The global automotive spark glow plugs market is driven by an exponential rise in the demand for automotive all across. The other factor is increase in sternness on the part of government regulations and norms regarding emissions and efficiency of fuel.
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At the same time, increasing inclination towards electric vehicles is expected to hamper the automotive spark glow plugs market in near future. As far as value is concerned, hot spark plugs account for more than half of the automotive spark glow plugs market. Metal glow plugs come in second. PMR states that the global automotive spark glow plugs market will witness a stupendous CAGR in the forecast period.
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Key Takeaways from the Automotive Spark Glow Plugs Market
- The Asia-Pacific is expected to be the biggest market for automotive spark glow plugs market. This could be attributed to countries like India, Japan, and China being the key contributors to its growth. Several OEMs are on to the expansion spree in these regions.
- North America and Europe collectively account for the largest market share due to majority of OEMs streaming their ideas in these two regions, which then get spread to the rest parts of the world. However, the fact that these regions are on the verge of saturation can’t be ruled out.
- By type of vehicle, passenger car holds the largest market share due to an increasing number of population opting for cars worldwide.
- MEA and Latin America are expected to pick up pace due to rapid industrialization in countries like Brazil and Nigeria.
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