ID: MRFR/AM/6921-HCR | February 2021 | Region: Global | 100 pages
A power liftgate is also known as a power rear liftgate system in automobiles that opens and closes automatically by pressing a key located on the dashboard or handheld remote. The power liftgate is designed for fail-safe operation even in the event of network or power loss. The power liftgate system includes a drive unit, an electronic control unit, anti-pinch strips, and power liftgate actuator.
The major drivers for the market growth are growing need to improve passenger comfort and convenience, rise in sale of e-vehicles, growing demand for autonomous and semi-autonomous vehicles, rising adoption hand-free power liftgate technology from automotive sector, and growing electrification in vehicles such as uses of sensors, power liftgate kit, and electric components.
Growing demand for smart, adaptive and self-controlling power liftgate, advanced component technology, automatic liftgate, and developing economies of China, Mexico, Chile, Brazil, Saudi Arabia, and Argentina are providing ample opportunities for the growth of power liftgate market size. However, strict vehicle safety regulations, component reliability issues, and high costs associated with the development of the power liftgate in terms of research could act as barriers to the market growth. The global power liftgate market is expected to cross USD 5 Billion by 2026 at a projected CAGR of 6% over the forecast period.
Segmentation: Global Power Liftgate Market
The global power liftgate market is segmented on the basis of type, vehicle type, sales channel, and region. By type, the market is segmented as conventional and hands-free power liftgate. By vehicle type, the market is segmented as passenger car and commercial vehicle. By sales channel, the market is segmented as OEM and aftermarket.
Segmentation based on region, the global power liftgate market has been segmented into four major regions namely Asia-Pacific, North America, Europe, and the Rest of The World (RoW), which includes Middle East & Africa and Latin America. The growth of the Asia-Pacific market can be attributed to the growing disposable income of the middle-class population and increase in sales of vehicles like such as SUV and premium, luxury cars. The market for power liftgate is expected to grow at the highest rate in Asia-Pacific between 2019 and 2026, due to the increase in penetration of power liftgate, primarily in China and Japan. Besides, growing production of premium-segment vehicles due to an increase in demand from customers, along with the presence of business units of major global players in this region, are providing the necessary boost to the market for power liftgate.
North America is poised to witness a significant growth owing to the growing demand for environment-friendly vehicles, increasing deployment of rail liftgate from commercial vehicles, and growing power liftgate truck rental services across the region. Furthermore, the presence of electric tailgate lift manufacturers such as Tommy Gate and Magna International Inc. from the US and Canada are also accelerating the growth of this market in the North America region.
The rest of the world is comprised of the regions of South America and the Middle East & Africa. Among the regions, South America is projected to grow at a rapid pace over the forecast period owing to the growing demand for hands-free liftgate in vehicles. Major countries in this region, including Brazil, Argentina, and Colombia are significant contributors to the market growth courtesy increasing urbanization and the government initiatives, which are pushing the rapid development of the automotive industry. Furthermore, the growing power liftgate aftermarket service centers in Middle East & Africa region primarily in the UAE, Saudi Arabia, and South Africa is also contributing to the growth of this market. The market in Europe is growing over the forecast rate due to stringent vehicle emission norms leads the demand for electric vehicles, which in turn also contributes to the growth of this market.
Key Industry Participants
Some of the Key Industry Participants of the global power liftgate market include Aisin Seiko co., ltd, (Japan), Brose Fahrzeugteile GmbH & Co. KG (Germany), Faurecia SA (France), Grupo Antolin Irausa S.A, (Spain), Huf Hülsbeck & Fürst GmbH & Co. KG. (Germany), Johnson electric (China), Magna International Inc., (Canada), Stabilus GmbH (Germany), Woodbine Manufacturing Co. Inc. (Tommy Gate) (US), STRATTEC (US), Robert Bosch GmbH (Germany), and Continental AG (Germany).
The report for global power liftgate market of Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
Frequently Asked Questions (FAQ) :
Over the projected timeframe, the market expansion can take place at a rate of 9%.
The market value can be more than USD 5 Billion by 2025.
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), are the leading companies in the global market.
Amplified demand for smart and self-controlling power liftgate, the latest component technology as well as automatic liftgate, and developing countries of Mexico, China, Brazil, Chile, Argentina and Saudi Arabia provide abundant opportunities for the growth of the power liftgate market.
Surging demand for environment-friendly vehicles, rising deployment of rail liftgate in commercial vehicles, and increasing power liftgate truck rental services account for the market expansion in North America.