Technavio analyzes that the Automotive Aftermarket for Spark Plugs Market is expected to grow at a CAGR of 1.85% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 136.57 million.There are various factors that contribute to the growth of the market. The global automotive aftermarket for spark plugs is experiencing significant growth due to the increasing number of vehicles on the road worldwide. According to industry reports, the global vehicle parc is projected to reach new heights, resulting in a corresponding rise in demand for replacement spark plugs. This trend is expected to continue, providing opportunities for market participants to expand their customer base and increase revenue.
The automotive aftermarket for spark plugs is experiencing significant growth, particularly in the gasoline engine segment. Europe is expected to lead this trend due to the increasing dissent against diesel cars and the implementation of stringent emission control measures. The European Commission's efforts to limit diesel car sales through taxation and regulations is driving the shift towards gasoline engines. This shift is further fueled by the growing urbanization and economic development leading to an increase in automotive production and sales. Additionally, the rise of electric vehicles (EVs) is also impacting the market, with OEMs like General Motors introducing new technologies such as Plasma jet ignition and Tube spurt ignition to improve fuel combustion efficiency in gasoline engines. The aftermarket segment, including two and four wheelers, is expected to benefit from this trend as the demand for replacement spark plugs increases.
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Automotive Aftermarket for Spark Plugs Market Segmentation
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The Automotive Aftermarket for Spark Plugs and Glow Plugs caters to various vehicle types, including passenger cars, light commercial vehicles, and heavy commercial vehicles, employing advanced technologies for improved emissions, fuel efficiency, and engine performance. Gasoline and diesel engines in vehicles, such as those used in passenger cars, commercial vehicles for heavy materials transport, and high-performance engines, benefit from these innovations. Spark plugs and glow plugs, key components of the ignition system, ensure optimal engine functioning in diverse applications, addressing functional issues in internal combustion engines. The e-commerce sector, logistics industry, and construction sector are significant markets for these products, with a focus on durability, hot spark plugs, and metal glow plugs for electric vehicles and high-performance engines.
The global automotive aftermarket for spark plugs is a significant segment of the larger automotive components and accessories market, encompassing businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. This market is driven by factors such as the need for improved vehicle performance, fuel efficiency, and emissions reduction. Technavio projects moderate growth for the global automotive components and accessories market, which is calculated based on the combined revenue generated by manufacturers of automotive components and accessories for internal combustion engines, including gasoline and diesel engines, as well as emerging technologies like hot spark plugs and metal glow plugs for electric vehicles. This market caters to the demands of diverse vehicle segments, from PCs and EVs to heavy commercial vehicles, ensuring optimal engine performance, durability, and overall vehicle efficiency.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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