Power Liftgate Market Overview
Market Research Future (MRFR) anticipates the power liftgate market 2022 to attain a valuation of more than USD 5 Billion by the year 2026. The projected market growth rate can be 6% between 2022 and 2030, which is the review period.
Primary Boosters and Main Barriers
Increasing uptake of sensor-based and electronic components in vehicles has done wonders for the power liftgate market in recent years. The surge in technological innovations and constant advancements in the automobile sector can also offer opportunities to power liftgate manufacturers. Sensing the opportunity, renowned automobile manufacturers are integrating innovative power liftgates within their vehicle models, which not only boosts product demand but can also lead to market expansion in the following years.
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Furthermore, the increasing demand for more comfortable and safe driving experience among consumers drives the need for power liftgate. Increasing awareness among consumers regarding better quality products and the subsequent hike in the demand for adaptive, self-controlling and smart power liftgate triggers market growth.
An increasing number of auto part manufacturers are striving to overcome technical issues for electro-mechanical components that can bear high vibrations, shocks and temperatures throughout the vehicle’s lifetime. They are also working on making power liftgates more energy-efficient, lightweight as well as compact. Apart from this, the thriving market for luxury vehicles in line with the rising purchasing power of consumers can mean incredible market growth for power liftgates.
Power Liftgate Market Segmentation
The market for power liftgate can be considered for type, vehicle type and sales channel.
The types of power liftgate are conventional as well as hands-free power liftgate. Out of these, hands-free power liftgate can generate maximum demand in the market given the increasing use of the latest technologies in vehicles following the surge in consumers' needs. These types of power liftgates can be adjusted according to the required height and are quite convenient for unloading and loading cargo, which further boost their demand.
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The vehicle types described in the report are commercial vehicle and passenger cars. Passenger cars are anticipated to be the top segment in the global market for power liftgate, on account of the boost in the sales as well as production of passenger cars in emerging countries
The types of sales channels are original equipment manufacturers or OEM as well as aftermarket.
Power Liftgate Market Regional Insight
The primary markets for power liftgate are Asia Pacific or APAC, Europe, North America, and the Rest of The World or RoW (which covers MEA or Middle East & Africa as well as Latin America).
Some of the prime growth boosters in the APAC market include the increasing disposable income, and the boom in the sales of vehicles like premium, SUV and luxury cars. The regional market is also presumed to gain at the fastest rate between 2019 and 2025, on account of the heightened demand for advanced power liftgates in Japan and China. Other than this, the increasing production of premium vehicles following the high demand among customers, and the large number of units belonging to international players in the region gives the require boost to the power liftgate market.
The growth of the North American market will be the result of the escalating demand or eco-friendly vehicles, rising use of rail liftgate in commercial vehicles, and the surge in rental services for power liftgate trucks. Additionally, some of the most well-known electric tailgate lift manufacturers are headquartered in the region, such as Magna International Inc. and Tommy Gate, which also adds to the market strength.
The South American and the MEA market are touted to perform decently in the coming years, among which South America can note better growth due to the rapid uptake of hands-free liftgates in vehicles. Countries like Argentina, Colombia and Brazil are some of the top performers in the South American market, courtesy rising urbanization as well as government initiatives that push the growth of the automotive industry. On the other hand, the expanding power liftgate aftermarket in Saudi Arabia, South Africa and the UAE leads to market growth in MEA.
Power Liftgate Market Key Players
· STRATTEC (US)
· Johnson electric (China)
· Magna International Inc.
· (Canada)
· Grupo Antolin Irausa S.A (Spain)
· Aisin Seiko co. ltd (Japan)
· Continental AG (Germany)
· Stabilus GmbH (Germany)
· Huf Hülsbeck & Fürst GmbH & Co. KG. (Germany)
· Woodbine Manufacturing Co. Inc. (Tommy Gate) (US)
· Robert Bosch GmbH (Germany)
· Brose Fahrzeugteile GmbH & Co. KG (Germany)
· Faurecia SA (France)
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