Rear Spoiler Market Synopsis:
The global market for rear spoiler is projected to expand at a CAGR of 7.50%, holding a substantial value by the end of 2023. According to the data experts at Market Research Future Reports (MRFR), the rear spoiler market 2020 is majorly influenced by the growing automotive industry. Besides, the growing number in the SUV production along with the technological advancement in materials is anticipated to be an important factor of market expansion. The technical development for reducing the weight of the vehicle is likely to enhance fuel-efficiency, which is projected to drive the market significantly during the forecast period. Besides, the increased income of individuals has given a superior power of purchasing, which directly affects the market during the review period. The market for rear spoiler is anticipated to grow prodigiously during the forecast period.
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However, the uncertain and fluctuating price of raw materials is likely to hamper the market growth. Besides, the capital investment required is another factor which is estimated impede the market. Also, the spread of coronavirus has adversely affected the manufacturing unit. Several regions announced lockdown which led to the temporary suspension of manufacturing plants. The market is estimated to recover steadily in the post-COVID-19 period. The global economic crisis caused by the pandemic is likely to impact the market adversely since it has lowered down the purchasing power of every individual. The lockdown has affected the daily business operations as well. We will provide an impact analysis report on COVID-19.
Rear Spoiler Market Segmentation:
The global market for rear spoiler can be distinguished into fuel type, technology, material, vehicle type, and region.
On the basis of fuel type, the global market for real spoiler can be classified into BEV, ICE, and others.
On the basis of technology, the global market for real spoiler can be classified into injection, blow, reaction injection molding.
On the basis of material, the global market for real spoiler can be distinguished into carbon fibre, ABS, fibreglass, and sheet metal.
On the basis of vehicle type, the global market for real spoiler can be distinguished into hatchback, SUV, and others.
On the basis of region, the global market for real spoiler can be distinguished into North America, Asia Pacific, Europe, and Rest of the World (RoW).
Rear Spoiler Market Regional Analysis:
The global market for real spoiler is projected to expand significantly during the forecast period. Regional analysis such as North America, Asia Pacific, Europe, and RoW have been evaluated. According to the study, the global market is estimated to be dominated by North America. North America is likely to acquire the largest market share during the assessment period. Also, the region is estimated to experience a surge in demand for passenger cars. The demand for new vehicles will fuel the market. On the other hand, the APAC region is estimated to grow at the fastest CAGR during the review period.
However, the disruption of coronavirus is likely to affect the market in several ways. Several companies, which had their base in China are relocating their operation to other countries which is will bring the severely impact the Chinese market. China, being one of the most efficient manufacturing hubs in the world, is likely to face a major setback.
The key players of the global rear spoiler market are Plastic Omnium (France), Magna International Inc. (Canada), SMP Automotive (Germany), Polytec Group (Austria), Mercedes-AMG GmbH (Germany), Albar Industries, Inc. (U.S.), Changzhou Huawei (China), P.U. Tech Spoiler (Malaysia), DAR Spoilers (U.S.), and SRG Global (U.S.).
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