Press release
Power Liftgate Market Expected to Achieve 12% CAGR by 2029: Growth Forecast Insights
Power Liftgate
How Large Will the Power Liftgate Market Size By 2025?
The market size for the power liftgate has seen a swift rise in the past few years. It is predicted to surge from $3.08 billion in 2024 to $3.44 billion in 2025, maintaining a compound annual growth rate (CAGR) of 11.7%. Factors contributing to the rise during the historical period include consumer requirements, issues of security, the direction of luxury vehicle patterns, and compliance with regulatory norms.
How Big Is the Power Liftgate Market Size Expected to Grow by 2029?
The market for power liftgates is projected to experience significant expansion in the upcoming years, with its estimated value expected to reach $5.42 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 12.0%. Factors like the emergence of electric automobiles and advanced connectivity are contributing to this growth expected in the forecast period. Noteworthy trends forecasted for this period include an inclination towards customization, advancements in materials and designs, and a broader expansion of the market.
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Which Key Market Drivers Powering Power Liftgate Market Expansion and Growth?
The burgeoning popularity of electric vehicles is anticipated to invigorate the power liftgate market. Electric vehicles which rely on one or multiple electric motors for movement extensively deploy power liftgates. The amplifying integration of technology in the automotive sector results in numerous technological transformations within its components. One such innovation that enhances the utility of powered tailgates is the facility to operate the tailgate without employing hands. The growing requirements for auto-operated components like power liftgates in electric vehicles implies that the burgeoning uptake of electric vehicles will spur more demand for power liftgates. For instance, the International Energy Agency, an autonomous intergovernmental organization based in France, reported that electric car sales in 2023 were 3.5 million more than in 2022, representing a 35% annual increase. Thus, the escalating preference for electric vehicles drives the expansion of the power liftgate market.
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Which Fast-Growing Trends Are Poised to Disrupt the Power Liftgate Market?
A significant trend rising in the power liftgate market is the technological evolution in power liftgates. This technology improvement involves smart or hands-free power liftgates supported by sensors, control units, and miscellaneous functions that facilitate a hassle-free opening and closing, making them user-friendly. Key market stakeholders are actively offering such technically sophisticated power liftgates to attract more clients and further infiltrate the business market. For example, Brose Fahrzeugteile GmbH & Co. KG, a German-based car parts supplier, presents progressive power liftgate drives that integrate additional aspects like drive, sensors, power cinching unit latch, control unit, and the provision to prevent entrapment.
What Are the Emerging Segments in the Power Liftgate Market?
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, After market
Subsegments:
1) By Hands-Free: Sensor-Activated Liftgates, Gesture-Activated Liftgates, Proximity Key-Activated Liftgates
2) By Conventional: Button-Operated Liftgates, Remote-Controlled Liftgates
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Who Are the Global Leaders in the Power Liftgate Market?
Major companies operating in the power liftgate market include Robert Bosch GmbH, Denso Corporation, Johnson Electric Holdings Limited, Magna International Inc., ZF Friedrichshafen AG, Valeo SA, Aisin Seiki Co. Ltd., Hyundai Mobis Co. Ltd., Continental AG, TRW Automotive Holdings Corp., Parker Hannifin Corporation, NTN Corporation, Thyssenkrupp AG, Mitsuba Corporation, Delphi Technologies PLC, Adient plc, Brose Fahrzeugteile SE & Co. KG, Calsonic Kansei Corporation, Gentherm Incorporated, Kiekert AG, Faurecia SE, SWS Group Inc., Laird PLC, JTEKT Corporation, Visteon Corporation, Hitachi Automotive Systems Ltd., Sona BLW Precision Forgings Ltd., Huf Hülsbeck & Fürst GmbH & Co. KG, Gestamp Automoción S.A
Which are the Top Profitable Regional Markets for the Power Liftgate Industry?
North America was the largest region in the power liftgate market in 2024. The regions covered in the power liftgate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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