New York, United States, Oct. 08, 2024 (GLOBE NEWSWIRE) -- In order to start the diesel engine in cars, glow plugs are tiny heating elements. A glow plug warms the mixture of air and fuel before lighting the car engine. Each diesel engine cylinder block has a heating system element installed to warm the fuel and air mixture as it enters the engine to ensure efficient combustion when the engine is cold. A glow plug comprises several additional components, such as insulation powder, a heating coil, a regulating coil, a center electrode, and a terminal nut.
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Market Dynamics
High Demand for Commercial Vehicles Drives the Global Market
Commercial vehicles are in high demand globally, and fleet expansion and renewal initiatives are gaining traction due to high-capacity utilization and profitability. Fleet renewals and expansions have been accelerated by the favorable macroeconomic environment and crucial operator profitability. Pickup truck demand has grown over the past few years due to consumers' increasing preference for multipurpose utility and superior comforts, especially in North America and Europe.
Additionally, mounting environmental concerns are pressuring the governing bodies to take action to reduce emissions from commercial vehicles. Glow plugs, which promote efficient fuel combustion and raise vehicle fuel efficiency, are expected to increase demand. Therefore, it is anticipated that the commercial vehicle segment of the market will grow more quickly than other segments during the forecast period.
Development of DIY Parts and Growing E-commerce Platforms Creates Tremendous Opportunities
The modern consumer wants to read reviews, compare prices, and conduct product research before purchasing. Manufacturers and distributors of parts are therefore compelled to adhere to these requirements. Sales of auto parts are increasing globally as more consumers favor DIY products. Locals quickly stop shopping at traditional brick-and-mortar stores in favor of online platforms because of their convenience. Additionally, there is a greater demand for DIY parts and components in the United States and Europe than in the Asia-Pacific, Latin America, and the Middle East. The aftermarket players' creation of DIY parts and e-commerce platforms will present a promising market opportunity during the forecast period.
Regional Analysis
Asia-Pacific is the most significant global automotive glow plugs market shareholder and is expected to grow at a CAGR of 4.12% during the forecast period. The market is anticipated to be primarily driven by increasing commercial vehicle production and sales during the forecast period. Glow plug demand from passenger cars will remain muted over the forecast period because most new cars sold in China are gasoline-powered. The market is concerned about how quickly the country is electrifying its automobiles. However, it is anticipated that demand from the aftermarket and demand from the export of vehicles will fuel the market growth during the anticipated period.
Europe is expected to grow at a CAGR of 4.11%, generating USD 1.69 billion during the forecast period. Diesel vehicles are extremely popular, especially in the four-wheel drive, compact, minivan, and small SUV segments of passenger cars and light commercial vehicles. In Spain (in 2019), approximately 201,929 four-wheel-drive vehicles and 75,392 compact vehicles with internal combustion diesel engines were sold. It is anticipated that this demand for diesel-powered vehicles in some passenger car segments will continue during the forecast period, supporting the need for OEM glow plugs.
North America is expected to grow significantly over the forecast period. The release of new SUVs and an increase in the replacement of worn-out commercial vehicles are expected to increase demand for new cars during the forecast period, which will, in turn, fuel the market. Due to the widespread use of commercial vehicles across the country, it is also anticipated that demand for aftermarket automotive glow plugs will rise during the forecast period.
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Key Highlights
- Based on product type, the global automotive glow plugs market is bifurcated into metal and ceramic glow plugs. The metal glow plug segment is the highest contributor to the market and is expected to grow at a CAGR of 4.09% during the forecast period.
- Based on vehicle type, the global automotive glow plugs market is bifurcated into passenger cars and commercial vehicles. The commercial vehicles segment owns the highest market share and is expected to grow at a CAGR of 4.39% during the forecast period.
- Based on sales channels, the global automotive glow plugs market is bifurcated into OEM and aftermarket. The aftermarket segment is the highest contributor to the market and is expected to grow at a CAGR of 4.43% during the forecast period.
- Asia-Pacific is the most significant global automotive glow plugs market shareholder and is expected to grow at a CAGR of 4.12% during the forecast period.
Competitive Players
- Denso Corporation
- NGK Spark Plug Co. Ltd
- Robert Bosch GmbH
- BorgWarner Inc.
- Autolite (Fram Group LLC)
- Tenneco Inc.
- ACDelco Corporation
- KLG Spark Plugs
- Wellman Glow Plugs Co. (WAP Inc.)
Recent Developments
- October 2022- The Board of Directors of GK SPARK PLUG CO., LTD. decided to finalize the Joint Venture Agreement ("JVA") regarding capital and business alliance with IMC International Metalworking Companies B.V. by converting the Company's consolidated subsidiary into the joint venture company.
- October 2022- Autolite announced its support of the Techforce Mobile Stem Career Center at Aapex 2022.
Segmentation
- By Product Type
- Metal Glow Plug
- Ceramic Glow Plug
- By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- By Sales Channel
- OEM
- Aftermarket
- By Region
- North America
- Europe
- Asia Pacific
- Middle East And Africa
- Latin America
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