Iridium Spark Plug Market: Introduction
The automotive spark plug is a crucial constituent of an automobile designed to provide a spark to the engine combustion chamber. It is the Spark plug which provides ignition to the mixture of Fuel and air inside the combustion chamber with an electric spark at an optimal level of pressure within the chamber. There are four major types of spark plug such as double platinum spark plug, platinum spark plug, iridium spark plug and copper spark plug. Among these, iridium spark plug is known for its better efficiency and longevity designed to conduct electrical energy better. The Iridium Spark Plug are preferred for the automobile as well as marine applications. Iridium Spark Plug ensure better power and combustion, which leads to the superior performance of an engine, and this is the major reason for its use in newly launched automobiles. In addition, it has a longer lifespan as compared to copper spark plugs and can even match the longevity of some platinum spark plugs. Iridium Spark Plug are the highest in cost among all the different types of spark plugs. Additionally, the advantage of using iridium spark plug includes improved fuel economy of the vehicle, increased operational and service life of the iridium spark plug, improved throttle response, reduction in carbon emission of the vehicle and increased engine power and efficiency. Moreover owing to above advantages the Iridium Spark Plug are already being used in high-end cars such as, Mitsubishi Lancer Evolution, Mazda RX-7, Hyundai Genesis coupe, BMW Z3, Jeep Grand Cherokee SRT8, BMW M3, etc.
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Iridium Spark Plug Market:Dynamics
The factor responsible for the growth of Iridium spark Plug is the increase in automotive production coupled with the increased focus of the manufacturers and authorities towards fuel efficiency and emission norms. Other than this it is the R&D which is carried out for increasing the automotive performance to make it more efficient with the installation of more technologically advanced equipment, and optimization of automotive iridium spark plug use in any vehicles.
However, the factors such as high cost, low general awareness and its integration mainly in high-end models may restraint the growth of the iridium spark plug market over the forecast period. However, the current trend to use better technology equipment for improved results will contribute towards the growth of the demand for iridium spark plug market, during the forecast period.
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Iridium Spark Plug Market:Segmentation
- On the basis of the sales channel, the iridium spark plug market can be segmentedas:
- Original Equipment Manufacturer (OEM)
- Aftermarket
- On the basis of the End-Use, the iridium spark Plug market can be segmentedas:
- Automotive Two Wheelers Passenger Cars LCV HCV
- Marine
- Aerospace
- Industrial
Iridium Spark Plug Market: Regional Outlook
Europe, followed by North America holds a significant share in the global iridium spark plug market, owing to the presence of prominent original equipment manufacturer (OEM) of the automobile in the region. The Asia Pacific region is expected to show robust growth over the forecast period. Europe, North America is the Asia Pacific is expected to hold more than half of the market share of the global iridium spark plug market. Asia Pacific region is projected to show high growth in the iridium spark plug market, owing to substantial growth in the automotive market in the region. Also, government initiatives to increase foreign direct investments in the countries such as China and India to increase manufacturing will also contribute towards the growth of the global iridium spark plug market during the forecast period. Rest of the world is estimated to account for a relatively small share of the iridium spark plug market.
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Iridium Spark Plug Market: Market Participants
Some of the examples of the market participants operating across the value chain of the global Iridium spark Plug market are:
- Federal-Mogul Corporation
- Robert Bosch GmbH
- Denso Corporation
- Hella KGaA Hueck & Co.
- ACDelco
- NGK Spark Plugs Co. Ltd.
- Magneti Marelli S.p.A
- Holley Performance Products, Inc
- Weichai Power Co., Ltd.