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Global Automotive Power Liftgate Market to Grow at a CAGR of 14.0% During 2022-2027, Aided by the Rising Demand for Passenger Vehicles

According to a new report by EMR titled, ‘Global Automotive Power Liftgate Market Report and Forecast 2022-2027’, the market attained USD 1.8 billion in 2021. The market is further expected to witness a healthy growth in the forecast period, growing at a CAGR of 14.0% between 2022 and 2027 to reach USD 3.9 billion by 2027.

The global automotive power liftgate industry is being driven by the rising consumer demand for passenger vehicles. This can be attributed to the rising disposable income and improved living standards of consumers. In addition, the rapidly growing population and their transportation requirements are also supporting the demand for automotive power liftgates. Moreover, the demand for automotive power liftgates made using composite materials is surging, owing to their durable and lightweight composition. These factors are expected to positively impact the industry growth in the forecast period.

The growing focus of the leading players to develop efficient power liftgates by integrating advanced technologies is anticipated to further catalyse the industry growth in the forecast period. For instance, in August 2021, Magna International Inc. (NYSE: MGA) announced the launch of its new plant in Sunderland, England. The plant is set to produce lightweight thermoplastic liftgate modules for the third generation Nissan Qashqai using advanced manufacturing technologies, including robotic adhesive bonding cells, advanced vision systems, and ultrasonic leak testing. Furthermore, another leading automotive power liftgate manufacturer, Strattec Security Corporation (NASDAQ: STRT) received the 2019 Automotive News PACE award for its new Invis-A-Rise® Power Tailgate technology available on the Chevrolet Silverado. This mechanism offers consumers to automatically open, close, and latch the tailgate with the press of a button. Such developments are expected to positively impact the growth of the automotive power liftgate industry in the forecast period.

Market Breakup by Type, Vehicle Type, Material Type, Sales Channel, and Region:

  • The market is divided based on type into conventional power liftgate and hands-free power liftgate.
  • On the basis of vehicle type, the market can be distributed into hatchback, sports utility vehicle, and sedan, among others.
  • The industry is segmented, on the basis of material type, into metal and composite.
  • On the basis of sales channel, the market can be categorised into OEM and aftermarket.
  • Region-wise, the global market for automotive power liftgate can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for automotive power liftgate is being driven by the increased demand for passenger vehicles.
  • The increased demand for convenience in the process of cargo loading and unloading has significantly contributed to the market expansion. 
  • Increasing capital expenditure by the leading market players in the development of automotive power liftgate is also aiding the industry growth. 
  • The rapid urbanisation and improved living standards of people are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for automotive power liftgate for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the types, vehicle types, material types, sales channels, and major regions of automotive power liftgate.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive power liftgate market are Faurecia SE, Magna International Inc., Huf Group, Strattec Security Corporation, Woodbine Manufacturing, Autoease Technology, and Brose Fahrzeugteile, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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