According to study, the rear spoiler market is projected to expand between 7% and 9% CAGR during the 2021 to 2031 assessment period. Due to fewer automobile sales, the COVID-19 pandemic had a moderate impact on the market, particularly in the early months of the pandemic.
In the short term, the market would gradually recover, with a strong long-term growth forecast. Factors such as tightening pollution standards, fuel economy laws, and rising demand for Cars and SUVs, around the world are propelling the automobile sector forward which in turn boosts the market.
Rear Spoiler is an automatic aerodynamic piece used to manage air movement over the body while a vehicle is in motion. These are especially useful in high-end sports cars, where air movement can influence the car's balance and cause accidents. Rapid growth for SUVs and MPVS across the globe, increased vehicle production with increased competition for aesthetics, implementation of stringent fuel economy and emission norms, and growing preferences for green vehicle usage are some of the vital and important factors that will likely accelerate the growth of the demand in the forecast period.
Increasing technical advancements, increased demand for electric vehicles, and expanding penetration of active spoilers will all contribute to the growth of the market throughout the forecasted period. Vehicle manufacturers are offering new car models equipped with rear spoilers to better air movement control at high speeds. The innovative technology helps to reduce the vehicle's overall weight, which improves fuel efficiency.
As lightweight vehicles are in high demand on the market, manufacturers are developing innovative spoilers that are less in weight. Thus increasing the demand for rear spoilers. Vehicle production has expanded considerably in recent years as a result of rising demand and growth in developing countries. Luxury and sport car sectors are now the fastest growing vehicle sectors in industrialized countries.
The demand for new technologically advanced auto parts has increased as investment in luxury and sport car categories has increased. In passenger vehicles, technologically superior active spoilers reduce drag and improve fuel efficiency. Over the forecast period, the market for active rear spoiler is predicted to rise at a faster rate due to its widespread use in premium luxury and sports automobiles.
The US market is estimated to have one of the largest share of the market. The area market is benefiting from the presence of significant players. In the region, modern automotive active rear spoilers with high efficiency and design are installed on passenger cars and commercial vehicles.
Given the high volume of sports and luxury vehicles sold in the US and Canada, the market is likely to be more receptive to advanced technology adoption. Well-known players play a vital role in the value chain. To supply end-to-end solutions, they pursue tactics such as mergers and acquisitions with prominent participants. The rising popularity of auto racing and the expanding acceptance of hyper cars in the region are expected to increase the demand.
Europe has a large number of passenger automobiles, particularly sedans, and Europeans are more enthusiastic about high-speed automobiles. These are some of the primary reasons behind Europe's dominance in the worldwide vehicle rear spoiler demand. It is a key vehicle-producing region, and people's attitudes in the countries of the region are changing.
Some of the leading manufacturers and suppliers include
New product approvals, as well as other organic growth initiatives such as patents and activities, are being prioritized by a number of manufacturers. Acquisitions, as well as partnerships and collaborations, were considered inorganic growth techniques in the business. As a result of these measures, market leaders have been able to grow their business and customer base.
Key Devlopment:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Rear Spoiler Market
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