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SUV-based rear spoiler market to accrue commendable gains over 2017-2024, India to evolve as an opportunistic region for industry growth
Rear spoiler market has indeed crossed a major revenue benchmark in the year before last, having registered a valuation of around USD 3.3 billion in 2016. These massive proceeds can be majorly credited to the ever-changing dynamics of the automotive sector, the evolution of the EV era, and the innumerable changes brought about in vehicle production, thanks to the extensive advancements in automobile technology. With more and more automotive giants exploring novel methodologies to enhance automobile speed, safety, performance, and functioning, rear spoiler industry size is likely to soar high in the ensuing years. Recently, Mercedes-AMG, one of the most notable players in rear spoiler market, unveiled a video featuring its GT sedan, which clearly depicts the improved features added to the vehicle, rear spoilers being the focal point. Apparently, the sedan flaunts a vertical-slat Panamericana grille, LED headlights equipped with J-shaped running lights, and a completely functional active rear spoiler.
U.S. Rear Spoiler Market, By Technology, 2016 & 2024, (Million Units)
How the upcoming SUV era could impact rear spoiler market trends
In recent times, a global upsurge has been observed in SUV sales, plausibly on account of the fact that they provide extensive legroom, headroom, and storage space. With rising preferences for SUVs and the increasing production capacities of automakers, rear spoilers are likely to observe a rise in installations, thereby boosting rear spoiler market size. The demand for SUVs in particular, will have a commendable impact on the sales graph of rear spoiler industry, as is evidenced by the statistics below:
- In 2016, SUV sales in the United States were registered at 6.9 million units – a growth of 480,000 units having made it to the record.
- In 2017, SUV sales in Australia were chronicled at 465,646, capturing 39.2% of the overall market share, depicting a 14% growth from the last year.
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With a tremendously high demand and rise in popularity, SUVs are likely to be installed with high grade rear spoilers in order to enhance their performance. SUVs were the leading vehicle segment in rear spoiler market in 2016, having held over 65% of the overall share, subject to the demand for lightweight vehicles and the necessity of improved aerodynamics. Most companies in rear spoiler market have been experimenting with innovative product designs to suitably fit the requirements of major automakers. In August 2011, Mitsubishi introduced the SUV Outlander equipped with highly upgraded features in rear spoilers. It is undeniable therefore, that rear spoiler market size would massively benefit from SUV sales over 2017-2024.
India to be a crucial growth ground for the expansion of rear spoiler industry size
The rising furor for SUVs has been observed across the Indian sub-continent as well. Just recently, it had been observed that the compact SUV segment has emerged as one of the most profitable automobile categories in the country, as is exemplified by the details below:
- The Maruti S-Cross witnessed the highest rise in sales in the month of October – a mammoth 1331% increase from the September sales, from 385 to 5510.
- The Vitara Brezza recorded sales of 11,684 units, consistently maintaining its leadership position.
- Tata Nexon held a record customer count of 3099 and is expected to soar tremendously high, with a huge consumer waiting list. On this account, the company actually plans to double the production of the Nexon owing to the 3-month waiting period.
It remains no doubt therefore, that India would be a major growth ground for the expansion of rear spoiler market. In 2015, the Indian Government collected funds of USD 11.55 million to enhance the production of hybrid and electric vehicles. In 2017, this budget is reported to have increased by 42%. Thus, the surge in the demand for green vehicles coupled with beneficial government initiatives are likely to impel EV and SUV production, which would undeniably have a major impact on India rear spoiler industry.
With increased global focus on manufacturing hybrid and electric vehicles, equipped with smart features, rear spoilers market outlook has been forecast to be rather dynamic in the ensuing years. As per a report compiled by Global Market Insights, Inc., rear spoiler market size has been estimated to surpass the 5-billion-dollar mark by 2024, given the increasing popularity of these component in SUVs and hatchback cars. In essence, with changing consumer preferences regarding luxury automobiles and a paradigm shift in technology deployment in vehicle manufacturing, rear spoiler industry is certain to chart out a rather lucrative growth path in the years ahead.
Author Name : Saipriya Iyer
Global automotive wheel market to register itself in the much-coveted 100-billion-dollar business space by 2024, shifting trends toward lightweight vehicles to boost the product demand
The escalating development of global automotive sector will generate lucrative growth avenues for automotive wheel market. Automobile producers have been adopting new manufacturing techniques to comply with emission control regulatory norms. Researchers have also been implementing novel product designs and improvised concepts to increase the fuel efficiency of vehicles, which in turn, will boost automotive wheel industry size. Rising spending capabilities of consumers across the globe is also fueling the product demand. Of late, consumers have been prioritizing comfort, durability, and product design, which will provide a significant impetus to global automotive wheel industry. In fact, estimates claim automotive wheel market to surpass USD 100 billion in terms of revenue by the end of the year 2024.
U.S. Automotive Wheel Market, By Material, 2017 & 2024 (USD Million)
Major automotive manufacturers across North America and Europe are treading towards the production of lightweight vehicles, owing to the increasing concerns over environmental pollution. Aluminum is one of many materials that is used to construct these light weight vehicles, and has also been gaining popularity pertaining to the benefits it provides such as low weight, improved design, and excellent performance. The aluminum-based automotive wheel market will also experience commendable growth in the ensuing years pertaining to enhanced car handling and riding comfort, in tandem with the reduction of unsprung mass.
Surging innovations in product design has generated lucrative opportunities for various OEMs to penetrate automotive wheel market. In fact, OEMs dominated the automotive wheel market in 2017 and the segment is anticipated to retain its dominant position over 2018-2024 as well. The growth in the demand for OEMs in this industry can be appropriately credited to the extended durability, robust performance irrespective of weather, and reduced replacement rates.
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It is prudent to mention that OEMs have also benefitted from supportive manufacturing policies implemented by numerous Asian countries. The Asian zone, as a matter of fact, is anticipated to garner substantial returns in automotive wheel market, particularly on account of the expanding automotive industry in the region and the extensive automobile production across the economies of China and India. Indeed, APAC is known to have been a dominant regional contender and is expected to continue its leadership streak in the global automotive wheel market over 2018-2024. The regional growth can also be credited to the hefty demand for aluminum wheels in passenger cars in tandem with the requirement for aftermarket customization.
Rapid urbanization trends across the globe have changed the consumer standards of living, on account of which consumers across the globe have been giving preferences to passenger cars. Driven by rising passenger cars sales subject to increasing disposable income and high demand for mobility, automotive wheel industry size from passenger cars is likely to depict an incline in the years ahead. In 2018 alone, the European Automobile Manufacturers’ Association (ACEA) observed registrations of about 12 million passenger cars, with a growth rate of 2.5% between January-September 2018. Even in China, in 2016, passenger car production was recorded at more than 24 million units. It is thus rather overt from these statistics that the commercialization scale of the global automotive wheel market will experience quite an upsurge from the worldwide demand and supply of passenger cars alone.
OEMs, in recent times, have been making strategic agreements with suppliers to expand the business space. Innovations in product design and manufacturing processes will create numerous growth opportunities for industry players in automotive wheel market. Mergers & acquisitions and joint ventures will continue to remain the key growth strategies that major companies will adopt, in order to stay ahead of their rivals in automotive wheel market.
Author Name : Saipriya Iyer
Global Market Insights Inc. 