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

Regional Analysis

To learn more about this report, request sample copy

Asia Pacific is estimated to hold the largest market share of 32.2% in 2024 in the global market. China, with its mammoth automotive industry growing at a breakneck pace almost single-handedly, is behind this surge. While still growing, China has emerged as the largest vehicle market globally with over 20 million units sold in a year. This has created a huge spark plugs market virtually overnight. Original equipment manufacturers supplying to both domestic and international automakers have ramped up plug production substantially. The aftermarket is also developing strongly, though replacement rates still lag developed markets. Other high growth automotive manufacturing hubs like India are further cementing the Asia Pacific region's position as the fastest expanding market for spark plugs globally. With automotive globalization expected to deepen multinational companies' presence, Asia Pacific's spark plug industry outlook remains exceedingly bright.

With the U.S. being one of the largest automotive markets in the world accounting for over 20% of total global vehicle sales, it is home to some of the biggest automakers in the world like General Motors, Ford, and Tesla. This has ensured a large, steady demand for original equipment spark plugs from these automakers year-on-year. In addition, the large fleet of personal vehicles on American roads has fuelled a strong aftermarket demand for spark plugs as well for replacement and maintenance needs. Several major spark plug manufacturers like NGK, Denso, and Autolite also have their headquarters in the U.S., giving the region an edge in terms of supply chain and low-cost manufacturing capabilities. With its proximity to major automotive markets, North America also dominates global spark plug exports.