Spark Plug Market to Reach $2,904 Million by 2022, Globally - Allied Market Research - Seite 2

Asia-Pacific accounted for the majority of revenue in 2015, and is expected to maintain its dominance, followed by Europe and North America. This is attributed to the increase in sales and production of automobiles such as two-wheelers and passenger cars and LCV.

"Spark plug is a type of lighter that ignites the compressed air-fuel mixture at the top of cylinder head. Spark plugs must be able to withstand at temperature of about 2500^[0]C and combustion pressure as high as 50 Kg/cm2. Centre electrode material is most important part of spark plug, as fuel economy and engine efficiency is based upon that. As per the key executive, one of the major spark plug manufacturer have tested around 2,000 electrode materials and over 25,000 insulator combination. Moreover, impendin g need of fuel efficient vehicles owing to increasing carbon footprint has fueled the demand of natural gas based vehicles eventually increasing the demand of spark plug. Among different applications of spark plug, automobile segment is anticipated to witness the robust growth rate owing to burgeoning number of sales and production of vehicle across the globe," states Eshan Hira, Research Associate, Automotive & transportation, Allied Market Research

Key findings of the study: 

• In 2015, iridium spark plug led the overall spark plug market, and is projected to grow at a CAGR of 4.4% during the forecast period.
• Platinum spark plug segment is expected to grow at a remarkable CAGR of 4.8% during the forecast period.
• Automobile segment led the overall spark plug market in 2015, and is estimated to grow at a CAGR of 4.4%.
• Industrial segment is expected to grow at a remarkable CAGR of 7.2%, owing to the increase in number of gasoline and natural gas-based generator mostly in developing countries such as China and India.
• Asia-Pacific accounted for the largest market share among others in 2015, and is anticipated to grow at a remarkable CAGR of 4.6%.
• China is the major shareholder, accounting for about half share of the Asia-Pacific spark plug market.

The key players in the spark plug market are focused to expand their business operations in the emerging countries with new product launches as a preferred strategy. The major players profiled in this report include NGK Spark Plug Co. Ltd, Federal-Mogul Corporation, Denso Corporation, Robert Bosch Gmbh, FRAM Group IP LLC (Autolite), Enerpulse Technologie, Stitt Spark Plug, Acdelco Corporation, E3 Sparkplugs, Zhuzhou Torch Spark Plug, Weichai Power Co. Ltd., MSD Performance, Ford Motor Company, and Valeo.