According to a new report, published by KBV research, The Global Spark Plug Market size is expected to reach $4.4 billion by 2028, rising at a market growth of 5.2% CAGR during the forecast period.
The Cold segment is showcasing a CAGR of 7.2% during (2022 - 2028). If a spark plug can transfer more heat away from the spark plug tip and thus lower the tip's temperature, it is termed to be "cold." When compared to other kinds of spark plugs, the firing end of a cold spark plug transfers heat at a higher pace. The need for cold spark plugs is predicted to rise along with the demand for 4-stroke gasoline engines.
The Copper segment acquired maximum revenue share in the Global Spark Plug Market by Material in 2021 thereby, achieving a market value of $2.6 billion by 2028. Due to copper's propensity to corrode fast, copper spark plugs are ubiquitous and affordable. Since copper is a superior conductor of electricity, copper spark plugs function more efficiently without overheating. Copper spark plugs produce higher power and run cooler in performance driving conditions.
The Aftermarket segment has shown the growth rate of 7.4% during (2022 - 2028). Most of this aftermarket growth comes from the replacement needs of spark plugs. Another significant development in the market is the growing adoption of e-tailing. The automotive aftermarket's fastest-growing retail segment is e-tailing, which is increasingly contributing to the industry's income. Manufacturers of components like Denso and Bosch have their web storefronts.
The Automotive segment is leading the Global Spark Plug Market by End-Use in 2021, thereby, achieving a market value of $2.6 billion by 2028. Gasoline and natural gas-powered passenger automobiles, light commercial vehicles, and large commercial vehicles are all included in the automotive segment. For the ignition process to take place in the combustion chamber in these cars, a spark plug is necessary.
The Asia Pacific market dominated the Global Spark Plug Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.6 billion by 2028.The Europe market is exhibiting a CAGR of 4.6% during (2022 - 2028). Additionally, The North America market would display a CAGR of 4.8% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/spark-plug-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Robert Bosch GmbH, Denso Corporation, Valeo SA, Marelli, General Motor Co., Ford Motor Company, E3 Spark Plugs, Weichai Power Co. Ltd., Tenneco, Inc., and NGK Spark Plug Co., Ltd.
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