ASEAN: Spark Plug Market 2024

Spark Plug Market Size in ASEAN

The ASEAN spark plug market was estimated at $X in 2022, growing by 1.7% against the previous year. The market value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Spark Plug Production in ASEAN

In value terms, spark plug production amounted to $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.9% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by 49%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Spark Plug Exports

Exports in ASEAN

For the ninth consecutive year, ASEAN recorded growth in shipments abroad of sparking plugs, which increased by 12% to X units in 2022. In general, exports saw a resilient increase. The pace of growth appeared the most rapid in 2016 when exports increased by 39%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, spark plug exports stood at $X in 2022. Over the period under review, exports saw a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of 45%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Thailand represented the main exporting country with an export of around X units, which reached 73% of total exports. It was distantly followed by Indonesia (X units), mixing up a 23% share of total exports. Singapore (X units) held a little share of total exports.

Thailand was also the fastest-growing in terms of the sparking plugs exports, with a CAGR of +32.3% from 2012 to 2022. At the same time, Indonesia (+12.0%) displayed positive paces of growth. By contrast, Singapore (-18.0%) illustrated a downward trend over the same period. While the share of Thailand (+58 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Indonesia (-2.6 p.p.) and Singapore (-55 p.p.) displayed negative dynamics.

In value terms, Thailand ($X) remains the largest spark plug supplier in ASEAN, comprising 77% of total exports. The second position in the ranking was held by Indonesia ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Thailand totaled +35.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+11.9% per year) and Singapore (-10.5% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per unit, falling by -2.8% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 18% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2021, and then declined slightly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+9.1%), while the other leaders experienced mixed trends in the export price figures.

Spark Plug Imports

Imports in ASEAN

In 2022, approx. X units of sparking plugs were imported in ASEAN; which is down by -4.1% compared with the previous year's figure. In general, imports saw a slight decrease. The pace of growth appeared the most rapid in 2021 when imports increased by 44% against the previous year. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, spark plug imports stood at $X in 2022. The total import value increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 21% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

The purchases of the three major importers of sparking plugs, namely Thailand, Malaysia and Singapore, represented more than two-thirds of total import. Indonesia (X units) ranks next in terms of the total imports with a 10% share, followed by Vietnam (8.8%) and the Philippines (5.1%). Myanmar (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Myanmar (with a CAGR of +25.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Indonesia ($X) and Singapore ($X) were the countries with the highest levels of imports in 2022, together accounting for 68% of total imports. Malaysia, Vietnam, the Philippines and Myanmar lagged somewhat behind, together comprising a further 31%.

In terms of the main importing countries, Myanmar, with a CAGR of +18.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per unit, with an increase of 16% against the previous year. Import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spark plug import price decreased by -10.7% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 36%. As a result, import price attained the peak level of $X per unit. From 2020 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per unit), while Myanmar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform