The global automotive glow plug market is forecasted to experience significant growth in the foreseeable future, with a projected value of $4 billion by 2031, representing a compound annual growth rate (CAGR) of 4.1%. According to a recent report by Allied Market Research, the market was valued at $2.7 billion in 2021, indicating a substantial increase over the forecast period.
The Asia-Pacific region is anticipated to lead the global automotive glow plug market, propelled by increased investments in industries such as automotive and transportation. Countries such as China and India have played a pivotal role in the market’s development, mainly due to the growing demand for diesel automobiles, which offer higher fuel efficiency and contribute to the increased requirement for glow plugs in the region. Furthermore, the surge in the number of commercial trucks and passenger cars in the Asia-Pacific region further drives the automotive glow plug market.
The report also classifies the automotive glow plug market by vehicle type, including passenger cars, light commercial vehicles, and heavy commercial vehicles. Among these, the light commercial vehicles segment has been the primary revenue generator for the market. The high demand for commercial vehicles and the increase in global vehicle production have been the key factors propelling the growth of the automotive glow plug market. However, the growing popularity of electric vehicles has presented a challenge to the market. Conversely, the aftermarket sale of glow plugs is expected to provide significant growth opportunities in the coming years.
The outbreak of the COVID-19 pandemic had a detrimental impact on the automotive glow plug market, resulting in a decline in automotive production and sales worldwide. With a 16% drop in global automotive production and a 14% decrease in global automotive sales in 2020 compared to the previous year, the overall demand for automobiles experienced a significant downturn. This decline was observed across all regions, including North America, Europe, and Asia-Pacific & Middle East. Nevertheless, despite the challenges posed by the pandemic, the market is poised for significant growth in the future, driven by the rising demand for commercial vehicles, particularly due to the growth of the e-commerce industry worldwide.
Regarding market trends, the report identifies the ceramic glow plug segment, the heavy commercial vehicle segment, and the aftermarket segment as the key areas expected to exhibit significant growth in the near future. Additionally, the Asia-Pacific region is expected to register the highest CAGR during the forecast period.
Key players in the automotive glow plug market include Denso Corporation, BorgWarner Inc, Ford Motor Company, General Motors Company, and other leading companies in the automotive industry. These players are expected to play a crucial role in shaping the future of the global automotive glow plug market.
In conclusion, the automotive glow plug market is forecasted to witness substantial growth in the coming years, driven by the demand for commercial vehicles and the resilience of the automotive industry in the face of global challenges. With the rise of electric vehicles and the increasing globalization of the automotive market, the future looks promising for the automotive glow plug market.