India Automotive Spark Plug Market forecast, share, trends, forecast

2019 – 2029 INDIA AUTOMOTIVE SPARK PLUG MARKET FORECAST & OPPORTUNITIES

MARKET

INTELLIGENCE

.

CONSULTING

www.techsciresearch.com

Table of Contents S. No. 1.

2.

3.

Contents

Page No.

Introduction 1.1.

Product Overview

1.2.

Key Highlights of the Report

1.3.

Market Coverage

1.4.

Market Segments Covered

1.5.

Research Tenure Considered

Research Methodology 2.1.

Objective of the Study

2.2.

Baseline Methodology

2.3.

Key Industry Partners

2.4.

Major Association and Secondary Sources

2.5.

Forecasting Methodology

2.6.

Data Triangulation & Validation

2.7.

Assumptions and Limitations

Executive Summary 3.1.

Market Overview

3.2.

Market Forecast

3.3.

Key Regions

3.4.

Key Segments © TechSci Research

2

Table of Contents S. No.

Contents

4.

Impact of COVID-19 on India Automotive Spark Plug Market

5.

India Automotive Spark Plug Market Outlook 5.1.

Market Size & Forecast 5.1.1.

5.2.

Page No.

By Value

Market Share & Forecast 5.2.1.

By Vehicle Type Market Share Analysis (Passenger Car, Two-Wheeler, Three-Wheeler, and Commercial Vehicles)

5.2.2.

By Product Type Market Share Analysis (Hot Spark Plug, Cold Spark Plug, Metal Glow Plug, Ceramic Glow Plug)

5.2.3.

By Material Type Market Share Analysis (Copper, Platinum & Iridium)

5.2.4.

By Demand Category Market Share Analysis (OEM & Aftermarket)

5.2.5.

By Regional Market Share Analysis 5.2.5.1.

North Region Market Share Analysis

5.2.5.2.

West Region Market Share Analysis

5.2.5.3.

East Region Market Share Analysis

5.2.5.4.

South Region Market Share Analysis

© TechSci Research

3

Table of Contents S. No.

Contents 5.2.6.

5.3.

6.

Page No.

By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2023)

India Automotive Spark Plug Market Mapping & Opportunity Assessment 5.3.1.

By Vehicle Type Market Mapping & Opportunity Assessment

5.3.2.

By Product Type Market Mapping & Opportunity Assessment

5.3.3.

By Material Type Market Mapping & Opportunity Assessment

5.3.4.

By Demand Category Market Mapping & Opportunity Assessment

5.3.5.

By Regional Market Mapping & Opportunity Assessment

India Passenger Cars Automotive Spark Plug Market Outlook 6.1.

Market Size & Forecast 6.1.1.

6.2.

By Value

Market Share & Forecast 6.2.1.

By Product Type Market Share Analysis

6.2.2.

By Material Type Market Share Analysis

6.2.3.

By Demand Category Market Share Analysis

© TechSci Research

4

Table of Contents S. No. 7.

Contents India Two-Wheeler Automotive Spark Plug Market Outlook 7.1.

Market Size & Forecast 7.1.1.

7.2.

8.

Page No.

By Value

Market Share & Forecast 7.2.1.

By Product Type Market Share Analysis

7.2.2.

By Material Type Market Share Analysis

7.2.3.

By Demand Category Market Share Analysis

India Three-Wheeler Automotive Spark Plug Market Outlook 8.1.

Market Size & Forecast 8.1.1.

8.2.

By Value

Market Share & Forecast 8.2.1.

By Product Type Market Share Analysis

8.2.2.

By Material Type Market Share Analysis

8.2.3.

By Demand Category Market Share Analysis

© TechSci Research

5

Table of Contents S. No. 9.

Contents India Commercial Vehicle Automotive Spark Plug Market Outlook 9.1.

Market Size & Forecast 9.1.1.

9.2.

10.

11.

Page No.

By Value

Market Share & Forecast 9.2.1.

By Product Type Market Share Analysis

9.2.2.

By Material Type Market Share Analysis

9.2.3.

By Demand Category Market Share Analysis

Swot Analysis 10.1.

Strength

10.2.

Weakness

10.3.

Opportunities

10.4.

Threats

Market Dynamics 11.1.

Drivers

11.2.

Challenges © TechSci Research

6

Table of Contents S. No.

Contents

12.

Market Trends and Developments

13.

Competitive Landscape 13.1.

Page No.

Company Profiles (Up to 10 Major Companies) 13.1.1.

Robert Bosch Limited 13.1.1.1.

Company Details

13.1.1.2.

Key Product Offered

13.1.1.3.

Recent Developments

13.1.1.4.

Key Management Personnel

13.1.2.

NGK Spark Plug (India) Pvt. Ltd.

13.1.3.

Brisk Spark Plugs

13.1.4.

Denso India Pvt. Ltd

13.1.5.

Elofic Industries Limited

13.1.6.

Minda Industries Limited

13.1.7.

Autolite India Limited

13.1.8.

Varroc Engineering Pvt. Ltd.

13.1.9.

Toshniwal Instruments (madras) Pvt. Ltd. © TechSci Research

7

Table of Contents S. No. 14.

Contents Strategic Recommendations 14.1.

15.

Page No.

Key Focus Areas 14.1.1.

Target Regions

14.1.2.

Target Vehicle Type

14.1.3.

Target Product Type

About Us & Disclaimer

© TechSci Research

8

Market Overview

Scope of Report Product of Interest (POI): Automotive Spark Plug An automotive spark plug is a vital component of an engine's ignition system, igniting the air-fuel mixture to initiate combustion. It consists of a metal shell, ceramic insulator, and center electrode, producing the electric spark needed for engine operation. Spark plugs vary in design and type to accommodate different engine configurations and performance requirements.

Market Segmentation PRODUCT TYPE

VEHICLE TYPE

REGIONS

•

Passenger Car

•

Hot Spark Plug

• North

•

Two-Wheeler

•

Cold Spark Plug

• East

•

Three-Wheeler

•

Metal Glow Plug

•

Commercial Vehicles

•

Ceramic Glow Plug

• West • South

Year Range

Review Period

2019 – 2022 Base Year

DEMAND CATEGORY •

OEM

•

Aftermarket

MATERIAL TYPE

2023 Estimated Year

•

Copper

•

Platinum

2024

•

Iridium

Forecast Period

2025 – 2029

10

Research Methodology

Research Methodology Methodology Landscape Market Profiling In-depth secondary research was conducted to determine top companies in India automotive spark plug market, overall market size and segmental market size.

Data Collection

Formulating Questionnaire

In order to conduct industry experts’ interviews, TechSci formulated a detailed Survey Questionnaires.

Data Filter Research & & Analysis Intelligence

Primary Research  

LinkedIn TechSci Internal Database

Actionable Insights

Developing list of Respondents

List of top companies and industry specialists was developed.

Business Solution

Secondary Research       

Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc.

Data Collection

Data Validation

TechSci conducted interviews with industry experts and leadings companies for data collection and verification.

Data obtained as a result of primary and secondary research was validated through rigorous triangulation.

Primary Research

Desk Research

 Identifying Key Opinion Leaders  Questionnaire Design  In-depth Interviews

 Recent Developments  Market Changing Aspects/Dynamics  Government Policies  Final Conclusion

Factiva Hoovers EMIS Volza Bloomberg

The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about India automotive spark plug market.

Company Analysis  Market Participants  Key Strengths

Key Industry Partners

Paid Sources     

Data Analysis

      

Board members Financial Advisors Business Heads Investors Product Heads Paid Databases Research Heads

12

Research Methodology Objective of The Study To analyze the historical growth in the market size of the India automotive spark plug market from 2019 to 2023.

To estimate and forecast the market size of the India automotive spark plug market from 2024 to 2029 and the growth rate until 2029.

To classify and forecast the India automotive spark plug market based on vehicle type, product type, material type, demand category, region, and company.

To analyze and forecast the market size in terms of vehicle type, which are passenger car, two-wheeler, three-wheeler, and commercial vehicles.

To analyze and forecast the market size in terms of region: North India, South India, West India & East India To identify drivers, challenges, and trends for the India automotive spark plug market.

To examine competitive developments in the India automotive spark plug market, such as expansions, new product launches, mergers & acquisitions, etc.

To identify and analyze the profile of leading companies in the India automotive spark plug and the top 5 companies market share.

Baseline Methodology Our research team has relied on primary and secondary research to gather market size and market data. The team has monitored and analyzed various aspects of the India automotive spark plug market. The team has studied the outlook of multiple segments such as vehicle type, product type, material type, demand category, region, and companies of this market. The study includes historical data for 2019, 2020, 2021, and 2022, base data for 2023, and forecast data for 2024, 2025, 2026, 2027, 2028, and 2029, which will enable our clients to make better decisions while planning their strategy to achieve sustainability in the India automotive spark plug market.

13

Research Methodology Formulation of the Scope The base year is a reference point used as a starting point, for comparison in various analyses and forecasts. It serves as the foundation against which changes, growth, or trends are measured.

The review period refers to the time span during which historical data is examined, analyzed, and reviewed. It is the period of time leading up to the base year and is used to establish the baseline for comparison and understand trends The forecast period is a future-oriented timeframe during which predictions or projections are made based on current/ historical data and analysis. It extends beyond the base year and allows for estimations of potential future outcomes.

The market could be defined by a specific industry and product. The market then is further divided into meaningful segments based on demographics, psychographics, behavior, geography, or product categories. This helps in analyzing the market more effectively, along with estimating the size of each segment.

Assumptions and Limitations: The base currency considered is USD. Based on the average exchange rate for the base period, other India countries currency have been converted to USD. The projection period's exchange rate conversion was calculated using the conversion rates from the base year. The base year considered for this study is 2023. The historic period considered for this study is from 2019 to 2022. The forecast CAGR considered is for the period of 2024E-2029F.

Note: 2023 being the base year, 2019-2022 is the review period and 2024-2029 is the forecast period for analyzing the market in between 2019-2029

14

Research Methodology Sources of Research TechSci has used a combination of secondary and primary research sources (free telephonic and face-to-face interviews and incentivized telephonic and face-to-face interviews with the respondents) to capture the data. We have an extensive network of respondents of participants in the value chain, industry experts, and customers to obtain relevant insights and navigate data challenges.

Secondary Research It comprises desk research, in which our research team conducted a preliminary assessment of the information available through secondary sources. Below is the categorization given for each reference from which the data was sourced, and further, that data was used for the data triangulation and estimation of the market sizes and market shares.

Industry Associations

News Portals/Secondary Sources

•

Automotive Component Manufacturers Association

•

•

Society of Indian Automobile Manufacturers (SIAM)

•

Federation of All India Automobile Spare Parts Dealers

•

Company Annual Reports

Associations

•

Industry Magazines

•

International Organization of Motor Vehicle Manufacturers

•

Industry Reports

•

Federation Of Automobile Dealers Associations

•

News Dailies

•

Tractor and Mechanization Association

•

Credible Paid Databases

TechSci Research Proprietary Database & Knowledge Repository

15

Research Methodology Primary Research : Our research team maintains survey questionnaires with a set of questions and topics and responses from the primary respondents. The survey questionnaires are administered through telephonic or face-to-face interviews and surveys online or by email with the value chain participants. Surveys (online or by email) or field surveys are done to gather end users' opinions. Interviews with industry experts are done through telephone or face-to-face interviews only. Below is a set of exercises done with the help of primary interviews through our network of respondents, such as value chain participants, industry experts, and customers, to obtain relevant insights and gather the required information.

Value Chain Participants (automotive spark plug Companies)

End Users/Customers

Industry Experts

Sample Size = 25-30

Sample Size = 100

Sample Size = 3

• Survey Questionnaires  Telephonic Interviews  Face-to-Face Interviews

• Surveys  Online  email

• Survey Questionnaires  Telephonic Interviews  Face-to-Face Interviews

• Surveys  Online  email

• Field surveys  Face-to-Face Interviews

• Partial List of Companies Interviewed  Robert Bosch Limited  NGK Spark Plug (India) Pvt. Ltd.  Brisk Spark Plugs  Denso India Pvt. Ltd  Elofic Industries Limited  Minda Industries Limited  Autolite India Limited  Varroc Engineering Pvt. Ltd.  Toshniwal Instruments (madras) Pvt. Ltd.  Others

•

Voice of Customers  Brand Awareness  Factors Influencing Purchase Decision  Challenges & Unmet Needs

16

Research Methodology Approach for the Market Study TechSci follows two types of approaches for the assessment of the market: The Bottom-Up approach to market analysis starts with a granular analysis of specific countries, segments, companies and then builds up to form a broader understanding of the overall market. This method focuses on gathering detailed data and insights at the micro level and then aggregating them to draw conclusions about the larger market.

The Top-Down Approach to market analysis involves starting with a broad view of the overall market and then narrowing down to specific segments or niches. It typically begins with analyzing macroeconomic factors and industry trends and then drilling down to understand the specific market segments, target customers, and potential opportunities.

Bottom-Up Approach 80%

Top-Down Approach 20%

Methodology Followed for Calculation of Market Size & Market Shares: Market Size By Value: Market size, in terms of Value, for the year 2023 was calculated based on information collected through exhaustive secondary research and primary surveys with various key opinion leaders i.e., value chain participants, such as India automotive spark plug companies, market influencers, industry experts.

The team interviewed 25-30 critical value chain participants, majorly from India automotive spark plug companies. The respondents have been working at responsible positions in India automotive spark plug companies. The team interviewed 100 end users/customers for the Voice of Customer section and 3 industry experts associated with the India automotive spark plug industry from the last two decades were also interviewed. This exercise obtained the overall market size during 2019-2023, validated by multiple round of interviews. Considering standard deviation, the market size was averaged out to arrive at the market size data during 2019-2023.

17

Research Methodology Market shares by vehicle type, product type, material type, demand category, region, and company and current and future market growth rates were calculated based on the responses received through primary surveys with the value chain participants, in which the respondents were asked about the market shares or revenue generated from various types of market segments in India automotive spark plug industry. The final percentage shares were calculated by taking the geometric mean of growth estimates, and company wise revenue shares generated across various segments were considered to arrive at the final market percentage shares after eliminating the outliers.

Forecasting Methodology: TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results using statistical tools.

Data Triangulation & Validation: Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India automotive spark plug market, TechSci Research used various forecast techniques such as: Moving Average Method For Time Series Analysis: The average of the data set of the market's historical data was considered for data forecasting. This technique is beneficial for forecasting short-term trends and is a widely used method for time series forecasting. Yearly moving average of historical data was used for estimating the trend values for time series forecasting.

After estimating the trend values based on yearly moving average methods, seasonal variations were calculated from the actual data. After getting these two as a basis, market sizes were predicted for the forecasting years.

18

Research Methodology Regression Analysis: In this technique, multiple linear regression analysis was practiced, which involves using a regression model to estimate the value of the dependent variable on the numerous independent and directly related variables. The values of the independent variable were typically those assumed to determine the values of the dependent variable. Based on the historical trend of market data of two or more independent variables, the data of the India automotive spark plug market was forecasted with the help of statistical tools.

Econometric and Judgmental Analysis: Relationships with the economic variables, majorly macro-economic variables, were considered to forecast the data, combined with incorporating intuitive judgment and opinions. This technique is majorly used when there is no historical data, and the market is totally niche, new, and unique.

Note: (a) Sum of some shares may not be 100% due to round off till two decimal places.

19

Market Overview • The Indian automotive spark plug market is experiencing significant growth, driven by the country's dynamic automotive industry and increasing vehicle ownership rates. With India being one of the largest automobile markets globally, the demand for spark plugs remains robust across various vehicle segments.

• Rising vehicle production, fueled by both domestic and international automakers, contributes significantly to the demand for spark plugs. Passenger cars, two-wheelers, commercial vehicles, and off-road vehicles all require spark plugs as essential components of their ignition systems.

• Furthermore, the rapid urbanization and infrastructure development in India are driving the need for vehicles, particularly in urban areas where commuting for work and leisure is common. This urbanization trend boosts the demand for spark plugs as more people rely on vehicles for transportation.

• Government regulations mandating stringent emission standards also play a crucial role in shaping the automotive spark plug market. Compliance with these regulations necessitates the use of advanced spark plug technologies that improve fuel combustion and reduce emissions.

• Additionally, the aftermarket segment contributes significantly to the spark plug market, as vehicles require replacement spark plugs over time. Performance enthusiasts also drive aftermarket demand by seeking upgraded spark plugs for enhanced engine performance.

• Overall, the Indian automotive spark plug market is characterized by its substantial size, driven by factors such as vehicle production, urbanization, regulatory requirements, and aftermarket demand. As the automotive sector continues to evolve, the demand for high-quality spark plugs is expected to remain strong, presenting growth opportunities for manufacturers in the market.

© TechSci Research

20

Recent Developments • As of 2023, Denso and NGK have initiated talks regarding the transfer of Denso ceramic products, including spark plugs, O2 sensors, and air-fuel ratio sensors, to NGK. As per the basic agreement details, NGK Spark Plug Co., Ltd. will take over the development, manufacturing, and sales operations of spark plugs and exhaust sensors, encompassing O2 sensors and air-fuel ratio sensors, from Denso's internal combustion engine product portfolio in Japan and international markets.

• In June 2023, VM Motori, a Stellantis Group company, unveiled the launch of an H2 (hydrogen) version of its 2.2-liter engine. The engine boasts a 62 kW output and 270 Nm peak torque, featuring updates to the common rail, pistons, spark plugs, ignition coil, and pressure regulator.

• In Aug 2022, Steelbird International, an automotive component supplier, has unveiled its collaboration with the renowned German brand Hella to introduce a range of automotive spare parts to the Indian market. Under this partnership, Hella will launch horns and spark plugs in India, with Steelbird taking charge of their marketing and distribution.

© TechSci Research

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Sample Data- Snapshot India Automotive Spark Plug Market Size, By Value (USD Million), 2019–2029F

5.00

7.00

6.00

8.00

2019

9.00

2023

10.00

11.00

12.00

13.00

15.00

14.00

2024E

2029F CAGR BY VALUE: XX%

CAGR BY VALUE: XX%

India Automotive Spark Plug Market Share, By Product Type, By Value, 2019–2029F

Hot Spark Plug 20 29 F 20 28 F 20 27 F 20 26 F 20 25 F 2 024E 2023 2022 2021 2020 2019

Cold Spark Plug

Metal Glow Plug

Ceramic Glow Plug

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25%

25% © TechSci Research

22

Report Ordering

Report Name: India Automotive Spark Plug Market FORECAST AND OPPORTUNITIES 2019 – 2029F

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Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.