Spark Plugs Market worth $1079.47 Million by 2019
The global glow plugs and spark plugs market in terms of value is projected to grow at a CAGR of 7.85% and 5.26% respectively over the period from 2014 to 2019. One of the major key factors driving the growth of this market is the increasing demand for vehicles across the globe. The rise in stringency of the government norms and regulations pertaining to the emissions and fuel efficiency is also a key contributor to the growth of spark & glow plugs. However, the increasing adoption of engine downsizing and transition towards electric vehicles are estimated to hinder the automotive spark and glow plugs market at a global level. Additionally, maintaining balance between low cost, high performance and durability of the spark and glow plugs is one of the common challenges for the market players to cope up with. As of 2014, global demand for hot spark plugs and metal glow plug is high owing to its large applicability in passenger cars. The hot spark plugs contribute around 57% of the global spark plugs market in terms of value, whereas metal glow plug contributes 55% of the global glow plug market in terms of value in 2014.
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