Burnaby, Canada, January 18, 2015 --(PR.com
)-- According to the recently released TechSci Research report, “India Automotive Spark Plug Market Forecast & Opportunities, 2019," the automotive spark plug market in India is estimated to have surpassed USD119 million in 2014. Key factors driving the market include large two-wheeler fleet size and rising automobile sales in both passenger car and two-wheeler segments. India’s automotive spark plug market is broadly classified into three segments, namely passenger car, three-wheeler and two-wheeler spark plug segments. The country’s automobile sales including passenger car, three-wheeler and two-wheeler exhibited a CAGR of more than 10% during 2009-13. However, the sector witnessed sluggish growth in 2013 due to slower growth in the country’s broader economy. Being the most dominating market segment, the two-wheeler spark plug market accounts for more than three-fourths of the overall spark plug market, followed by passenger car spark plug and three-wheeler spark plug segments.
In terms of spark plug types, copper based spark plugs hold a majority share in India’s automotive spark plug market. Bosch, NGK, Champion and Denso are the major players in the country’s automotive spark plug market, accounting for about 90% of India’s spark plug market. Northern and western regions of India are the most dominating regions in terms of market share, and both of these region collectively account for a majority share in the country’s spark plug market.
“Increasing rate of urbanization and rising disposable income are contributing significantly toward growth in India automotive industry. Over the last 3-4 years, the automotive industry in India has witnessed considerable increase in demand for passenger cars and two-wheelers, resulting in high volume sales of spark plugs. This growth is expected to be supported by the large two-wheeler fleet coupled with declining replacement period for spark plugs in the country,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Automotive Spark Plug Market Forecast & Opportunities, 2019” has evaluated the future growth potential of the India’s automotive spark plug market and provides statistics and information on market structure, industry behavior and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides all this, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the automotive spark plug market in India.