug market is expected to dominate the market in terms of market share, during the forecast period.
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Key Players:
The report features a competitive scenario of the Korea & China spark plug market and provides a comprehensive analysis of the key growth strategies adopted by major players. The key players operating in the Korea & China spark plug market include NGK Spark Plug Co. Ltd., Federal-Mogul Corporation, Denso Corporation, Robert Bosch Gmbh, FRAM Group IP LLC. (Autolite), Enerpulse Technologies Inc., Stitt Spark Plug, Acdelco Corporation, E3 Sparkplugs, Zhuzhou Torch Spark Plug, Weichai Power Co. Ltd., MSD Performance, Ford Motor Company, and Valeo SA.
These players have adopted competitive strategies such as innovation, new product development, and market expansion to boost the market growth.