Portland, OR, Nov. 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive glow plug market garnered $2.7 billion in 2021, and is estimated to generate $4.0 billion by 2031, manifesting a CAGR of 4.1% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Automotive Glow Plug Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.7 billion |
| Market Size in 2031 | $4.0 billion |
| CAGR | 4.1% |
| No. of Pages in Report | 236 |
| Segments covered | Type, vehicle type, sales channel, and region |
| Drivers | Surge in demand for commercial vehicles Rise in the production of vehicles globally |
| Opportunities | Increase in aftermarket sale |
| Restraints | Rise in demand for electric vehicles |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global automotive glow plug market, owing to implementation of global lockdown which resulted to temporary closure of manufacturing facilities.
- The sale of automotive glow plug is directly associated with automotive production and sales activities across the globe. The global automotive production has witnessed decline by 16% in 2020 as compared to automotive production in 2019.
- Moreover, the global sales of automotive has witnessed drop by around 14% (Y-o-Y) from 90.42 million units in 2019 to 77.97 million units in 2020. The demand for automobiles experienced a decline in all parts of the world, owing to surge in quarantine measures and increase in COVID-19 cases across the globe.
- In addition, sales in North America, Europe, and Asia-Pacific & Middle East has witnessed a drop by around 17%, 20%, and 8%, respectively, in 2020.
- Although, the automotive market has struggled due to the pandemic, the automotive glow plug market has the high scope of growing opportunities in future due to factors such as the rising demand for commercial vehicles owing to growth of e-commerce industry across the globe, which in turn is expected to aid in growth of market during the forecast timeframe.
The research provides detailed segmentation of the global automotive glow plug market based on type, vehicle type, sales channel, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on vehicle type, the light commercial vehicles segment held the highest share in 2021, accounting for around three-fifths of the global automotive glow plug market, and is expected to continue its leadership status during the forecast period. However, the heavy commercial vehicles segment is expected to register the highest CAGR of 5.1% from 2022 to 2031.
Based on type, the metal glow plug segment accounted for the highest share in 2021, contributing to more than half of the global automotive glow plug market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the ceramic glow plug segment is expected to manifest the highest CAGR of 5.4% from 2022 to 2031.
Based on sales channel, the aftermarket segment accounted for the highest share in 2021, holding around two-thirds of the global automotive glow plug market, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to grow at the highest CAGR of 4.6% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly half of the global automotive glow plug market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 4.8% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Leading market players of the global automotive glow plug market analyzed in the research include DENSO Corporation, NGK Spark Plug Co. Ltd, Robert Bosch GmbH, BorgWarner Inc., Tenneco Inc, E3 Spark Plugs, Ford Motor Company, General Motors Company, Marelli Holdings Co., Ltd., Valeo S.A, Weichai Power Co., Ltd., Wellman Glow Plugs Co.
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The report provides a detailed analysis of these key players of the global automotive glow plug market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
