Spark Plug Market expected to generate a revenue of USD $5.13 billion by 2030 Globally, at a CAGR of 5.1% | says AMR

Spark plug is equipped into the cylinder head of an internal combustion engine for ignition of air-fuel mixture and removal of heat from combustion chamber.

WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 13, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Spark Plug Market," The spark plug market size was valued at $3.2 billion in 2020, and is estimated to reach $5.1 billion by 2030, growing at a CAGR of 5.1% from 2021 to 2030.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/1873

Modernization of passenger vehicles for enhanced vehicle performance and compliance with stringent emissions norms drive the growth of the spark plug market. Manufacturers are launching advanced spark plugs to increase fuel efficiency and reduce emissions from vehicles. For instance, in 2020, Pulstar LLC, launched fine-wire iridium high-power spark plug to provide better performance with less usage of gasoline.

Rise in demand for fuel-efficient vehicles, strict norms about carbon emissions, and surge in need for passenger vehicles in developing countries drive the global spark plug market. Asia-Pacific held the lion’s share in 2020, contributing to more than two-fifths of the market. Owing to lockdown and restrictions on travel, the need for automotives and sales of passenger cars declined. This, in turn, hampered the sale of spark plugs.

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:-

Denso Corporation,
E3 Spark Plugs,
Ford Motor Company,
General Motors Company,
Marelli Holdings Co., Ltd.,
NGK Spark Plug Co., Ltd.,
Robert Bosch GmbH,
Tenneco Inc.,
Valeo S.A.,
Weichai Power Co., Ltd.

𝐓𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐝𝐢𝐯𝐢𝐝𝐞𝐬 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐬𝐩𝐚𝐫𝐤 𝐩𝐥𝐮𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐨𝐧 𝐭𝐡𝐞 𝐛𝐚𝐬𝐢𝐬 𝐨𝐟 𝐭𝐲𝐩𝐞, 𝐞𝐥𝐞𝐜𝐭𝐫𝐨𝐝𝐞 𝐦𝐚𝐭𝐞𝐫𝐢𝐚𝐥, 𝐞𝐧𝐝 𝐮𝐬𝐞, 𝐬𝐚𝐥𝐞𝐬 𝐜𝐡𝐚𝐧𝐧𝐞𝐥, 𝐚𝐧𝐝 𝐫𝐞𝐠𝐢𝐨𝐧.

Based on type, the hot spark plug segment held the largest share in 2020, accounting for nearly two-thirds of the market. However, the cold spark plug segment is projected to manifest the highest 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟓.𝟗% during the forecast period.

🔰 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/spark-plug-market/purchase-options

On the basis of end use, the automotive segment held the lion’s share in 2020, contributing to nearly four-fifths of the market. However, the marine segment is estimated to portray the highest 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟕.𝟑% from 2021 to 2030.

The global spark plug market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2020, accounting for more than two-fifths of the market. However, the market across Europe is anticipated to showcase the highest CAGR of 6.1% during the forecast period.

Significant factors impacting the growth of the spark plug market comprises rise in demand for fuel efficient vehicles, introduction of stringent norms regarding carbon emissions, increase in demand for passenger vehicles in developing nations, and rise in demand for leisure boats & personal watercraft from marine sector. Moreover, factors such as rise in adoption of electric vehicles and engine downsizing to reduce weight of vehicles are expected to be hinder the market growth. Furthermore, increase in adoption of natural gas-powered vehicles and technological advancements are expected to create new growth opportunities for spark plug market during the forecast period.

🔰 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠- https://www.alliedmarketresearch.com/purchase-enquiry/1873

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By type, the cold spark plug segment is anticipated to exhibit significant growth in the near future.
By material, the iridium segment is anticipated to exhibit significant growth in the near future.
By end-use, the marine segment is anticipated to exhibit significant growth in the near future.
By sales channel, the aftermarket segment is anticipated to exhibit significant growth in the near future.
By region, Europe is anticipated to register the highest CAGR during the forecast period.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

https://www.alliedmarketresearch.com/automotive-repair-and-service-market - Automotive Repair and Service Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Service provider, by Vehicle Type, by Propulsion Type : Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/automotive-glow-plug-market-A11956 - Automotive Glow Plug Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Vehicle Type, by Sales Channel : Global Opportunity Analysis and Industry Forecast, 2021-2031

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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