Rear Spoiler Market Size to Register USD 5 Billion During the Period 2017-2024
Global Rear Spoiler Market share is expected to cross 44 million units by 2024. Rising adoption in SUVs, hatchbacks, and MPVs along with increasing SUVs sales will primarily drive the industry growth. Automobile industry is witnessing regular advancements for overall weight reduction thereby installing the plastic components. These advancements are anticipated to induce immense growth potential to the rear spoiler market over the next eight years.
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Rear Spoiler Market is estimated to surpass USD 5 billion by 2024; according to a new research report.
Shifting preference towards electric vehicles coupled with rising government support for the adoption of these vehicles will further strengthen the product penetration. Various countries across the globe have taken initiatives such as providing subsidies and incentives for their production. Indian government has invested USD 11.5 million for electric vehicle production that was further increased by 42% in 2017.
Blow molding is likely to account for highest rear spoiler market revenue share surpassing USD 2 billion till 2024. High usage of this technology for production of plastic spoilers will primarily drive the segment's growth. High revenue generation can also be attributed to its benefits such as reduced weight, cost effectiveness, and flexibility in design. Injection molding will grow significantly over the coming years owing to high usage for bulk production.
ABS plastic is likely to capture significant market share of over 40% during the forecast timeframe. ABS materials are preferred for product manufacturing owing to their chemical properties, that make them resistant to heat and provide protection against dents. Enhanced fit and finish of rear spoilers made from ABS plastic contribute significantly to the product penetration.
Currently, multiple cars are equipped with rear spoilers to enhance their fuel efficiency and minimize the accident rates. Few customers also install rear spoilers for aesthetic benefits, thereby increasing the product demand. Mass production of composite materials is likely to reduce the raw material cost over the coming years. This will result in reduction of overall cost of rear spoilers and generate a higher demand.
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Carbon fiber will exhibit the highest CAGR of over 7% from 2017 to 2024. Increasing demand from high-speed and sports utility vehicles will majorly support the substantial growth. Carbon fiber is preferred by aftermarket players as customization is done by the independent service providers. These products also feature durability, high strength, lightness, enhanced finish & appearance of the rear spoiler.
ICE is anticipated to dominate the rear spoiler market over the forecast timeline. Maintaining car balance at high speeds and provision of enhanced aerodynamic properties are among the benefits of rear spoilers, propelling the market growth. High penetration and infrastructure available to produce IC engines will further support the product demand from the automobile industry. Rear spoiler market from hybrid segment is poised to exhibit over 6% CAGR over the forecast timespan. Strengthening penetration of hybrid vehicles in various countries globally will support the industry growth.
Aftermarket rear spoiler market is anticipated to capture over 75% share over the forecast timeframe. Demand for the aftermarket products is attributed to low-cost alternatives. OEMs will exhibit over 5% CAGR over the coming years owing to the consumer's high level of trust toward these component manufacturers.
North America will dominate the global rear spoiler market surpassing USD 1.8 billion till 2024. High demand for enhanced rear spoilers due to rising demand of high speed car will primarily drive the industry growth. SUVs account for major share in North America, stimulating the demand for rear spoilers in the region. Drop in prices of SUVs in the region will escalate the growth of utility vehicles, supporting the region's dominance over the coming years.
Europe rear spoiler market will depict a steady growth over the forecast period owing to recovering economies and the presence of giant automakers across the region. Industry players are engaged in research activities for enhancements in product performance and material quality, propelling the growth. high penetration of electric vehicles in countries including Netherlands, Sweden will further support the regional growth till 2024.
Mercedes-AMG GmbH, DAR Spoilers, Polytec Group, Plastic Omnium, and Mitsubishi are among the prominent players in the rear spoiler market. Other notable producers include Albar Industries, Magna International, Plasman Group, and Changzhou Huawei. Industry participants are focusing on developing aerodynamic effect of cars to improve fuel efficiency. They are using lightweight and high-strength materials along with reinforcement materials to reduce the overall weight of the product without compromising on its performance.
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