According to a report published by Grand View Research, Inc.; the rear spoiler market is likely to reach a valuation of around USD 7.30 billion by 2025.
Growing demand for safe and fuel-efficient vehicle and rise in sale of multi utility vehicles (SUVs) and sport utility vehicle (MUVs) can propel the market during the forecast period (2014 to 2025). Additionally, implementation of strict regulatory norms is expected to support the market growth.
Full Research Report On Rear Spoiler Market Analysis: www.grandviewresearch.com/industry-analysis/rear-spoiler-market
Rising fuel prices has increased the product demand among the consumers. The rear spoilers are an aerodynamic device, which push the negative air movement to reduce drag around the moving vehicle. Thus, drivers can experience improved braking time at high speed and enhanced fuel efficiency. Therefore, growing awareness about benefits of the product is expected to boost the market in the coming years.
However, high installation and maintenance costs is projected to hamper the market growth. In addition, laws concerning modification of vehicle vary from region to region. So, the providers need to comply with government regulations.
Worldwide rear spoiler market can be segmented on the basis of vehicle, system, and region. Based on vehicle, the market can be classified into conventional car and green vehicle.
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The green vehicles segment is likely to grow swiftly with a CAGR of over 8.0% over the forecast period. Green vehicles like battery electrical vehicles and plug-in hybrid vehicles offers several benefits including less fuel consumption, low maintenance costs, and less ownership costs. Increasing government efforts to encourage the uses to buy these vehicles to control emissions. For instance, the U.K. government’s Automated and Electric Vehicles Bill is intended to make these vehicles affordable by providing incentives on the buying of plug-in or electric hybrid vehicles. This is projected to boost the product demand in the manufacturing of green vehicles. The conventional car segment is expected to expand with a CAGR of over 4.0% over the study period. Demand for these vehicles is expected to grow in the coming years due to rise in demand for SUVs and MUVs. Since, these vehicles provide several benefits like comfort, safety, and connectivity.
As per system, the market can be categorized into passive spoiler and active spoiler.
The Active spoilers segment is expected to exhibit higher CAGR during the forecast period. In 2016, the segment estimated for more than 60% of total revenue and likely to dominate the market during the forecast period. They can provide several benefits such as reduction in turbulence at high speeds and provides high aesthetic value.
The passive spoilers segment is anticipated to display significant growth during the forecast period. They provide several benefits including low maintenance and installation cost. These spoilers can be easily available.
Geographically, the market can be divided into North America, Europe, Asia Pacific, and South America.
In 2016, Asia Pacific reported for the largest market share. The region is expected to follow same trend over the forecast period due to rising fuel prices. Additionally, growing popularity of automobile racing and increasing adoption of hypercars are likely to increase the product demand in this region.
North America is expected to show significant growth during the projected period due to presence of several established players and strict emission control rules.
In Europe, European Union introduced a directive Euro 6 in 2015 for reducing harmful car and van exhaust emissions. As per this instruction, vehicles manufactured from that year were instructed to meet the emission necessities. This is also expected to boost the market in this region.
Key players operating in the market include Aisin Seiki Co, Ltd.; Dawn Enterprises, Inc.; INOAC CORPORATION; Magna International Inc; and SRG Global.
Major players in the market are making high investments in research and developments (R&D) for developing innovative solutions to compete other manufacturers. The companies are also following strategies like partnerships, mergers and acquisitions to expand their capabilities and gain share in the market. The companies are also concentering on developing cost-effective products along with post-sale service offerings.
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