Pune, India, Aug. 25, 2021 (GLOBE NEWSWIRE) -- According to the report, the global Automotive Power Liftgate market size to Grow Strikingly; Rising Innovation in Automobiles to Aid Development. The growing demand for luxury vehicles is predicted to foster healthy growth of the market, mentioned in a report, titled “Automotive Power Liftgate Market Size, Share & Industry Analysis, By Type (Conventional Power Liftgate, Hands-free Power Liftgate), By Material Type (Metal power liftgate, Composite Power Liftgate), By Vehicle Type (Passenger cars, Commercial Vehicles)Others and Regional Forecast, 2019-2026” The growing technological advancements and innovation in the automobiles is expected to enable healthy growth of the market during the forecast period.
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Inflated Demand for Sensor-based Components to Propel Market
The flourishing automotive industry is likely to create lucrative business opportunities for the market in the forthcoming years. The demand for electronic and sensor-based components in vehicles is expected to boost the automotive power liftgate market share during the forecast period. Similarly, the introduction of innovative power liftgates is expected to bolster the healthy growth of the market in the forthcoming years. The development of electro-mechanical components by OEMs to withstand extreme temperatures, vibrations, and shocks in vehicles is predicted to brighten the growth prospects of the market in the foreseeable future.
The increasing R&D by leading players to develop compact, energy-efficient, and lightweight components is expected to bolster the healthy growth of the market. Also, the growing collaborations and partnerships among key companies is predicted to favor the growth of the market during the forecast period. For instance, in January 2019, Brose Fahrzeugteile GmbH & Co. KG., a leading automotive supplier collaborated with Vayyar, an Israeli semiconductor company. The development of 3D radar image sensors by Vayyar will help to monitor the immediate vicinity of the doors, vehicle, and cabin.
Besides, the growing inclination towards comfort and reliability in driving among customers is expected to encourage the market in the forthcoming years. However, the expensive configuration cost of power liftgate in vehicles is expected to hinder the expansion of the market during the forecast period.
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Existence of OEMs to Promote Growth in Europe
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW). Asia Pacific is expected to dominate the market during the forecast period owing to the rising disposable income of individuals and increasing demand for passenger cars with advanced technology from in emerging countries such as India, China, and Japan. Europe is expected to account for the largest share during the forecast period owing to the presence of the OEMs in the region.
The rising investment in the development of advanced hybrid cars is expected to stimulate the growth of the market. North America is predicted to witness steady growth in the forthcoming years owing to the surge in luxury vehicles. Heavy demand for electric vehicles in the US and Canada is predicted to bode well for the market.
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Globally, the automotive power liftgate market has been segmented based on the type, material type, vehicle type, and region. Based on the type, the further market has been segmented into the conventional power liftgate and a hands-free power liftgate. The hands-free power liftgate segment is expected to dominate the market over the forecast period. The rising adoption of the advanced technologies in the vehicles owing to the consumers' requirements is driving this segment’s growth in the market. The hands-free power liftgates are adjustable as per the required height and are also more comfortable and convenient for loading and unloading cargo.
List of the Companies Operating in the Market:
- Faurecia SA (France)
- Johnson Electric (China)
- Magna International Inc. (Canada)
- Continental AG (Germany)
- Brose Fahrzeugteile GmbH & Co. KG.
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Global Automotive Power Liftgate Market Segmentation:
By Type:
- Conventional Power Liftgate
- Hands-free Power Liftgate
By Material Type:
- Metal power liftgate
- Composite Power Liftgate
By Vehicle Type:
- Passenger cars
- Commercial Vehicles
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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