Power Liftgate Market to Reach US$ 6,229.4 million by 2033, Accelerating at an 8.92% CAGR: FMI Estimation

The global power liftgate market in 2022 was US$ 1,300 million and is estimated to be US$ 2,650.23 million in 2023. As per an FMI researcher, the power liftgate market is anticipated to expand at a CAGR of 8.92% between 2023 and 2033, totaling around US$ 6,229.4 million by 2033.

Factors Accelerating the Power Liftgate Market Growth

The rise in the adoption rate in the automotive industry owing to the 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.

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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.

"A steady increase in the sales of luxury and SUV-style passenger vehicles is one of the key trends of the power liftgate market", comments a Future Market Insights analyst.

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.

Key Companies Profiled

Magna International
Stabilus GmbH
Continental AG
Brose Fahrzeugteile SE & Co. KG
Huf Hulsbeck & Furst GmbH & Co.
Strattec Security Corporation
Johnson Electric Holdings Ltd.
HI-LEX Corporation
VOXX Electronics Corp
Powder-Packer Corp
Autoease Technology

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Vital Developments in the Market

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

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.