Automotive aftermarket for spark plugs shows inferior growth due to COVID-19

The automotive aftermarket for spark plugs is set to grow by USD 115 million during 2021-205, progressing at a CAGR of nearly two per cent during the forecast period.

This latest data comes from a recent report by Technavio, which offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

Impact of COVID-19

The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied.

While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the automotive aftermarket for spark plugs.

The market growth in 2021 is likely to increase compared to market growth in 2019.

Frequently asked questions:

• Based on segmentation by the application, which is the leading segment in the market?
  The passenger cars are the leading segment in the market.
• What are the major trends in the market?
  The development of better-designed spark plugs for GDI engines is the major trend in the market.
• At what rate is the market projected to grow?
  The market is projected to accelerate at a CAGR of almost 2%.
• Who are the top players in the market?
  Delphi Technologies Plc, DENSO Corp., Fram Group, General Motors Co., HELLA GmbH & Co. KGaA, Magneti Marelli After Market Parts and Services Spa, NGK SPARK PLUG Co. Ltd., Robert Bosch GmbH, Valeo SA, WeiChai Holding Group Co. Ltd. are the top players in the market.
• What are the key market drivers and challenges?
  The market is driven by the increase in parc vehicles. However, the development of super-efficient engines without spark plugs will challenge growth.
• How big is the APAC market?
  78% of the market’s growth will originate from APAC during the forecast period.