Market Size of Automotive Glow Plugs Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.67 Billion |
| Market Size (2029) | USD 5.69 Billion |
| CAGR (2024 - 2029) | 4.01 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Automotive Glow Plugs Market Analysis
The Automotive Glow Plugs Market size is estimated at USD 4.67 billion in 2024, and is expected to reach USD 5.69 billion by 2029, growing at a CAGR of 4.01% during the forecast period (2024-2029).
The COVID-19 pandemic has hit the automotive glow plug market more quickly and severely. It started as a domestic supply crisis in China, thereby, rapidly turning into the biggest ever drop in global aftermarket demand, approaching a 20% drop in the parts and components industry. Major companies in the aftermarket business shifted their aim from production recovery plans to protecting employees, cost savings, and safeguarding liquidity.
Glow plugs are an integral part of diesel ignition systems. Despite a slight decline in a global vehicle production number in 2019, the demand for glow plugs is anticipated to continue till the forecast period, as the aftermarket channel has been consistently active in the firm's sales.
According to Eurostat, about 75% of inland cargo transports within the European Union, which translates to about 1,750 billion metric ton-kilometers (t km), takes place by road. In some European countries, this percentage goes as high as 90%, or more. As a result, the demand for commercial vehicles, and subsequently, the glow plugs from OEM and aftermarket channels, has been continually increasing in the region, owing to the growing logistics industry and the increasing usage of light commercial vehicles, such as vans (for ride-hailing services).
Several developing economies, such as ASEAN countries, witness a significant number of diesel engine-powered vehicle sales. For instance, in the ASEAN market, top-selling passenger vehicles and pick-up trucks are powered by diesel engines. Ford Ranger was among the top-selling passenger vehicles in the ASEAN market in 2020.
Automotive Glow Plugs Industry Segmentation
A glowplug is a heating device used to aid in starting diesel engines. The automotive glow plugs market is segmented by product type (metal glow plug and ceramic glow plug), vehicle type (passenger cars and commercial vehicles), sales channel (OEM and aftermarket), and geography (North America, Europe, Asia Pacific, and Rest of the World). The profiles of major players in the market are also covered, along with their market shares. The market size and forecast are provided by value (USD billion) for all the segments mentioned above.
Automotive Glow Plugs Market Size Summary
The automotive glow plugs market is poised for steady growth over the forecast period, driven by the essential role glow plugs play in diesel ignition systems. Despite challenges posed by the COVID-19 pandemic, which initially caused a significant downturn in global aftermarket demand, the market has shown resilience. The demand for glow plugs is expected to remain robust, supported by the ongoing activity in the aftermarket channel. The logistics industry's expansion, particularly in Europe, and the increasing use of light commercial vehicles are key factors contributing to the rising demand for glow plugs. Additionally, the market is witnessing a surge in diesel engine-powered vehicle sales in developing regions like ASEAN, further bolstering the market's growth prospects.
The market landscape is characterized by a slight consolidation, with major global players such as DENSO Corporation, NGK Spark Plug Co. Ltd, and Robert Bosch GmbH leading the charge. These companies are actively expanding their product offerings to maintain a competitive edge. The introduction of new vehicle models with enhanced performance and efficiency, such as Ford's 2021 F-150 pickup truck, underscores the industry's commitment to innovation. Regulatory changes, such as India's BS-VI norms and emissions laws in British Columbia, are also shaping the market dynamics, driving demand for advanced glow plug solutions that meet stringent environmental standards. As the market continues to evolve, the focus on efficient fuel combustion and improved vehicle fuel efficiency remains a critical driver of growth.
Automotive Glow Plugs Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Buyers/Consumers
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1.3.2 Bargaining Power of Suppliers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Metal Glow Plug
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2.1.2 Ceramic Glow Plug
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2.2 By Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicles
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2.3 By Sales Channel
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2.3.1 OEM
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2.3.2 Aftermarket
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 South Korea
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2.4.3.4 India
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2.4.3.5 Rest of Asia Pacific
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2.4.4 Rest of the World
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 United Arab Emirates
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2.4.4.4 Other Countries
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Automotive Glow Plugs Market Size FAQs
How big is the Automotive Glow Plugs Market?
The Automotive Glow Plugs Market size is expected to reach USD 4.67 billion in 2024 and grow at a CAGR of 4.01% to reach USD 5.69 billion by 2029.
What is the current Automotive Glow Plugs Market size?
In 2024, the Automotive Glow Plugs Market size is expected to reach USD 4.67 billion.
