NEW YORK, June 28, 2016 /PRNewswire/ --
Rising Production and Sales of Petrol Fueled Vehicles in the Country to Drive India Automotive Spark Plug Market Through 2021
According to TechSci Research report, "India Automotive Spark Plug Market By Vehicle Type, By Type, By Demand Category, Competition Forecast and Opportunities, 2011-2021", spark plug market in India is forecast to grow at a CAGR of over 13% during 2016-2021, on account of strong domestic automobile demand, favorable government policies, planned capacity expansions by major automobile OEMs coupled with rapidly expanding automobile fleet. Further, launch of Automotive Mission Plan, 2016-2026, is projected to drive robust growth in production of automobiles in the country and thereby boost OEM demand for spark plugs in India over the next five years. Rising sales of petrol cars in the country can be attributed to the government's decision to deregulate diesel prices in order to curb pollution. Production of petrol cars in the country reached 2.16 million units in 2015, whereas, number of petrol passenger cars sold in India increased from 1.51 million units in 2011 to 1.77 million units in 2015.
Browse 36 market data Tables and 26 Figures spread through 140 Pages and an in-depth TOC on
"India Automotive Spark Plug Market"
According to Department of Industrial Policy & Promotion, FDI in the country's automotive sector increased from USD1.52 billion in FY2013-14 to USD2.73 billion in FY2014-15, thereby exhibiting a Y-o-Y of around 80%. Increase in FDI in automobile sector is poised to drive vehicle sales and production in the country over the next five years, thereby driving demand for spark plugs in India during 2016-2021.
As of 2015, India spark plug market was dominated by two-wheeler spark plug segment, followed by passenger car spark plug segment, on account of increasing production and sales of two-wheelers in the country. Bosch Limited, NGK Spark Plugs (India) Pvt. Ltd, Federal-Mogul Goetze (India) Limited and Denso India Limited are few of the leading players in India automotive spark plug market. Further, India automotive spark plug market has been dominated by conventional copper based spark plugs. However, increasing awareness about the extended life span of iridium and platinum based spark plugs, in comparison to copper based spark plug is expected to drive demand for latter categories from OEM as well as replacement segments during the forecast period.
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"Rising pollution levels from the transport sector in India has been a major concern for the government and this has resulted in implementation of various initiatives to control pollution. For this, Government of India has even reduced excise tax on CNG and LPG. People thus prefer to purchase petrol variants of vehicles and opt for an aftermarket fitment of CNG/LPG kits. This has resulted in growing demand for dual fuel option passenger cars across the country that run on petrol as well as natural gas, i.e. CNG/LPG. Rising demand for petrol and CNG/LPG fueled passenger cars is also propelling demand for spark plugs from OEM as well as replacement segments in the country, and this trend is expected to continue through 2021.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Automotive Spark Plug Market By Vehicle Type, By Type, By Demand Category, Competition Forecast and Opportunities, 2011-2021" has evaluated the future growth potential of India automotive spark plug market and provides statistics and information on market size, consumer behavior and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India automotive spark plug market.
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