The new report by Expert Market Research titled, ‘Global Automotive Power Liftgate Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global automotive power liftgate market, assessing the market based on its segments like types, vehicle types, material types, sales channels, and regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators and analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2021): USD 1.8 Billion
Forecast CAGR (2023-2028): 14%
Forecast Market Size (2027): USD 3.9 Billion
The automotive power liftgate market is being driven by the growing demand for comfort in the process of loading and unloading the trunk of a vehicle, especially in large vehicles like SUVs. The increased demand for remotely controlled power liftgates is anticipated to aid the market growth in the forecast period. These power liftgates can be controlled with the click of a button on the key fob, on the back door or through an app.
Moreover, heightened capital expenditure by the leading market players in the research and development of efficient automotive power liftgates is also estimated to aid the market growth. These factors are expected to drive the market growth in the forecast period.
Industry Definition and Major Segments
Automotive power liftgate refers to a device that allows individuals to operate the rear door with ease. These are motorised hatches that can be operated electronically and also allow hands-free usability. In addition, with the integration of sensors, the rear gates are being developed to open with the help of apps and gestures.
The automotive power liftgate market, on the basis of type, can be segmented into:
Conventional Power Liftgate
Hands-free Power Liftgate
Based on vehicle type, the industry can be segregated into:
Hatchback
Sports Utility Vehicle
Sedan
Others
On the basis of material type, the market can be bifurcated into:
Metal
Composite
Based on sales channel, the industry can be categorised into:
OEM
Aftermarket
The regional markets for automotive power liftgate include:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
The global automotive power liftgate industry is being driven by the increased demand for passenger vehicles among the consumers. This can be attributed to the rising global population and their subsequent transportation needs. Rapid urbanisation, rising disposable incomes, and the improved standards of living are further estimated to positively impact the market growth. Moreover, the rapid technological advancements such as the development of voice activated power liftgates are also estimated to aid the market growth. The factors are anticipated to augment the market growth in the coming years.
Key Market Players
The major players in the market are Faurecia SE, Magna International Inc., Huf Group, Strattec Security Corporation, Woodbine Manufacturing, Autoease Technology, and Brose Fahrzeugteile, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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