According to ESOMAR-certified Future Market Insights’ (FMI), the spark plug market will register positive growth with the overall valuation forecast to surpass US$ 3.20 Bn in 2021. The market’s worth will increase at a compound annual growth rate (CAGR) of 4.5% between 2021 and 2031.
Market players are investing towards developing spark plugs which offer long life and better electrical energy conductivity. With the launch of next gen engines, the demand for high performance spark plug will increase in upcoming years.
Request a Sample of this Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-2803
These next-gen engines are compact and require special type of ignition system, leading to innovation in spark plug technology. Market players are experimenting with various materials and making design modifications to meet the requirements.
According to the report by Future Market Insights, increasing automotive production and export will make Europe one of the leading spark plug markets. Spurred by this, the Europe spark plug worth is projected to thrive at a CAGR of 4% during the forecast period.
The development of long and thin spark plugs that can be attached in a small headspace of engine will drive the spark plug market demand. As there is no application of spark plug in electric vehicles and e-bikes, a slump in spark plug market demand can be expected in upcoming years.
Constant fluctuation in fuel prices and increasing awareness regarding reducing air pollution will promote the adoption of electric vehicles, which will directly hinder the spark plug market demand.
As there is no application of spark plug in electric vehicles and e-bikes, a slump in spark plug market demand can be expected in upcoming years. Constant fluctuation in fuel prices and increasing awareness towards reducing air pollution will promote the adoption of electric vehicles 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.
We Offer tailor-made Solutions to fit Your Requirements, Request Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-2803
Spark plug market is highly competitive market owing to presence of multiple market players. Companies operating in this market are employing organic as well as inorganic marketing techniques to expand their global outreach.
Their primary goal is to develop innovative products and improve value chain. Manufacturers are also participating in strategic collaboration with rival companies especially to strengthen their research and development activities.
For instance, Weichai Power Co. Ltd. is a Chinese spark plug manufacturer which sells it under the brand name of “Zhuzhou Torch Spark Plug Co.,Ltd. (ZTSP)” offers spark plugs for motorcycle and small gasoline engines.
Prominent players operating in the spark plug market are NGK Spark Plug Co. Ltd., Robert Bosch, Denso Corp., Tenneco Inc., and Valeo among others.
Key Segments Covered in Spark plug Market Study
Direct Purchase of this Report@ https://www.futuremarketinsights.com/checkout/2803
Key Points Covered in Spark Plug Market Study
Future Market Insights, Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware – 19713, USA T: +1-845-579-5705 For Sales Enquiries: sales@futuremarketinsights.com Browse All Reports: https://www.futuremarketinsights.com/reports LinkedIn| Twitter| Blogs
Published by Al-Araby In April 2022 Twitter accepted a 44 billion dollar bid from Elon Musk, the world’s richest man, to buy the social media
Published by Business Mirror RIO DE JANEIRO—It was dusk on April 14 when Francisco Kuruaya heard a boat approaching along the river near his village
Published by Kyodo News The Japanese government on Monday kept intact its key assessment that the economy continues to recover from the coronavirus pandemic fallout,
Published by The Detroit News ENCINITAS, California — Toyota pioneered the green auto segment 20 years ago with its egg-shaped Prius, expanding its customer base
As per the research report on the global gas circuit breaker market, the global market is anticipated to grow at a CAGR of 4.6% throughout the
Published by Due When you’re looking at the fast-approaching years of your planned retirement, you may be thinking about how much you’re looking forward to
Copyright 2021 © All rights Reserved. Newstrail.com