The Latin America, Middle East and Africa Spark Plug Market would witness market growth of 8.3% CAGR during the forecast period (2022-2028).
Due to increased combustion efficiency, which also lowers pollution levels, two-wheelers can accelerate more quickly. Because the spark plug improves fuel combustion, the vehicle gets better mileage. Special plugs are being created by manufacturers for unique engines. The need for fuel-efficient cars is rising in the world.
There are stricter regulations surrounding carbon emissions, and there is a surge in the demand for passenger cars in developing countries, all of which are driving the expansion of the spark plug market. Additionally, the industry's technological advancements have prolonged the lifespan of cars, increasing the need for part replacements.
This has a favorable effect on the need for spark plugs as well. The expansion of the industry is further aided by the increase in demand from the maritime sector for recreational boats and personal watercraft. The rise in passenger automobile production offers excellent growth prospects. Ongoing technical advancements that enhance electrode material, ignitability, and performance are anticipated to drive the market moving forward.
In the Latin American region, the increased demand for spark plugs mainly arose from the region's biggest economy. Gasoline-fuelled vehicles dominated the Latin American passenger car industry. Brazil has been experiencing positive growth in the demand for and sales of vehicles as a result of the country's economy. Growing investment in the country, an increase in credit provision to support the country's light-vehicle market, and strong export demand are some of the factors driving the automotive industry in the country.
The Brazil market dominated the LAMEA Spark Plug Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $91.5 million by 2028.The Argentina market is experiencing a CAGR of 8.9% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 8% during (2022 - 2028).
Based on Type, the market is segmented into Hot and Cold. Based on Material, the market is segmented into Copper, Platinum, Iridium and Others. Based on Sales Channel, the market is segmented into Original Equipment Manufacturer and Aftermarket. Based on End-Use, the market is segmented into Automotive, Marine and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Spark Plug Market is Predict to reach $4.4 Billion by 2028, at a CAGR of 5.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Denso Corporation, Valeo SA, Marelli, General Motor Co., Ford Motor Company, E3 Spark Plugs, Weichai Power Co. Ltd., Tenneco, Inc., and NGK Spark Plug Co., Ltd.
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