Global Automotive Spark and Glow plugs Market to Witness Slow Growth in Europe

The global automotive spark and glow plugs market is projected to witness significant growth in the coming few years. According to Persistence Market Research (PMR), the global automotive spark and glow plugs market is expected to progress at a 2.1% CAGR during the forecast period from 2016 to 2022. By the end of 2016, the global automotive spark and glow plugs market is projected to be worth US$5.6 bn and by the end of the forecast period, it is expected to be worth US$6.6 bn.

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Several factors are driving the global automotive spark and glow plugs market. The rising global automotive production is one of the key factors driving the global automotive spark and glow plugs market. Moreover, the upcoming stringent emission regulations and the growing demand for fuel efficiency will also support the global automotive spark and glow plugs market. Another factor that will positively impact the global automotive spark and glow plugs market is the preference for long-term business contracts between spark and glow plug makers and suppliers to decrease the production cost and drive profit margins. Furthermore, the market will also be propelled by the rising replacement interval of spark plugs and increasing focus of key players on business expansion and collaboration with technology providers.

Trends Supporting Regional Automotive Spark and Glow plugs Markets

The aforesaid trends will boost the global automotive spark and glow plugs market. Let us look the growth drivers by region in the global automotive spark and glow plugs market:

  • Asia Pacific: Asia Pacific is projected to emerge as the dominant market for automotive spark and glow plugs by the end of forecast period in terms of volume. This growth can be attributed to the expanding automotive market in the APAC region, particularly in economies such as China, India, and Japan. According to PMR, APAC will hold a dominant share of 47.2% in the global automotive spark and glow plugs market, in term of volume.

  • Latin America: The revenue contribution of Latin America to the global automotive spark and glow plugs market is expected to increase at a 3.0% CAGR during the forecasting horizon. This is because of the rising demand for diesel engines in emerging economies in Latin America such as Mexico and Brazil.

  • Europe: The Europe segment is anticipated to witness slow growth in the global automotive spark and glow plugs market during the forecast period. By the end of 2016, this region is projected to hold a value share of 22.0% in the global automotive spark and glow plugs market.

  • Middle East and Africa: During the forecasting horizon, the Middle East and Africa region in the global automotive spark and glow plugs market is slated to progress at the highest CAGR in terms of value.

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Players in the global automotive spark and glow plugs market will benefit from the lucrative opportunities presented by the emerging economies. The types of glow and spark plugs manufactured by companies include ceramic glow plugs, metal glow plugs, cold spark plugs, and hot spark plugs. By sales channel, the global automotive spark and glow plugs market is bifurcated into aftermarket and OEM. The key players operating in the global automotive spark and glow plugs market are Valeo, Denso, NGK Spark Plug, Federal-Mogul, and Robert Bosch.

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