As per a new report by Future Market Insights (FMI), the power liftgate market reached a US$ 2,741.9 Mn valuation in 2022, and is projected to display a strong 8.2% CAGR. Improvements in automation tech, and the rising popularity of retrofitting are expected to aid long-term developments in the industry.
While the market is expected to display a positive growth trajectory in the coming decade, prohibitive costs of configuration, and limited use in low and mid-range automobiles remain deterrents.
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- The size of the power liftgate market is estimated to reach US$ 2,547.0 Mn by the end of 2021, with investments into automotive automation technologies being the key factors aiding developments in the industry.
- Luxury passenger cars will remain the leading end-users of power liftgates, while commercial vehicles are expected to reflect steady growth on the back of higher levels of domestic trade and ecommerce.
- Semi-automatic versions of power liftgates reflect relatively higher, albeit declining market share, owing to improvements in recent years in terms of automation technologies including AI and IoT.
- North America, followed by Europe, are lucrative markets for power liftgates, driven by strict emission regulations and the presence of leading automobile market players.
“Rising demand for reliability and comfort in driving experience and the growing value of the luxury vehicles segment around the world are key factors driving the demand for power liftgates. Manufacturers are pushing for improvements in terms of temperature and shock resistance, which will aid growth in the long-term,” said a lead FMI analyst.
Covid-19 Effect on Power Liftgate Market
Lockdown restrictions have affected production activities. Also, restrictions on trade have disrupted supply chains for raw materials and components. Concerns in terms of workforce shortage and finances will also remain important for the duration of the crisis. Changes in consumer spending behavior have impacted automotive sales, which in turn has hurt the demand for power liftgates. Recovery is likely to be gradual, owing to economic uncertainties and the largely non-essential nature of automotive components for the near future.
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Who is Winning?
In its new report, FMI has covered essential data on key business strategies that have been gaining traction in the power liftgate market. Market leaders have been focused largely on product development strategies, in addition to geographical expansion, especially considering the high potential of emerging economies.
Continental AG, Stabilus GmbH, Huf Hulsbeck & Furst GmbH & Co., Strattec Security Corporation, Brose Fahrzeugteile GmbH & Co., Johnson Electric Holdings Ltd., HI-LEX Corporation, VOXX Electronics Corp, Power-Packer Corporation, Magna International, Autoease Technology are some of the more prominent market players in the industry.
- Passenger Vehicle
- Commercial Vehicle
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- North America (U.S., Canada)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Europe (Germany, France, UK, Italy, Spain, Russia, BENELUX, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Pacific (India, Thailand, Indonesia, Malaysia, Rest of South Asia)
- Middle East & Africa (GCC Countries, Turkey, South Africa, Northern Africa, Rest of MEA)
Explore FMI’s Extensive ongoing Coverage on Automotive Domain
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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