Spark Plug Market 2021 | Present Scenario and Growth Prospects 2031
As per a study by FMI, the global spark plug market is expected to register a valuation of US$3.20 bn in 2021. It also is forecast to exhibit a CAGR of 4.5% during the forecast period of 2021 to 2031. Spark plug production will rise in tandem with increasing automotive manufacturing. Spark plugs are integral components in automotive ignition systems. Their function is to spark the combustion mixture within engine cylinder. With focus on fuel-efficiency surging, leading manufacturers are likelier to invest in the production of better versions of spark plugs. Consequently, the market will witness a slew of launches with longer life and improved electrical conductivity in response to the increasing production of next-generation automotive engines. Besides this, stringent regulations aimed at curbing carbon footprint of vehicles will continue creating prospects for growth. These regulations encouraged long and think spark plug manufacturing, which can be a...