LONDON, August 16, 2018 /PRNewswire/ -- Hot spark plug to
grow at a high rate and stay the leading product type in the global
spark plug market
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The new research report on global spark plug market is an analysis
of the overall development of the global market during the forecast
period. The market is bifurcated into various segments based on
different parameters. It includes two types of spark plugs, i.e.
hot spark plugs and cold spark plugs. The rate of heat transfer in
a hot spark plug is very slower, which helps in keeping the firing
tip hotter for longer duration. In case of cold spark plugs the
rate of heat transfer from firing tip in to the engine head is very
rapid, which keeps the firing tip cooler. According to the analysis
of global spark plug market, hot plugs is expected to be the
leading segment with a great margin. It is expected to reach a
market value of over US$ 3,600 Mn by
the end of 2027, growing at a value CAGR of 4.9%. Whereas, cold
spark segment lags behind in terms of market value which is
expected to reach over US$ 900 Mn by
the end of 2027, but the segment is expected to compete well,
witnessing a high growth rate of 4.3% during the forecast period of
2017-2027.
Fuel efficiency and emission norms to have both positive and
negative impact on the spark plug market
With the increase in automotive production, there has also been an
increase in the fuel efficiency and emission norms. Introduction of
such norms will have a direct impact on the demand for spark plugs,
as spark plug ensures smooth ignition and engine operation by
complete combustion of fuel, which ensures low emissions from the
engine. Similarly, glow plugs reduce exhaust gas emissions and
improves performance of diesel engines. The stringent emission and
fuel norms are also expected to increase adoption of advanced
automotive spark plugs by automakers in the near future for
compliance with stringent emission norms worldwide. However,
emission and fuel efficiency norms can have a negative impact on
the sales of spark plugs as well. Stringent emission norms are
forcing OEMs to produce new two wheelers that comply with the new
norms. This is increasing the prices of conventional motorcycles
and scooters. Stringent two wheeler tailpipe emission rules are
shifting focus towards the manufacturing of electric bikes, which
in turn hampers the growth of the conventional motorcycles and
scooters market. According to the Japan Automobile Manufacture
Association (JAMA), household demand for scooters and motorcycles
is expected to drop by 1.6% in the financial year 2017.
A new trend of growing long-term contracts with OEMs to fuel market
growth
There is also an increase in the demand for OEM products.
Automotive component markets in countries such as China, India,
Indonesia, Brazil, and Mexico are projected to benefit significantly
from demand for aftermarket and OEM products. With the increase in
demand for spark plugs, manufacturers are getting into long term
contracts with OEMs. The contracts assists them in maintaining a
continuous flow in their business. Such contracts have various
benefits associated with it, such as reducing production costs,
increasing profit margins, shielding the component manufacturers
from price fluctuations in raw materials etc.
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