Market Research Future (MRFR) expects the global automotive Rear Spoiler Sales to achieve a moderate CAGR during the forecast period (2016 -2023).
Market Drivers and Key Barriers
Surge in fuel prices combined with rising environmental issues has prompted automotive manufacturers to create fuel-efficient vehicles that make low emissions. In the past couple of years, need for fuel efficiency is being viewed as a rising trend in automotive industries. Therefore, extensive research for developing aerodynamically optimized vehicle designs is expected to boost the demand for rear spoilers in the years ahead.
Soaring demand for performance cars as well as sports models induces market growth. At present, the purchasing power of people across the world is on the rise and interest in owing to a sports model has also expanded, which augments demand for rear spoilers. Sport cars manufacturers like Porsche 911 Turbo S, Aston Martin Vanquish, Mercedes, Audi R8, Bentley, and others are coming up with new models for their opulent luxury cars.
There has also been a striking increase in the demand for carbon fiber active rear spoilers, and this trend is estimated to have a lucrative effect on the market in the upcoming years. Carbon fiber has numerous applications in different industries. The automotive industry, in particular, notes high adoption of carbon fiber as weight reduction, has a prominent role within the industry.
The Rear Spoiler Sales has been narrowed down to fuel type, material, technology, and vehicle type.
The segments, according to the fuel type, are ICE, BEV, and Others. The internal combustion engine (ICE) could be the leading segment during the appraisal period on account of enhancement of cars aerodynamic properties.
Depending on the material, the market can be considered for ABS, carbon fiber, fiberglass, and sheet metal. ABS segment will lead the market in the coming years owing to the lightweight property as well as enhanced fuel efficiency.
In terms of technology, the market caters to blow, injection, and reaction injection molding. Blow molding stands out as the most profitable segment in the market with the strong demand for blow molding in the manufacturing process of rear spoiler.
The types of vehicle covered in the report include hatchback, SUV, and others.
The Rear Spoiler Sales is spread across the primary regions of Asia Pacific (APAC), North America, Europe, as well as the Rest of the World (RoW).
North America is on its way to acquire the top spot in the worldwide market during the review period. The automobile manufacturers in the region could note a surge in the sales of passenger cars. Soaring demand for new vehicles could spell success for the auto components suppliers within the region. Several automotive manufacturers are now going for higher-value pickups and SUVs instead of small cars. This will give rise to installation of rear spoiler in pickup vans and SUVs for transportation.
APAC is estimated to grow at a healthy rate during the given time frame, given the rise in demand for rear spoilers in emerging countries like India, China, and Japan. Moreover, the surge in purchasing power along with disposable income among consumers boosts the demand for high-end cars and SUVs, which subsequently fosters market growth in the region.
Europe is also expected to be another lucrative market for rear spoilers thanks to the presence of established countries and the high purchasing power of consumers. These factors also help accelerate the sale of luxury vehicles in the region, subsequently inducing market growth.Substantial investment in research and development (R&D) will also produce technologically advanced products and boost market demand in the process.
Some of the leading vendors in the worldwide Rear Spoiler Sales are SRG Global (U.S.), SMP Automotive (Germany), and Polytec Group (Austria), Mercedes-AMG GmbH (Germany), P.U. Tech Spoiler (Malaysia), Magna International Inc. (Canada), DAR Spoilers (U.S.), Plastic Omnium (France), Changzhou Huawei (China), Albar Industries, Inc. (U.S.), among others.