Automotive Spark Plugs and Glow Plugs Market Forecast [2031]

Report Description

The Global Automotive Spark Plugs and Glow Plugs Market size was valued at USD 31.68 Billion in 2022 and is expected to surpass USD 53.52 Billion by 2031, expanding at a CAGR of 6% during the forecast period, 2023 – 2031. The growth of the market is attributed to the demand and sales for commercial vehicles are growing (due to the growth in the e-commerce industry, the subsequent expansion of the construction sectors, and the logistics industry).

Automobile engines are often divided into two types: diesel engines and gasoline engines. Spark plug generates an electric discharge that burns the gasoline in the car. The glow plug also creates heat, which is used to burn diesel in the car and turn the engine in cold weather. Glow plugs are installed on the cylinder head of a diesel engine, while spark plugs are installed in the cylinders of a petrol engine. Glow plugs and spark plugs are essential components of both diesel and petrol ignition systems.

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The most common forms of spark plugs are platinum and iridium-based, with iridium-based cold type spark plugs being the most preferred in durability engines. However, due to the transition to downsizing petrol engines from conventional diesel engines, the need for factory-installed glow plugs has been declining in automobile sales.

Market Trends, Drivers, Restraints, and Opportunities

• Growing vehicle sales throughout the world and strong demand for gasoline vehicles as a result of rising fuel costs in developing nations including India are expected to propel the market expansion in the coming years.

• Rising severity with which government standards and laws governing emissions and the energy economy are enforced is a key factor spurring the market growth during the forecast period.

• Rising electric vehicle adoption and need, and also operational concerns, are key challenges that can impede the market expansion in the coming years.

• Typical issues for market competitors is to strike the balance between minimal price, excellent performance, and longevity of spark and glow plugs is anticipated to restrict the market growth.

• Focusing more on new product development, and advanced technologies in spark plug and glow plug specification, including the assimilation of plasma core, E3 high-performance, and ACIS (Advanced Corona Ignition System) in spark plug structure is projected to offer lucrative opportunities for the market players.

Scope of Automotive Spark Plugs and Glow Plugs Market  Report

The report on the global automotive spark plugs and glow plugs market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Automotive Spark Plugs and Glow Plugs Market Segment Insights

Based on product types, the global automotive spark plugs and glow plugs market is segregated into cold spark plugs, hot spark plugs, ceramic glow plugs, and metal glow plugs. The hot spark plugs segment is expected to represent a key share of the market in the coming years due to its a critical component for the proper operation of a vehicle engine. In every vehicle with an internal combustion engine, these plugs play a vital role. This proves that the need for spark and glow plugs is proportional to the number of automobiles manufactured each year. Spark and glow plugs have a short lifespan, thus they're in high demand not just in the original equipment market (OEM), but also in the aftermarket.

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On the basis of vehicle types, the market is divided into commercial vehicles and passenger cars. The commercial vehicles segment is expected to constitute a key share of the market during the forecast period due to the rise of e-commerce, the transportation and logistics, construction, and mining sectors have expanded.On the other hand, the passenger cars segment is anticipated to expand at a rapid pace during the forecast period owing to hot spark plugs are expected to dominate the market in the passenger car segment during the forecast period, as need for small & mid passenger cars grows.

In terms of sales channels, the global automotive spark plugs and glow plugs market is bifurcated into aftermarket and OEM. The original equipment manufacturer (OEM) segment is expected to hold a key share of the market in the coming years due to regulatory norms are being tightened by many organizations and governments to regulate emissions and promote zero-emission automobiles. As a result of these factors, manufacturers have been striving and concentrating to boost their investment in electric vehicle R&D, which has helped OEMs in bringing electric vehicles to the market shortly. This technique had a significant impact on individuals since there was a significant shift in purchasing patterns from traditional IC engines to electric engines. The shift has not reduced IC engine vehicle sales but instead has generated a potential market for electric vehicles in the coming years.

On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market at healthy CAGR during the forecast period. The regional market growth can be attributed to increased sales of automobiles and the growing demand for automobiles.When compared to other regions, in terms of profit contribution, this is mostly due to the presence of a large number of producers and also significant car sales in the region's countries.

Due to increased new vehicle releases and passenger car sales in nations around the region, the Asia Pacific market is expected to develop at a faster pace in terms of value during the next ten years.However, North America is expected to exhibit a rapid growth rate in the coming years owing to the rising production of petrol light commercial vehicles (LCVs) throughout the globe and the increasing as the need for cold spark plugs.

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