ABS-based rear spoiler market to amass commendable gains over 2017-2024, global industry to exceed USD 5 billion by 2024
Publisher : Fractovia | Published Date : 2017-12-28Request Sample
With the escalating demand for hatchbacks, sedans, SUVs and MPVs, rear spoiler market is expected to continue its upward ascent in the forthcoming seven years. While rear spoilers are heavily deployed for improving aerodynamics and fuel efficiency, they are also used to lend a sportier look to cars. As global sales for vehicles experience a massive increase, the target market for external automobile décor has also been gaining momentum. In consequence, this demand is expected to heavily influence rear spoiler industry size, projected to cross 44 million units in terms of volume by 2024.
U.S. Rear Spoiler Market, By Technology, 2016 & 2024, (Million Units)
Pivotal behemoths in the automotive industry have been increasing their efforts to find innovative ways for reducing a vehicle’s overall weight and adding to its fuel efficiency. These efforts eventually target the growth of rear spoiler market, given that these products improve a car’s aerodynamics and increase traction on the rear end of the vehicle. They are also reputed to increase the safety feature in vehicles, by increasing the grip of the car while making turns. It would therefore, be rather justified to state that rear spoiler market has experienced a positive boost with the growing demand of SUVs, since the addition of a rear spoiler to the back of the SUV makes it more stable at higher speeds. As a result of increasing safety awareness among consumers coupled with the changing economies and shifting customer preferences, rear spoiler industry has received increased stimulus in recent years.
It is imperative to mention that lighter materials are preferred for manufacturing rear spoilers, which has significantly increased the demand for plastics – the most appropriate material for the purpose. Instinctively, automakers have shifted their choice toward ABS plastic – lightweight and highly durable, with great design flexibility. In fact, in 2016, ABS plastic accounted for 40% of the overall rear spoiler industry and is anticipated to extensively grow in the ensuing years, with increasing preference toward the material for large-scale manufacturing of stylish and effective rear spoilers for vehicles.
Apart from plastic, carbon fiber is also another popular material that is taking the rear spoiler industry by storm, not only because of its light weight but also due to its desirable appearance and durability. In 2016, carbon fiber based rear spoiler market was valued at USD 700 million and is expected to perform equally well in the forecast period of 2017-2024.
The rear spoiler, undoubtedly, is a major necessity in race cars and high-speed sports cars. In this regard, it is noteworthy to mention that rear spoiler industry has profited from a purely aesthetic view point, as a vast number of consumers add rear spoilers to make their vehicles look more sporty. However, SUVs and MPVs are also using rear spoilers to increase the vehicle’s performance. SUVs dominated the rear spoiler market in 2016, having accounted for 65% of the overall share in 2016. With their increasing popularity, in tandem with rapid rise in accidents in recent times, SUVs will continue to escalate the rear spoiler market in the forecast period of 2017-2024.
Ironically, most vehicles are not sold with a pre-installed rear spoiler. However, many consumers like the appearance a rear spoiler can add to a vehicle, owing to which they often tend to install one themselves. Eventually, this is expected to give the aftermarket for rear spoilers a strong place in the industry – as per estimates, aftermarket sales will account for 75% of the rear spoiler industry by 2024.
The rising demand for sports and high-speed cars will indeed contribute to the strong growth of the rear spoiler market in North America and Europe. Major car manufacturers in Germany, Italy, France and UK will also drive the rear spoiler industry in Europe with their addition of innovative car designs and use of new and advanced composite materials. APAC rear spoiler industry on the other hand, will witness a boost primarily on account of the growing passenger vehicle demand in this region. Speaking of which, in 2016, around 13 million units of rear spoilers had been installed in Asia Pacific, with China, India, South Korea and Japan being the leading contributors.
The restrictions imposed on the speed limit for vehicles has somewhat dampened the rear spoiler market share, given that a vehicle would actually not need a rear spoiler unless it is moving at a high speed. But the increasing demand for sports and high-speed cars as well as the desire to add a sporty look to the vehicle has fueled the growth of rear spoiler industry. Besides, it is also noteworthy to state that practical necessities like adding traction, increasing fuel efficiency, adding visibility, and increasing braking stability have also provided a positive stimulus to the rear spoiler market size.
