According to a new report published by Allied Market Research, titled, “Automotive Glow Plug Market,” The automotive glow plug market was valued at $2.7 billion in 2021, and is estimated to reach $4 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.
By vehicle type, the automotive glow plug market is categorized into passenger cars, light commercial vehicles, and heavy commercial vehicles. The light commercial vehicles segment was the highest revenue contributor to the market. Motor vehicles utilized for the carriage of goods are categorized as light commercial vehicles (LCV). Vehicle mass stated in tons (metric tons) is utilized as a limit between light commercial vehicles and heavy trucks.
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The global automotive glow plug market is experiencing growth due to surge in demand for commercial vehicles, and rise in production of vehicles globally. However, rise in demand for electric vehicles is the factor hampering the growth of the market. Furthermore, rise in aftermarket sale is the factor expected to offer growth opportunities during the forecast period.
COVID-19 Impact Analysis :
The spread of the COVID-19 pandemic has negatively impacted the automotive glow plug market. 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.
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KEY FINDINGS OF THE STUDY :
- By type, the ceramic glow plug segment is anticipated to exhibit significant growth in the near future.
- By vehicle type, the heavy commercial vehicle segment segment is anticipated to exhibit significant growth in the near future.
- By sales channel, the aftermarket segment is anticipated to exhibit significant growth in the near future.
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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Key players operating in the global automotive glow plug market include Denso Corporation, BorgWarner Inc, Ford Motor Company, General Motors Company, Kyocera Corporation, Marelli Holdings Co., Ltd, NGK Spark Plug Co., Ltd, Robert Bosch GmbH, Siemens AG, Tenneco Inc, Valeo S.A., and Weichai Power Co., Ltd.
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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.
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