Growth of the Spark Plugs Industry

The global spark plugs industry is expected to witness growth over the forecast period. This is owing to the increasing use of fuel-efficient vehicles. It has also been attributed to the increase in the demand for passenger vehicles in developing countries. Additionally, government regulations and carbon-emissions norms are driving the development of this market. These are expected to help spark plugs manufacturers meet emission standards and boost the growth of the market.

According to the Society of Motor Manufacturers and Traders, the demand for automobiles is expected to grow over the forecast period, and will provide lucrative opportunities for the spark plugs market. This is owing to the growing middle class in emerging nations. Moreover, the growing demand for two wheeler vehicles is boosting the development of this industry.

In order to fulfill this increased demand, the spark plug manufacturing industry is adopting innovative technologies such as plasma assisted combustion. Plasma technology improves engine performance, reduces emissions, and helps increase mileage. Furthermore, the rising popularity of new energy vehicles is expected to promote the market.

Increasing consumer awareness of environmental issues and pollution has also been a key factor behind the development of the spark plugs industry. As a result of stringent environmental regulations, new engines are being developed with low emissions. Moreover, the presence of leading automotive companies and continuous advancements in the spark plugs industry are likely to create a favorable environment for the sales of these products.

A recent report by the International Maritime Organization suggests that there are increasing concerns about the use of fuel and emissions in marine industries. Consequently, regulations on the use of sulphur emissions from ships are being adopted. Further, the increasing use of natural gas-powered public transport vehicles is expected to present ample opportunities for the spark plugs market.

The aftermarket segment is also projected to offer promising growth opportunities. This segment is expected to account for the large share of the market. This segment is also enabling new players to enter into the industry. Moreover, it opens up avenues for existing players. For instance, Tenneco has launched a new line of industrial ignition solutions called the GOETZE(r).

Other factors that are promoting the growth of the spark plugs industry include the increasing use of hybrid and electric vehicles. The Department of Energy in the United States has been offering tax breaks to support the adoption of such cars. Hence, this trend is slated to continue. Likewise, the rapid improvement in the charging infrastructure is also expected to encourage the sale of electric cars.

The Asia Pacific region is expected to continue to be the dominant market for spark plugs. This is primarily attributed to the rising industrialization of emerging countries and the rise in the number of vehicles in China, India, and Japan. On the other hand, the increasing focus on environmentally-friendly vehicles in countries such as Brazil and South Africa is expected to provide lucrative opportunities for the spark plugs market.