India Automotive Spark Plug Market to Cross $ 375 Million by FY2023
Growing
automotive industry, expanding petrol-based vehicle fleet size and favorable
government initiatives to fuel India automotive spark plug market through
FY2023
According to TechSci Research report, “India
Automotive Spark Plug Market By Product Type, By Vehicle Type, By Demand
Category, Competition Forecast & Opportunities, FY2013 – FY2023”, the automotive spark plug market across the
country is projected to reach $ 376 million by FY2023. Anticipated growth in
the market can be attributed to strong domestic demand for
automobiles, favorable government policies, planned capacity expansions by major automobile OEMs and expanding
automobile fleet in the country. Moreover, rising sales of petrol cars owing to
the government’s decision to deregulate diesel prices in order to curb
pollution is anticipated to positively influence the automotive spark plug market
in India during the forecast period.
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"India Automotive
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As of FY2017, two-wheeler spark plug segment dominated India automotive
spark plug market, on account of growing production and sales of two-wheelers
in the country. Over the years, conventional copper-based spark plugs accounted
for the largest market share; however, with increasing awareness about the
extended lifespan of iridium and platinum-based spark plugs in comparison to
copper-based spark plugs, demand for the former from OEM and replacement
segments is anticipated to increase in the coming years. Bosch Limited, NGK
Spark Plugs (India) Pvt. Ltd, Federal-Mogul Goetze (India) Limited and Denso
India Limited are few of the leading players operating in India automotive
spark plug market.
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“North India is the largest consumer of spark
plugs, owing to the presence of huge vehicle fleet as well as several renowned
OEMs such as Ford, BMW, Mitsubishi, Maruti Suzuki, TVS Motors, Hero MotoCorp,
etc., operating in the region. Moreover, with increasing number of Micro Small
& Medium Enterprises (MSMEs) in the region, demand for load carrier
three-wheelers is growing, which in turn is driving demand for automotive spark
plugs.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“India Automotive
Spark Plug Market By Product Type, By Vehicle Type, By Demand Category,
Competition Forecast & Opportunities, FY2013 – FY2023” has analyzed the potential of automotive spark plug market,
and provides statistics and information on market size, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by the market.
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