SPARK PLUGS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The spark plugs market faces several challenges. Strict emission standards implemented by regulatory bodies mandate improved fuel efficiency and lower emissions from vehicles. This has led automakers to develop technologies like direct fuel injection that allow improved combustion without spark plugs. The rising popularity of electric vehicles also poses a threat as EVs do not require spark plugs. Customers are shifting to lower cost alternatives in a bid to control escalating repair and maintenance expenses. Aftermarket players have to compete with low-cost options from regional and private label brands.

Market Opportunities: Growth in Emerging Economies

The spark plugs market provides several opportunities for growth. Many developing markets still have a large population using older vehicles that regularly require spark plug replacements. The rising demand for newer high-performance vehicles that use premium plugs supports the need for technologically advanced products. There is scope to increase market share by penetrating tier-2 and tier-3 cities through strengthened distribution networks