Automotive Spark & Glow Plugs Market 2022- Research by Size, Global Industry Share, Opportunities, Future Demand 2028

NEW YORK, UNITED STATES, January 12, 2022 /EINPresswire.com/ -- Market Overview -

New Research Study on A glow plug is a heating device that is used to help a diesel engine start. The mass of the cylinder block prevents ignition, making diesel engines difficult to start. Automobile spark plugs also deliver electric current from the ignition system to the combustion chamber. Gasoline engines utilize automotive spark plugs, while diesel engines use glow plugs. The original equipment manufacturer (OEM) and aftermarket sales channels have been used to divide the market.

The global Automotive Spark and Glow Plugs market is estimated to be valued at US$ 6,481.20 million in 2021 and is expected to exhibit a CAGR of 2.1% over the forecast period (2021-2028).

This comprehensive Automotive Spark and Glow Plugs Market research report includes a brief on these trends, size, share that can help the businesses operating in the industry to understand the market and strategize for their business expansion accordingly. The research report analyses the market size, industry share, growth, key segments, CAGR, Application and key drivers.

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Market Driver -

Over the forecast period, long-term contracts with OEMs are expected to enhance the global automotive spark & glow plugs market growth. In order to ensure consistent revenue, component producers in the market are entering into long-term contracts with OEMs. This enables them to lower production costs while increasing profit margins. Long-term contracts also protect component producers from raw material price changes. In Europe, for example, NGK, a well-known spark plug producer, has long-term contracts with OEMs such as Audi, BMW, Fiat, Ford, Jaguar, Maserati, Mercedes-Benz, and Volkswagen.

Market Trends -

The market is seeing an increase in demand for cars in the mid and compact segments. The need for spark and glow plugs has increased due to the widespread use of gasoline engines in passenger automobiles and diesel engines in commercial vehicles. Low replacement rates for spark plugs and glow plus, on the other hand, are likely to limit regional market growth. The main trend in the region is an increase in demand for LCV in the United States.

Market Opportunity -

Demand for high-performance cars and commercial vehicles is on the rise, which might lead to attractive growth prospects. The need for spark and glow plugs has increased as the demand for high-performance cars and commercial vehicles has grown. Rapid ignition and increased performance are required for high-performance vehicles. As a result, automakers are increasingly focusing on the use of enhanced spark plugs. Market participants can take advantage of possibilities and achieve major market advantages.

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Automotive Spark and Glow Plugs Market Top Growing Companies -

· NGK Spark Plug Co. Ltd
· Magneti Marelli Aftermarket N.A.
· Federal-Mogul Corporation
· ACDelco Corporation
· Denso Corporation
· Valeo SA
· Robert Bosch GmbH
· Weichai Power Co. Ltd.
· Borgwarner Inc.

Market Segmentation -

By Product Type: Hot Spark Plug, Cold Spark Plug, Metal Glow Plug, Ceramic Glow Plug

By Vehicle Type: Passenger Cars, LCV, HCV

By Sales Channel: OEM, Aftermarket

Regional analysis -

Geographically, the Automotive Spark and Glow Plugs market is separated into regions such as North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The research covers all from manufacturing and customer shares to market size and market share, import and export ratios, supply and demand, consumer demand ratios, technological improvements, R&D, organization growth, economic growth, and a strong market presence in every region. The report covers a detailed analysis for each major regional market across the globe and provides future outlook predictions for the same.

Method of Research -

The study presents first-hand information gathered by key stakeholders through quantitative and qualitative assessments based on the Porter's Five Force Model's criteria. It elucidates macroeconomic statistics, parent market trends, and growth drivers. To gain a deeper understanding of the market, primary (surveys, interviews, and questionnaires) and secondary research (SEC filings, white paper references, and published reports) were conducted. The data included in the study has gone through a multi-step verification process to ensure both the validity and quality of the information presented. The legitimacy of the valuations and market segmentation is also ensured using bottom-up and top-down methodologies.

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Key Target Audience:

· Automotive Spark and Glow Plugs Manufacturers
· Supply Chain Partners
· End Users (Underground Miners and Surface Miners)
· Consulting Firms
· Investment Banks
· Government Bodies & Regulating Authorities

Mr. Shah
Coherent Market Insights Pvt. Ltd.
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