Press release
Smart Tailgate Industry to See Robust Expansion, Valued at $5.29 Billion by 2029
Smart Tailgate Market
What Is the Projected CAGR for the Smart Tailgate Market from 2024 to 2025?
In recent years, the size of the smart tailgate market has been expanding significantly. Starting at $3.47 billion in 2024, it's predicted to increase to $3.76 billion in 2025 with a compound annual growth rate (CAGR) of 8.4%. Historical growth in this market can be traced back to factors such as the rise in e-commerce and logistics, enlargement of the electric vehicle (EV) market, heightened demand for shared mobility, an increased emphasis on user experience, and a surge in commercial vehicle demand.
What are the Expected Market Size and CAGR for Smart Tailgate by 2029?
The expansion of the smart tailgate market is anticipated to increase significantly in the coming few years, and is projected to reach $5.29 billion by 2029, with a compound annual growth rate (CAGR) of 8.9%. Factors contributing to the market expansion during this forecast period include a high demand for high-end cars, a shift towards hands-free and automatic solutions, changing lifestyles due to urbanization, increased disposable income, and a rising trend of aftermarket modification. Notable trends during the predicted period consist of multi-functional tailgates, compatibility with mobile applications, the use of augmented reality (AR), advancements in sensor, actuator, and automation technologies, and their incorporation into intelligent vehicle systems.
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Which Factors Are Driving the Global Smart Tailgate Market Expansion?
The smart tailgate market stands to derive considerable growth from the escalating luxury automotive sector. This sector, defined as a portion of the car industry featuring vehicles that prioritize quality, cutting-edge technology, impressive performance, and unique aesthetics, has been on an upsurge due to increased disposable incomes and a drift in consumer preference toward premium experiences. With wealth on the rise globally, a growing number of consumers are leaning toward high-end vehicles that promise supreme comfort, superior performance, and innovative features. Smart tailgate makes a valuable addition to the luxury automotive sector by offering smooth, hands-free trunk access, thereby increasing convenience, safety, and an elite user experience by making use of advanced sensors and automation. For example, BMW Group, a German luxury vehicle and motorcycle manufacturer, reported in January 2024 having achieved record-breaking sales performance in 2023, with 2,555,341 sales across luxury brands like BMW, MINI, and Rolls-Royce, leading to a 6.5% growth. Furthermore, the company witnessed a 10.3% year-on-year sales growth in the fourth quarter of 2023, topping off at 718,778 units. This upward trajectory of the luxury automotive sector is thus stimulating the expansion of the smart tailgate market.
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Which Segment Currently Holds the Largest Share of the Smart Tailgate Market?
The smart tailgate market covered in this report is segmented -
1) By Type: Power Tailgate, Hands-Free Tailgate
2) By Technology: Sensor-Based, Camera-Based, Other Technologies
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
4) By Application: Original Equipment Manufacturer, After market
Subsegments:
1) By Power Tailgate: Button-Controlled Power Tailgate, Remote-Controlled Power Tailgate, Sensor-Based Power Tailgate
2) By Hands-Free Tailgate: Foot Gesture-Activated Tailgate, Proximity Sensor-Activated Tailgate, Voice-Controlled Tailgate
Which Major Trends Are Shaping the Future of the Smart Tailgate Industry?
Leading corporations in the smart tailgate market are dedicating their efforts to create ground-breaking technology, such as technology for reducing noise, to upgrade user experience and augment cabin quietness in vehicles. This noise-diminishing technology leverages sound-absorbent materials, active noise suppression, or vibration-mitigation methods to lessen interference of unwanted sound. It curtails both mechanical and aerodynamic noise, thereby enhancing comfort for the passenger and performance of the vehicle. Take for instance, in February 2024, the smart electric tailgate actuator was introduced by Shenzhen Zhaowei Machinery & Electronics Co. Ltd., a manufacturing firm based in China. This product, capable of automating tailgate activity through a remote control, facilitates user convenience, particularly when handling several items concurrently. With its low noise, reliability, compact design, considerable torque, and superior load capacity, the product significantly improves the user experience. The incorporation of noise-reducing technology in smart tailgate systems signifies the mounting demand for components of vehicles that are both quieter and more effective in contemporary cars.
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Which Key Players Dominate the Smart Tailgate Industry Globally?
Major companies operating in the smart tailgate market are Hyundai Motor Company, Kia Corporation, Continental AG, Magna International Inc., Aisin Seiki Co. Ltd., Opmobility Ltd., Brose Fahrzeugteile GmbH & Co. KG, Mitsuba Corporation, Huf Hülsbeck & Fürst GmbH & Co. KG, Wuling company, Shenzhen Qinglian Tongchuang Automobile Electronics Co. Ltd., Padmini VNA Mechatronics Ltd., NMB Technologies Corporation, Huizhou Yopine Technology Co. Ltd., Veigel GmbH + Co. KG, Twirl Motor Technologies, Shenzhen Zhaowei Machinery & Electronics Co. Ltd, Dongguan Kaimiao Electronic Technology Co. Ltd, Guangzhou Tomaster Auto Parts Co. Ltd, Guangzhou Zhihang Electronics Technology Co. Ltd
What Are the Fastest-Growing Regions in the Smart Tailgate Market?
North America was the largest region in the smart tailgate market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart tailgate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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