Revised data on the automotive spark and glow plugs industry suggests that the market will experience sluggish expansion at a CAGR of 1.8% over the decade. The automotive spark and glow plugs market is expected to increase its worth from US$ 5.5 Bn in 2021 to US$ 6.6 Bn by 2031.
The global automotive spark and glow plugs market is driven by an exponential rise in demand for automotive all across the world. The other factor is increase in sternness on the part of government regulations and norms regarding emissions and efficiency of fuel.
At the same time, increasing inclination towards electric vehicles is expected to hamper the automotive spark and glow plugs market in near future. As far as value is concerned, hot spark plugs account for more than half of the automotive spark and glow plugs market. Metal glow plugs come in second.
Persistence Market Research states that the global automotive spark and glow plugs market will witness a slow CAGR in the forecast period.
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Key Takeaways from Market Study
- Asia Pacific is expected to be the largest market for automotive spark and glow plugs. This could be attributed to countries such as India, Japan, and China being key contributors to its growth. Several OEMs are on an expansion spree in the region.
- 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 spread to the rest 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 cars hold the largest market share due to increasing number of population opting for cars worldwide.
- The market in MEA and Latin America is expected to pick up pace due to rapid industrialization in countries such as Brazil and Nigeria.
How is the Automotive Spark and Glow Plugs Market Structured?
Automotive spark and glow plugs market participants include Denso Corporation, Robert Bosch GmbH, BorgWarner Inc., and Federal-Mogul Corporation. Companies such as NGK Spark Co., Ltd. are going for organic as well as inorganic modes of expansion to keep competitors on tenterhooks.
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Effect of COVID-19 on Market
The outbreak of Covid-19 has stalled or altered almost the entire industry vertical. The partial/total lockdowns inflicted all across have suspended the production of automotive, which has, in turn, adversely impacted the automotive spark and glow plugs market as well.
This situation is expected to continue till mid-2021 (till Covid-19 vaccine would probably in place). Working from home doesn’t actually go well with the automotive industry as it involves on job production.
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Conclusion
The year 2020 ushered COVID-19, which threw the world out of gear along with the automotive spark and glow plugs market. The Covid-19 phase needs to pass. Thereafter, automotive spark and glow plugs market is expected to expand slowly.
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