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Power Tailgate Systems Market Outlook 2024: Demand Analysis and Industry Trends
Power Tailgate Systems Market Outlook
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According to The Business Research Company's, The power tailgate system market size has grown strongly in recent years. It will grow from $2.95 billion in 2023 to $3.20 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to increasing focus on enhancing convenience and user experience, growing demand for smart, adaptive and self-controlling power liftgate, demand for power tailgate for passenger cars and commercial vehicles, rising demand in automotive industry, and growing focus on comfort and convenience.
The power tailgate system market size is expected to see strong growth in the next few years. It will grow to $4.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to growing adoption of electric vehicles, increasing vehicle electrification and hybridization, rise of electric and hybrid vehicle adoption, rising demand for automation, and integration of smart features. Major trends in the forecast period include integration of artificial intelligence (AI, innovative technology in automobiles, innovation in vehicle sensors, advancements in electric motor technology, and innovative drivetrain technologies.
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Market Drivers and Trends:
The rising demand for electric vehicles is expected to propel the growth of the power tailgate system market going forward. Electric vehicles are automobiles powered either entirely by electric energy stored in batteries or by a combination of an internal combustion engine and an electric motor. The demand for electric vehicles is due to reduce greenhouse gas emissions, lower fuel costs, and meet stricter environmental regulations while promoting sustainable and energy-efficient transportation. Electric vehicles utilize power tailgate systems to provide enhanced convenience and ease of access to the trunk, using automated opening and closing mechanisms powered by the vehicle's electrical system. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric car market experienced exponential growth as sales surpassed 10 million in 2022. A total of 14% of all new cars sold were electric in 2022, reflecting a substantial increase from approximately 9% in 2021. Therefore, the rising demand for electric vehicles drives the power tailgate system market.
Major companies in the power tailgate system market are focused on developing innovative solutions such as smart electric tailgate actuators to enhance vehicle convenience, improve user safety, and provide seamless hands-free access, reducing energy consumption and improving overall vehicle efficiency. Smart electric tailgate actuators are advanced components that enable the automatic, hands-free opening and closing of vehicle tailgates, offering enhanced convenience, safety, and efficiency in modern automotive systems. For instance, in May 2024, ZHAOWEI, a China-based company that manufactures power transmission systems and gearboxes, launched a smart electric tailgate actuator designed for the automotive industry. This innovative product aims to enhance the convenience and safety of power tailgate systems in vehicles. The actuator features an optimized gearbox and control line design, which helps to increase torque output while reducing noise levels during operation. The electric tailgate actuator employs an electric spindle motor to open and close the trunk lid spring, as well as assist in opening the trunk cover.
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Major Key Players of the Market:
Robert Bosch GmbH, Continental AG, Magna International Inc., Aisin Seiki Co. Ltd., Brose Fahrzeugteile SE & Co. KG, Johnson Electric Holdings Limited, Huf Holding GmbH & Co. Kg, Stabilus GmbH, Kiekert AG, Strattec Security Corporation, Mitsuba Corporation, Multimatic Inc., Huf Hülsbeck & Fürst GmbH & Co. KG, Tomo Corporation, Ningbo Twirl Motor Co. Ltd., Power-Packer, Igarashi Electric Works Ltd., Airplex Automotive, Calsonic Kansei Corporation, Autoease Technology Co. Ltd.
Power Tailgate System Market 2024 Key Insights:
• The power tailgate system market size is expected to see strong growth in the next few years. It will grow to $4.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Electric Vehicle Adoption Fuels Growth In Power Tailgate System Market
• Innovative Smart Electric Tailgate Actuators Revolutionize Vehicle Convenience And Safety
• North America was the largest region in the power tailgate system market in 2023
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