The power liftgate market is set for significant growth, projected to reach an impressive USD 6,945.5 Million by 2033, driven by a robust CAGR of 8.9%. This surge can be attributed to the increasing demand for convenience and automation in vehicles, as consumers seek out features that enhance ease of use and accessibility.
Automakers are responding to this trend by incorporating advanced power liftgate systems in their latest models, appealing to tech-savvy customers who prioritize both functionality and innovation.
With these developments, the Power Liftgate Market is poised for a dynamic and prosperous future, reflecting broader trends in the automotive industry towards greater comfort and user-friendly technologies.
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Factors Accelerating the Power Liftgate Market Growth
- The rise in the adoption rate in the automotive industry owing to improvements in terms of electric latches, torque cables, direct units, and touch sensors.
- The growth in the shift toward electric cars and other autonomous and semi-autonomous technologies for user convenience.
Growth in the number of car sales, especially in developing economies, a surge in disposable income, and a substantial rise in demand for luxury passenger car models help in the expansion of the automotive sector by positively affecting the power lift market.
Improvement of the quality of the material used and design of unique systems, in response to product launch thus, extends profitable opportunities to the power lift market players in the forecast period
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.
Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the power liftgate market providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the power liftgate market is segmented based on major By Sales Channels: (OEM, Aftermarket), By Vehicle Type: [(Passenger Vehicle- Compact, Mid-sized, SUV, Luxury), Commercial Vehicle], By Product Type : (Automatic, Semi-Automatic), and by Region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa)
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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