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Power Liftgate Market 2024 - By Size, Share, Trends, Growth Analysis And Outlook By 2033
Power Liftgate Market
Power Liftgate Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $4.88 billion In 2028 At A CAGR Of 11.7% :
The power liftgate market size has grown rapidly in recent years. It will grow from $2.8 billion in 2023 to $3.14 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to consumer demand, safety concerns, luxury vehicle trends, regulatory standards.
The power liftgate market size is expected to see rapid growth in the next few years. It will grow to $4.88 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to rise of electric vehicles, smart connectivity. Major trends in the forecast period include customization trends, innovations in material and design, market expansion.
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Power Liftgate Market Major Segments
The power liftgate market covered in this report is segmented -
1) By System Type: Hands-Free, Conventional
2) By Type: Passenger Vehicle, Commercial Vehicle
3) By Material: Metal, Composite
4) By Sales Channel: OEM, Aftermarket
Key Driver - Electric Vehicle Adoption Fuels Power Liftgate Market Growth
The rise in the adoption of electric vehicles is expected to drive the demand for the power liftgate market. Electric vehicles are automotive vehicles that use one or more electric motors for propulsion. Power liftgates are highly used in electric vehicles. Increasing the use of technology in the automotive industry brings many technological changes to its components and one feature that makes the powered tailgate even more useful is the ability to open the tailgate hands-free. The electric vehicle increasingly needs components that are auto operated such as a power liftgate, in turn, the increasing adoption of electric vehicles will create more demand for power liftgates. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4% points in 2021 as well, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing adoption of electric vehicles propels the growth of the power liftgate market.
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Prominent Trend - Technological Advancement In Power Liftgates
Technological advancement in power liftgates is a key trend gaining popularity in the power liftgate market. Technologically advanced power liftgates include smart or hands-free power liftgates that are powered by sensors, control units, and other functions enabling hands-free opening and closing for convenient use. Key players are keenly focused on providing these technologically advanced power liftgates to acquire more customers and penetrate the market for additional business. For instance, Brose Fahrzeugteile GmbH & Co. KG, a German automotive supplier offers advanced power liftgate drives that have additional functions such as liftgate drive, sensors, latch with power cinching unit, control unit, and anti-trap protection.
Power Liftgate Market Players
Major companies operating in the power liftgate market report are Aisin Corporation, Autoease Technology, Brose Fahrzeugteile GmbH & Co. KG, Grupo Antolin Pvt. Ltd., Johnson Electric Pvt. Ltd., Anthony Liftgates Inc., Maxon Lift Corp., Dhollandia, Waltco Lift Corp., Tommy Gate, Thieman Tailgates Inc., Leyman Manufacturing Corporation, Palfinger AG, Eaglelift Inc., Anteo Tail lifts Ltd., Zepro Tail lift Pvt. Ltd., Interlift Engineers, Bär Cargolift, Ricon Corp., Ross & Bonnyman Ltd., Sörensen Hydraulik GmbH, Tieman Industries Pty. Ltd., Venco Venturo Industries LLC, Woodbine Manufacturing Company, Zequip, Cargotec Oyj, Del Liftgates Inc., Maxilift Inc., Periyar Hydraulic Equipments, Rishita Engineers
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Largest And Fastest Growing Region In The Market
North America was the largest region in the power liftgate market in 2023. The regions covered in the power liftgate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Power Liftgate Market Report Structure
3. Power Liftgate Market Trends And Strategies
4. Power Liftgate Market - Macro Economic Scenario
5. Power Liftgate Market Size And Growth
…..
27. Power Liftgate Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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