PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304623
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304623
Automotive Power Lift-Gate Market size was valued at USD 6,005.7 Million in 2022, expanding at a CAGR of 8.9% from 2023 to 2030.
Automotive Power Lift-Gate market is staged to witness substantial growth over the forecast period. The hand-free mechanism for the auto power liftgate also allows for remote control operation. Although the design of doors varies greatly across automakers and even between different car models, the mechanics of the automotive power liftgate stays the same. Good anti-corrosion qualities in automotive power liftgates ensure the longevity and effective operation of back doors.
These days, all reputable automakers are incorporating this technology into their cars to improve passenger comfort. A power liftgate drive, a deck lid cable drive, a capacitive sensor system for hands-free opening and shutting, and a lift gate latch with a power cinching unit make up the power liftgate system.
The automotive power lift gate market is predicted to grow significantly globally along with the ongoing expansion of the automotive industry. The automotive power lift gate market will be driven by new developments in the automotive sector, such as a hand-free system for opening and closing back doors. Additionally, some insurance providers provide discounts on insurance premiums for vehicles with cutting-edge technology. This element is expected to fuel the market for automotive power liftgates.
Asia Pacific has a significant share of the global market. This is a result of the region's middle class population's rising disposable income, good living standards, and rising auto sales. In the upcoming years, it is predicted that these reasons will increase demand for automobile power liftgates. Due to the huge number of automakers in the region, Europe also accounts for a sizable portion of the market for automotive power liftgates.
Furthermore, due to the rising demand for luxury vehicles in the United States and Canada, North America is anticipated to dominate the automotive power liftgate market. Due to rising urbanisation and economic growth, Latin America and MEA are expected to experience a surge in automobile demand. This will propel the growth of the automotive power liftgate market over the coming years.
The Automotive Power Lift-Gate market is fragmented into the type, and propulsion segments. Based on the type, the segment Passenger Car is anticipated to dominate the market. By propulsion, the Gasoline segment is forecasted to expand at the highest CAGR during the given period.
The Automotive Power Lift-Gate market is red ocean i.e., highly competitive in nature with the presence of local & international players. Major manufacturers are engaged in strategic collaborations, and new product launches to remain competent in the market. For example, in In 2019, The Jeep Cherokee SUV employed a thermoplastic power liftgate that was introduced by Magna International Inc.. This is used to create components that perfectly integrate with tethering attachments. In addition, in 2019 with the rear of the vehicle at bumper level, Brose Fahrzeugteile began production of the new power liftgate for the Escape SUV model, which includes sensors like the Wii sensor bar. It needs a kicking motion to open or close.
The scope of this report covers the market by its major segments, which include as follows: