According to the latest report by IMARC Group, titled "Spark Plug Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global spark plug market reached a value of US$ 3.8 Billion in 2021. A spark plug is an electrical device that is threaded into the cylinder of a spark ignition engine. It commonly consists of a shell, resistance, electrodes, and insulator, wherein the shell is electrically isolated from the central electrode by a porcelain insulator. It is further connected to the output terminal of a magneto or ignition coil with the help of a heavily insulated wire. These devices are widely utilized for producing a spark that aids in igniting the fuel-air mixture in the cylinder bore of the engine at the required time. Consequently, they form an integral component of the automotive ignition system and in numerous marine and aerospace applications.
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Global Spark Plug Market Trends:
The global market is primarily driven by considerable growth in the automotive sector. Spark plugs are widely utilized in petrol-based passenger vehicles to propel the ignition systems, thereby providing a boost to the market growth. Moreover, spark plugs are also increasingly utilized in numerous marine, electrical and aerospace applications as a crucial component in recreational boats, jet skis, and gasoline and natural gas powered-generators. This, along with the increasing adoption of miniaturized engines, is expected to provide an impetus to the market growth. The market is further driven by the introduction of platinum and iridium-based cold spark plugs that are extensively employed in high-performance engines in an attempt to produce minimal carbon emissions. Also, various key players are launching advanced product variants that are expected to gain widespread prominence in the market. Variants with plasma core and advanced corona ignition systems (ACIS) assist in minimizing noise, smoke emission and vibrations in diesel engines, which is creating a positive outlook for the market. On account of the aforementioned factors, the market is expected to grow at a CAGR of 4.93% during 2022-2027.
- On the basis of the material, the market has been classified into copper, iridium, platinum and others.
- Based on the product type, the market has been bifurcated into hot and cold spark plug.
- On the basis of the application, the market has been segmented into automotive, marine, aerospace, and others.
- Based on the distribution channel, the market has been divided into OEM and aftermarket.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Autolite, BorgWarner Inc., DENSO Corporation, E3 Spark Plugs, General Motors, NGK Spark Plug Co. Ltd., Robert Bosch GmbH, Stitt Spark Plug Co., Tenneco Inc. and VALEO.
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