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.