Spark plug is an engine component, located at the top of cylinder, which delivers electric current during the combustion process to produce spark. Increase in production of gasoline and natural gas-based vehicle mostly two-wheeler and passenger cars drive the market growth. However, technical advancements to downsize automotive engines and growth in penetration of electric vehicle & electrically powered working equipment, such as mowers and saws, hinder the growth of the spark plug market.
Portland, OR -- (SBWIRE) -- 09/25/2017 -- The modern spark plug is designed to deliver a powerful ignition spark around 500-3,500 times per minute. Temperature at the tip of the spark plug is normally between 500C and 800C. Spark Plug Market Report, published by Allied Market Research, projects that the global spark plug market is estimated to reach $2,904 million by 2022, registering a CAGR of 4.2% during the period 2014-2022. Automobile segment is expected to maintain its dominant position throughout the forecast period. Asia-Pacific accounted for the highest share of 46% in 2015, and is anticipated to maintain its dominance throughout the forecast period.
The market segmentation is based on electrode material, application, and geography. Electrode material segment is divided into copper, platinum, and iridium. On the basis of application, the market is categorized into automobile, marine, industrial, and others (working equipment, brush cutters, scythes, mowers, saws). Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is divided into the U.S., Canada, and Mexico, whereas Europe is classified into Germany, France, Italy, UK, and rest of Europe. Asia-Pacific is further segmented into China, Australia, Japan, India, and rest of Asia-Pacific. Latin America, Middle East, and Africa are considered under LAMEA.
Spark plug is a type of lighter that ignites the compressed air-fuel mixture at the top of cylinder head. Spark plugs must be able to withstand at temperature of about 25000C and combustion pressure as high as 50 Kg/cm2. Centre electrode material is most important part of spark plug, as fuel economy and engine efficiency is based upon that. As per the key executive, one of the major spark plug manufacturer have tested around 2,000 electrode materials and over 25,000 insulator combination. Moreover, impending need of fuel efficient vehicles owing to increasing carbon footprint has fueled the demand of natural gas based vehicles eventually increasing the demand of spark plug. Among different applications of spark plug, automobile segment is anticipated to witness the robust growth rate owing to burgeoning number of sales and production of vehicle across the globe, states Eshan Hira, Research Associate, Automotive & transportation, Allied Market Research
Key Findings of the Spark Plug Market:
- In 2015, iridium spark plug led the overall spark plug market, and is projected to grow at a CAGR of 4.4% during the forecast period.
- Platinum spark plug segment is expected to grow at a remarkable CAGR of 4.8% during the forecast period.
- Automobile segment led the overall spark plug market in 2015, and is estimated to grow at a CAGR of 4.4%.
- Industrial segment is expected to grow at a remarkable CAGR of 7.2%, owing to the increase in number of gasoline and natural gas-based generator mostly in developing countries such as China and India.
- Asia-Pacific accounted for the largest market share among others in 2015, and is anticipated to grow at a remarkable CAGR of 4.6%.
- China is the major shareholder, accounting for about half share of the Asia-Pacific spark plug market.
Click to get Sample!