The power liftgate market is poised for remarkable growth, projected to reach a substantial USD 6,945.5 million by 2033, driven by a robust compound annual growth rate (CAGR) of 8.9%. This growth is fueled by the increasing demand for convenience and automation in vehicles, as consumers increasingly seek features that enhance ease of use and accessibility.
Automakers are responding to this demand by integrating advanced power liftgate systems into their latest models, catering to tech-savvy consumers who value both functionality and innovation.
Factors Driving Growth in the Power Liftgate Market
1. Technological Advancements: The market is experiencing significant growth due to advancements in electric latches, torque cables, direct units, and touch sensors. These innovations are making power liftgates more efficient and user-friendly.
2. Shift Toward Electric and Autonomous Vehicles: There is a growing trend towards electric and autonomous vehicles, which enhances user convenience and drives demand for advanced features like power liftgates.
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3. Increasing Car Sales and Disposable Income: The rise in global car sales, particularly in developing economies, coupled with increased disposable income, is contributing to the expansion of the automotive sector and positively impacting the power liftgate market.
4. Enhanced Materials and Design Innovations: Improvements in materials and unique system designs are opening up new opportunities for power liftgate market players. Product launches featuring high-quality materials and innovative designs are expected to drive market growth.
Overall, the power liftgate market is set for a dynamic and prosperous future, reflecting broader trends in the automotive industry towards greater comfort and user-friendly technologies.
Key Takeaways from the Market Study
- The global power liftgate market expanded at a CAGR of 7.42% between 2018 and 2022.
- The United States captured a market share of 40.21% in 2022.
- North America forecasted a market share of 44.4% in 2022.
- Europe recorded a market share of 38.2% in 2022.
- China is anticipated to develop a 6.8% CAGR from 2023 to 2033.
- Based on vehicle type, luxury vehicles captured a market share of 90% in 2022.
Competitive Landscape:
The global market is highly fragmented with the presence of leading key players. The majority of these players are striving to expand their portfolios by launching cutting-edge products. Meanwhile, a few other companies are tying up with reputed power liftgates to deliver their in-house products and gain a competitive advantage in the market.
Leading Key Players:
The power liftgate market is driven by leading key players such as Magna International, Stabilus GmbH, Continental AG, and Brose Fahrzeugteile SE & Co. KG, who are at the forefront of innovation and development. Other significant contributors include Huf Hulsbeck & Furst GmbH & Co., Strattec Security Corporation, Johnson Electric Holdings Ltd., HI-LEX Corporation, VOXX Electronics Corp, Powder-Packer Corp, and Autoease Technology. These companies are instrumental in advancing power liftgate technology, enhancing vehicle convenience and user experience through strategic collaborations and continuous R&D investments.
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Recent Developments:
- HI-LEX built a plant for door systems for automobiles in Most, North Bohemia, and invested 1.16 billion in it. It planned to employ up to 250 people by 2023.
- Magna International Inc. announced a thermoplastic motorized liftgate for the Jeep Cherokee SUV from Fiat Chrysler Automobiles.
Power Liftgate Market Segmentation:
By Sales Channel:
- OEM
- Aftermarket
By Vehicle Type:
- Passenger Vehicle
- Compact
- Mid-sized
- SUV
- Luxury
- Commercial Vehicle
By Product Type:
- Automatic
- Semi-Automatic
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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