Automotive Spark Plug Market to Grow at 13% in India
Rising
production and sales of petrol fueled vehicles in the country to drive India
automotive spark plug market through 2021
According to TechSci Research
report, “India Automotive Spark Plug Market By Vehicle
Type, By Type, By Demand Category, Competition Forecast and Opportunities, 2011-2021’’, spark plug market in India is
forecast to grow at a CAGR of over 13% during 2016-2021, on account of strong
domestic automobile demand, favorable government policies, planned capacity expansions by major automobile
OEMs coupled with rapidly expanding automobile fleet. Further, launch of
Automotive Mission Plan, 2016-2026, is projected to drive robust growth in production
of automobiles in the country and thereby boost OEM demand for spark plugs in
India over the next five years. Rising sales of petrol cars in the country can
be attributed to the government’s decision to deregulate diesel prices in order
to curb pollution. Production of petrol cars in the country reached 2.16
million units in 2015, whereas, number of petrol passenger cars sold in India
increased from 1.51 million units in 2011 to 1.77 million units in 2015.
According to Department of Industrial Policy &
Promotion, FDI in the country’s automotive sector increased from USD1.52
billion in FY2013-14 to USD2.73 billion in FY2014-15, thereby exhibiting a
Y-o-Y of around 80%. Increase in FDI in automobile sector is poised to drive
vehicle sales and production in the country over the next five years, thereby driving
demand for spark
plugs in India during 2016-2021.
As of 2015, India spark plug
market was dominated by two-wheeler spark plug segment, followed by passenger
car spark plug segment, on account of increasing production and sales of two-wheelers
in the country. Bosch Limited, NGK Spark Plugs (India) Pvt. Ltd, Federal-Mogul
Goetze (India) Limited and Denso India Limited are few of the leading players
in India automotive spark plug market. Further, India automotive spark plug
market has been dominated by conventional copper based spark plugs. However,
increasing awareness about the extended life span of iridium and platinum based
spark plugs, in comparison to copper based spark plug is expected to drive
demand for latter categories from OEM as well as replacement segments during
the forecast period.
Customers can
also request for 10% free customization on this report.
“Rising pollution
levels from the transport sector in India has been a major concern for the
government and this has resulted in implementation of various initiatives to
control pollution. For this, Government of India has even reduced excise tax on CNG and
LPG. People
thus prefer to purchase petrol variants of vehicles and opt for an aftermarket
fitment of CNG/LPG kits. This has resulted in growing demand for dual fuel
option passenger cars across the country that run on petrol as well as natural
gas, i.e. CNG/LPG. Rising demand for petrol and CNG/LPG fueled passenger cars
is also propelling demand for spark plugs from OEM as well as replacement
segments in the country, and this trend is expected to continue through 2021.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“India
Automotive Spark Plug Market By Vehicle Type, By Type, By Demand Category,
Competition Forecast and Opportunities, 2011-2021” has evaluated the future growth
potential of India automotive spark plug market and provides statistics and information
on market size, consumer behavior and trends. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in India automotive spark
plug market.
About TechSci Research
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