The spark plug market is expected to increase positively in 2021, according to ESOMAR-certified Future Market Insights (FMI), with an overall valuation of more than US$ 3.20 billion. Between 2021 and 2031, the market’s value will expand at a compound annual growth rate (CAGR) of 4.5 percent.
Spark plugs with a longer life span and improved electrical energy conductivity are being developed by market participants. With the introduction of next-generation engines, demand for high-performance spark plugs is expected to rise in the future years.
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These next-generation engines are small and necessitate a unique ignition mechanism, necessitating advancements in spark plug technology. To suit the requirements, market participants are experimenting with different materials and making design changes.
According to a survey by Future Market Insights, Europe will become one of the top spark plug markets as automobile production and export grow. As a result, the Europe spark plug market is expected to grow at a CAGR of 4% over the forecast period.
The need for spark plugs will be driven by the development of long and thin spark plugs that can be fitted in a tiny headspace of an engine. Because spark plugs are not used in electric automobiles or e-bikes, market demand for spark plugs is likely to fall in the coming years.
Constant fluctuations in fuel prices, as well as growing public awareness about the importance of decreasing air pollution, will encourage the adoption of electric vehicles, putting a damper on the demand for spark plugs.
Because spark plugs are not used in electric automobiles or e-bikes, market demand for spark plugs is likely to fall in the coming years. The adoption of electric vehicles will be aided by the constant fluctuation in gasoline prices and increased awareness of the importance of decreasing air pollution. Which will directly hinder the spark plug market demand.
Global sales are expected to rise in 2021 after a period tepid growth in 2020. Nonetheless, FMI presents a positive growth outlook for the market.
Key Takeaways from FMI’s Spark plug Market Study
“Increasing research and development aimed at developing new and compact gasoline engines to curb fuel consumption and produce vehicles in compliance with emission-control norms will create growth opportunities for spark plug market,” says the FMI analyst.
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Key Segments Covered in Spark plug Market Study
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Key Points Covered in Spark Plug Market Study
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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