Power Liftgate Market Forecast With Top Companies, Growth Factors, Classification
Market Overview
Market Research Future (MRFR) anticipates the power liftgate market 2020 to attain a valuation of more than USD 5 Billion by the year 2025. The projected market growth rate can be 9% between 2019 and 2025, which is the review period.
Primary Boosters and Main Barriers
Increasing uptake of sensor-based and electronic components in vehicles has done wonders for the power liftgate market in recent years. The surge in technological innovations and constant advancements in the automobile sector can also offer opportunities to power liftgate manufacturers. Sensing the opportunity, renowned automobile manufacturers are integrating innovative power liftgates within their vehicle models, which not only boosts product demand but can also lead to market expansion in the following years.
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An increasing number of auto part manufacturers are striving to overcome technical issues for electro-mechanical components that can bear high vibrations, shocks and temperatures throughout the vehicle’s lifetime. They are also working on making power liftgates more energy-efficient, lightweight as well as compact. Apart from this, the thriving market for luxury vehicles in line with the rising purchasing power of consumers can mean incredible market growth for power liftgates.
Furthermore, the increasing demand for more comfortable and safe driving experience among consumers drives the need for power liftgate. Increasing awareness among consumers regarding better quality products and the subsequent hike in the demand for adaptive, self-controlling and smart power liftgate triggers market growth.
Market Segmentation
The market for power liftgate can be considered for type, vehicle type and sales channel.
The types of power liftgate are conventional as well as hands-free power liftgate. Out of these, hands-free power liftgate can generate maximum demand in the market given the increasing use of the latest technologies in vehicles following the surge in consumers’ needs. These types of power liftgates can be adjusted according to the required height and are quite convenient for unloading and loading cargo, which further boost their demand.
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The vehicle types described in the report are commercial vehicle and passenger cars. Passenger cars are anticipated to be the top segment in the global market for power liftgate, on account of the boost in the sales as well as production of passenger cars in emerging countries
The types of sales channels are original equipment manufacturers or OEM as well as aftermarket.
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