Portland, OR, Oct. 15, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global automotive tailgate market was pegged at $11.49 billion in 2018, and is projected to garner $17.17 billion by 2026, registering a CAGR of 5.3% from 2019 to 2026.
Rise in demand for electronic-based components in a vehicle and requirement for effective products in automotive have boosted the growth of the global automotive tailgate market. However, degradation of sensing mechanism and high configuration cost hamper the market growth. On the contrary, rise in expenditure on luxury vehicles across the world and technological developments are expected to create lucrative opportunities in the near future.
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The global automotive tailgate market is segmented on the basis of type, vehicle type, sales channel, and geography. Based on type, the market is divided into hydraulic/manual operated and power operated. The hydraulic/manual operated segment dominated the market in 2018, accounting for more than 90% of the market. However, the power-operated segment is estimated to register a CAGR of 7.4% during the forecast period, due to increase in the production of autonomous vehicles and the advent of electric vehicles.
Based on vehicle type, the market is categorized into passenger vehicles and commercial vehicles. The passenger vehicle segment is projected to register the highest CAGR of 5.4% during the study period. Moreover, the segment held the largest share in 2018, accounting for more than three-fourths of the market.
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Based on sales channel, the market is bifurcated into original equipment manufacturers (OEMs) and aftermarket. The global automotive tailgate market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region is expected to register the highest CAGR 6.6% during the forecast period. In addition, the region held the largest share in 2018, accounting for nearly two-fifths of the market.
The global automotive tailgate market report includes an in-depth analysis of the major market players such as Go Industries, Inc., Huf Hülsbeck & Fürst GmbH & Co. KG., Gordon Auto Body Parts Co., Ltd., Magna International Inc., Johnson Electric Holdings Limited, Robert Bosch GmbH, Plastic Omnium, Autoease Technology, Aisin Seiki, and Woodbine Manufacturing Co. Inc.
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