Press release
Rear Spoiler Market Analysis, Trends, Opportunity, Market Size and Segment Forecasts 2020-2027
Rear Spoiler Market
Increasing demand for high-performance vehicles due to rising racing culture amongst the sports vehicle enthusiast is driving the market of rear spoiler. The rear spoiler is intended for reducing the air motion across the body of vehicle while in motion. Moreover, the rear spoiler helps to enhance the aerodynamics of the vehicle by disrupting airflow passing over and around the vehicle. Additionally, due to aesthetical appeal it presents to the car, the use of rear spoilers has increased even in usual passenger vehicle. Furthermore, the characteristics of spoilers vary according to the model of vehicle and application of spoiler.
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COVID-19 scenario analysis:
The development of COVID-19 has carried to the automotive and automotive component industry and has put the manufacturing on a halt.
Besides the novel coronavirus has caused volatility in raw material prices in the rear spoiler market.
As the regions of major automotive manufacturing hubs are in containment zone as imposed by government, the exports and imports have stopped and the supply chain has been disrupted.
However, the electric vehicle market is anticipated to grow post the pandemic. Also, the rear spoiler has significant importance in electric vehicle as it reduces the load on battery and thereby increases the efficiency of the vehicle. As a result, the market for rear spoiler will rise with growth of electric vehicles.
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Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Rise in demand for high performance vehicles is primarily driving the market of rear spoiler. Additionally, rising disposable income, changing lifestyle and increase in expenses on luxury is propelling the growth of the market. Besides, rising aftermarket installation of rear spoilers is fueling the market growth. Likewise, increasing use of rear spoiler in passenger car to enhance the aesthetics of the vehicle is anticipated to proliferate the market. However, high cost of installation and maintenance of rear spoiler would hamper the market growth. Furthermore, technological developments are expected to nurture the market growth.
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The rear spoilermarket trends are as follows:
Carbon fiber rear spoiler to drive the market growth
The automakers are in a constant search for reducing the weight of vehicle. With reduction in weight of vehicle, higher efficiency can be achieved and emission can be minimized. Moreover, the automaker is investing on development of lightweight material. In rear spoiler segment, the use of carbon fiber material has increased as it is lighter in weight as compared to other rear spoiler material. In 2018, McLaren launched McLaren 720s with carbon fiber rear spoilers. The carbon fiber spoiler weighs less and iscapable of producing better downforce of its weight.
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Acquisition to improve product offerings
The automakers have started acquisition strategies to overcome the growing competition due to consumer demands. Besides, the mergers and acquisitions deliver end-to-end solutions and increase the expertise in vehicle engineering. Additionally, the organization could increase the product offerings with acquisition. For instance, in 2016, Magna International Inc. signed an agreement to acquire Telemotive AG to improve its product offerings.
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