Market Size –
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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Scope Of Power Liftgate Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
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.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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
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Regional Insights –
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
Key Companies –
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
Table of Contents
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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