The market is poised to grow at a CAGR of 7.4% and that for glow plugs, at a CAGR of 5.8% by 2022. The market for the former is expected to touch USD XX billion by the end of 2022. Asia-Pacific region contributed to a market share of XX%, followed by North America and Europe with a market share of XX% and XX% respectively in 2016. In response to the stringent emission norms posed by EPA and CAFÉ authorities and cold starting problems, the smart plug (smart spark plug) concept has been devised and it has revolutionized the automotive industry. This component, when retrofitted with the spark plug, minimizes emissions, resolves cold starting problems and maximizes performance.
Automotive engines are commonly classified into two major categories – gasoline and diesel engines. Both the engines ignite the air-fuel mixture to propagate motion to the vehicle. Spark plugs are installed in the cylinders of gasoline engines, while the glow plugs find their employment in the cylinders of diesel engines to ensure sufficient heating during the cold start by a heating coil.
Technological advancements like E3 high performance, plasma core and ACIS (Advanced Corona Ignition System) in designing spark plugs have acted as one of the factors responsible for growth in the global automobile sales.
The spark plugs and glow plugs market has been segmented by product type (hot and cold spark plugs, metal and ceramic glow plugs), vehicle type (passenger cars, HCV, LCV), sales channel (OEM’s, aftermarket) and geography (North America, South America, Asia-Pacific, Europe, Africa and the Middle East). Manufacturers are now dragging their attention towards developing better products to gain higher market penetration.
Some of the key players in the market are:
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