The global automotive glow plug market is anticipated to grow at a significant CAGR of 4.4% during the forecast period (2022-2028). The global automotive glow plug market is growing due to the high demand for commercial vehicles globally. The growth of the e-commerce industry is propelling the operators to purchase new commercial vehicles which are directly boosting the global automotive glow plug market. The rising demand for pickup trucks globally is also boosting the growth of the automotive glow plug market. Additionally, wide investment by the major players for the advancement in the transportation system and supportive government initiatives is generating new opportunities for development in the market.
The Asia-Pacific region is anticipated to hold the major share in the global automotive glow plug market. The Asia-Pacific region has the largest vehicle production. Emerging economies, such as India and China have the largest markets for automotive vehicles globally and are expected to drive the market of Asia-Pacific automotive glow plug market during the forecast period.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new launches, to stay competitive in the market. For instance-
- In April 2020, DRiV Automotive Inc. announced their partnership with VMS RACING to develop glow plugs that are designed for modern diesel engines, and enable a cold start within two to five seconds, a reliable start at temperatures as low as -30°C, and up to 40% less carbon particle emissions during the short warm-up period.
- In February 2020, NGK SPARK PLUGS (INDIA) Pvt. Ltd. announced the launch of a new range of BS-6 ready, BS-6 compliant spark plugs and glow plugs for petrol and diesel vehicles.
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Market Coverage
- The market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Hyundai Mobis, Marelli Holdings Co., Ltd., Ningbo Tianyu Optoelectronic Technology Co., Ltd., and Wenzhou Bolin Automobile Parts Co., Ltd., among others.
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Global Automotive Glow Plug Market Report by Segment
By Type
- Metal Glow Plug
- Ceramic Glow Plug
By Application
- OEM
- Aftermarket
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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