The power liftgate market size reached a US$ 5,144.3 Million valuation in 2030, and is projected to display a strong 8.2% CAGR. Long-term advances in the business are anticipated to be aided by advancements in automation technology and the increased popularity of retrofitting.
According to a recent report by Future Market Insights (FMI), there are still challenges, such as high configuration costs and low acceptability in entry-level and mid-range vehicles, despite the sector’s predicted favourable growth over the next ten years.
Key Takeaways
- 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.
Raise the bar on your comprehension! To discover more, request a sample of our report right away:
https://www.futuremarketinsights.com/reports/sample/rep-gb-12888
“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
Production attempts have been hampered by lockdown constraints. Trade restrictions have also made it harder to find raw materials and component parts. Throughout the crisis, concerns about the labour shortage and finances will be common. The demand for power liftgates has decreased as a result of changes in consumer spending patterns, which also have an effect on auto sales. Because of the economy’s volatility and the predicted non-essential character of automotive parts, recovery is expected to be modest.
Who is Winning?
FMI’s latest study includes crucial information on the most effective commercial methods currently being adopted in the power liftgate sector. Given the enormous potential of emerging economies, market leaders have generally concentrated on product development methods in addition to geographic expansion.
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.
Are you ready to improve your decision-making abilities? Don’t hesitate any longer! Get your personalised report now:
https://www.futuremarketinsights.com/customization-available/rep-gb-12888
Key Segments
Sales Channel
- OEM
- Aftermarket
Vehicle Type
- Passenger Vehicle
- Compact
- Mid-sized
- SUV
- Luxury
- Commercial Vehicle
Product Type
- Automatic
- Semi-Automatic
Region
- 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)
Improve your ability to make decisions by using data-driven insights. Contact our analyst right now to receive your individualized report:
https://www.futuremarketinsights.com/ask-question/rep-gb-12888
About Us
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.
Contact:
Future Market Insights Inc.
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse latest Market Reports: https://www.futuremarketinsights.com/reports
LinkedIn | Twitter | Blogs