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
This entry was posted in Automotive & Transportation and tagged ABS Plastic, Aftermarket, Battery Electric Technology, BEV, Blow Molding, Carbon Fiber, Fiberglass, Hatchback, Hybrid, ICE, Injection molding, Internal Combustion Engine, MPV, Multi-Purpose Technology, OEM, Reaction Injection Molding, Rear Spoiler Market, Rear Spoiler Market Size, Sheet Metal, Sports Utility Technology, SUV.