|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
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The Spark Plugs and Glow Plugs market accounted for USD 30 Billion in 2020 and is expected to reach USD 40 Billion by 2026, projecting a CAGR of 6% during the forecast period.
The Covid-19 pandemic had a negative impact on the market. With the very low record in sales of both new and used vehicles, the demand for peripherals like spark plugs and glow plugs was completely reduced. With the social distancing norms and stringent lockdown worldwide, the production was very low or none in few regions. This slowed down the market economy.
However, with the increased need for personal and individual mobility, both new and aftermarket sales are set to improve drastically, consequently improving the market economics after the pandemic. The expected increase in demand for heavy materials transport is bound to improve new and aftermarket sales of spark plugs and glow plugs.
- Spark plugs and glow plugs are an integral part of gasoline and diesel ignition systems. Despite a slight decline in a global vehicle production number in 2019, the demand for spark and glow plugs is anticipated to continue till the forecast period, as the aftermarket channel has been consistently active in the firm’s sales.
- One of the major factors driving the growth of the market studied is the increasing demand and sales of commercial vehicles (owing to the rise in the e-commerce sector, resulting in growth in the logistics industry and construction sector). However, factors, such as growing penetration and demand for electric vehicles, as well as functional issues, may hinder the growth of the market studied.
- Platinum and Iridium-based spark plugs are the widely used varieties of which iridium-based cold type spark plugs are majorly used in high-performance engines. On the other hand, the demand for factory fitted glow plugs has been observing a decline in the sales of sedans, owing to the transformation to down-sized gasoline engines from conventional diesel engines.
- Some of the major companies that dominate the market studied are NGK Spark Plug Co. Ltd, Robert Bosch GmbH, Denso Corp., and BorgWarner, among others.
Scope of the report
The Spark Plugs and Glow Plugs Market is segmented by Product Type (Hot Spark Plug, Cold Spark Plug, Metal Glow Plug, and Ceramic Glow Plug), Vehicle Type (Passenger Cars and Commercial Vehicles), Sales Channel (OEM and Aftermarket), and Geography(North America, Europe, Asia-Pacific, South America, and Africa). The report offers market size and forecasts for Spark Plugs and Glow Plugs in value (USD Billion) for all the above segments.
|Hot Spark Plug|
|Cold Spark Plug|
|Metal Glow Plug|
|Ceramic Glow Plug|
Key Market Trends
Increasing Demand For Electric Vehicles Hindering the Growth of the Market
The electric vehicle market has been witnessing healthy growth in recent years, with about 1.1 million units of battery electric vehicles (BEVs) sold during the first half of 2019, representing a 46% increase from the previous year. This spike in sales is the result of an increase in the regulatory norms by various organizations and governments to control emission levels and to propagate zero-emission vehicles.
Due to this, automakers have been continuously working and focusing to increase their expenditure on the R&D of electric vehicles, which, in turn, has been aiding the OEMs to market electric vehicles in the future.
This strategy had a strong impact on people, as there was a considerable change in the purchase pattern from conventional IC engine vehicles to electric vehicles. The change has not decreased the sales of IC engine vehicles but has rather created a promising market for electric vehicles in the recent times, as well as during the forecast period.
Governments across the world have been pushing the EV envelope to reduce the rising pollution from fuel-powered vehicles.
- For instance, France and the United Kingdom have set a deadline for the automakers to go fully electric by 2040.
- China, which had sold half a million EVs in 2016, has set out its own roadmap to completely make its transportation electric by 2030.
- Last year, Germany, which is home to major automakers, such as Volkswagen, BMW, and Mercedes, decided to ban IC engines by 2030.
The premium carmakers, like JLR and Volvo, have also decided to electrify all their vehicles. In addition, about 200 new EV model launches had been announced in 2019.
With so much movement towards electrification of automobile and transport industry worldwide, the spark plugs and glow plugs market is bound to take a plunge in the near future.
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Asia-Pacific and Europe to Witness Significant share during the Forecast Period
According to Eurostat, about 75% of inland cargo transports within the European Union, which translates to about 1,750 billion metric ton-kilometer (t km), takes place by road. In some European countries, this percentage goes as high as 90%, or more.
As a result, the demand for commercial vehicles and subsequently the glow plugs from OEM and aftermarket channels has been continually increasing in the region, owing to the growing logistics industry, as well as the increasing usage of light commercial vehicles, such as vans (for ride-hailing services).
Thus, the demand for lightweight vehicle components to integrate into light commercial vehicles is expected to rise significantly during the forecast period.
With the regulations mandating the LCVs to stay within the stipulated weight limit, it has become critical for the OEMs to focus on making LCVs with lighter materials. As the e-commerce industry continues to witness growth across Europe, the demand for a more advanced distribution network is increasing.
Apart from Europe, the Asia-Pacific region has also been experiencing a boom in the sales of commercial vehicles, owing to the growing e-commerce resulting in the growth of the logistics, construction, and mining industries.
Thus, based on the aforementioned developments, the demand for glow plugs is expected to increase in the future.
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The spark plugs and Glow plugs market is dominated by several players, such as DENSO Corporation, NGK Spark Plug Co. Ltd, Robert Bosch GmbH, Tenneco Inc., BorgWarner Inc., WEICHAI POWER CO. LTD. , AC Delco Corporation. These companies have been expanding their business by new innovative auto parts so that they can have an edge over their competitors.
BorgWarner Inc. in October 2020 has announced that it has completed its acquisition of Delphi Technologies. The combination of BorgWarner and Delphi Technologies is expected to strengthen BorgWarner’s electronics and power electronics products, capabilities and scale, creating a leader in electrified propulsion systems that BorgWarner believes is well-positioned to take advantage of future propulsion migration.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Hot Spark Plug
5.1.2 Cold Spark Plug
5.1.3 Metal Glow Plug
5.1.4 Ceramic Glow Plug
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3 Sales Channel
5.4.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.4.4 South America
220.127.116.11 Rest of South America
5.4.5 Middle-East and Africa
18.104.22.168 United Arab Emirates
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 DENSO Corporation
6.2.2 NGK Spark Plug Co. Ltd
6.2.3 Robert Bosch GmbH
6.2.4 BorgWarner Inc.
6.2.5 Autolite (Fram Group LLC)
6.2.6 Federal-Mogul Powertrain
6.2.7 ACDelco Corporation
6.2.8 KLG Spark Plugs
6.2.9 Wellman glow plugs Co.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Automotive Spark Plugs And Glow Plugs Market market is studied from 2018 - 2026.
What is the growth rate of Automotive Spark Plugs And Glow Plugs Market?
The Automotive Spark Plugs And Glow Plugs Market is growing at a CAGR of >6% over the next 5 years.
What is Automotive Spark Plugs And Glow Plugs Market size in 2018?
The Automotive Spark Plugs And Glow Plugs Market is valued at 30 Billion USD in 2018.
What is Automotive Spark Plugs And Glow Plugs Market size in 2026?
The Automotive Spark Plugs And Glow Plugs Market is valued at 40 Billion USD in 2026.
Which region has highest growth rate in Automotive Spark Plugs And Glow Plugs Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Automotive Spark Plugs And Glow Plugs Market?
Europe holds highest share in 2020.
Who are the key players in Automotive Spark Plugs And Glow Plugs Market?
General Motors, DENSO Corporation, NGK Spark Plug Co., Ltd., Robert Bosch GmbH, BorgWarner Inc. are the major companies operating in Automotive Spark Plugs And Glow Plugs Market.