Rear Spoiler Market is forecast to reach $5.2 billion by 2025, after growing at a CAGR of 9.49% during 2019-2025. Increasing demand for performance cars with enhanced appearance is predicted to boost the rear spoiler market growth during the forecast period 2019-2025. Moreover, automotive manufacturers are introducing vehicle models pre-equipped with these aerodynamic devices to enhance the traction and improve control in high speed, which is further anticipated to favor the growth of rear spoiler market.
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Type of Technology – Segment Analysis
The rear spoiler market split by type of technology is was dominated by blow molding and this segment held the largest share in the Rear Spoiler Market in 2018. Growth of this technology is accredited to its low price as compared to other technologies. Blow molding has an advantage over the other technologies as it has an option for the use of different raw materials simultaneously.
Fuel Type – Segment Analysis
Based on the type of fuel, rear spoiler market is segmented into internal combustion engines (ICE), battery electric vehicles (BEV) and others. Battery Electric Vehicles are estimated to grow at a CAGR of around 12.5% during the forecast period 2020-2025 accredited to the efficiency – improved technology such as regenerative brakes, electric motor drive, and automatic start/shut-off. The rear spoilers installed in battery electric vehicle helps to improve the efficiency of the electric vehicle as it saves energy by improving the design of the electric vehicle. These technological advantages have made electric vehicles successful in recent years. Increasing government initiatives for supporting green vehicles is one of the major factors propelling the demand for BEVs.
Geography – Segment Analysis
Asia – Pacific region has dominated the Rear Spoiler Market with a share of more than 35%, followed by North America. Surge in vehicle production due to growing popularity of customization of automobiles and automobile racing, is one of the major factors propelling the market growth in this region. According to the stats of Organization International des Constructeurs d’Automobiles, more than 43 million vehicles were produced within the Asia Pacific region in 2018. Among the region, China remains as the biggest producer with about 23.7 million passenger cars produced in 2017. Moreover, increasing demand for automotive aftermarket is expected to support revenue growth of rear spoiler market in the Asia Pacific.
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Drivers – Rear Spoiler Market
Increased initiatives from government Cars installed with rear spoilers are witnessed to have increased fuel efficiency and reduced drag. Growing demand for lightweight vehicles has triggered the manufacturers to develop rear spoilers with reduced weight. Many of the sport cars manufacturers such as the Porsche 911 Turbo S, Bentley, Aston Martin Vanquish, Audi R8, and Mercedes have introduced many new models of cars that have high-end facilities which are in turn positively affecting the growth of the rear spoiler market.
Government authorities and regulatory bodies are formulating design standards, and regulation pertaining to installation of rear spoilers on the vehicles. the European Union committed within the Paris agreement (COP21) to a GHG reduction target for the period from 2021 to 2030. The commitment for 2030 is a reduction of 40% of GHG emissions compared to 1990. These government initiatives are significantly contributing towards fuelling the market growth.
Challenges – Rear Spoiler Market
One of the major challenges faced by Rear Spoiler Market is the increasing manufacturing costs associated with it. Automotive manufacturers have to incur high costs in manufacturing these rear spoilers, which is one of the major hindrances for the rear spoiler market. Moreover, any form of debris or rocks can cause serious damage to the new spoiler, meaning that they are constantly in need of maintenance and repair which can see the bills start to rack up.
Acquisitions and Investments/Product Launches
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the rear spoiler market. In 2018, the market of Rear Spoiler has been consolidated by the top five players accounting for 60% of the share. Major players in the Rear Spoiler Market are Plastic Omnium, Magna International, Albar Industries Inc., Thai Rung Union Car PLC, SMP Automotive, Jiangnan Mould, Plastic Technology Co., Ltd., Inoac Corporation, Rehau Ltd and Polytec Group among others.
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