The power liftgate market is set to grow, driven by luxury car sales and automation tech, despite Covid-19 challenges.
As per a new report by Future Market Insights (FMI), the power liftgate market reached a US$ 2.3 billion valuation in 2019, and is projected to display a strong 8% CAGR. Improvements in automation tech, and the rising popularity of retrofitting are expected to aid long-term developments in the industry.
While the market is expected to display a positive growth trajectory in the coming decade, prohibitive costs of configuration, and limited use in low and mid-range automobiles remain deterrents.
According to analysis by Future Market Insights, the power liftgate market will reach US$ 2.3 billion by the end of 2020. Growing sales of luxury vehicles will support long-term growth in the industry. Investments made in recent years on the incorporation of automation and electronic technologies in new vehicle offerings have been key drivers for the industry.
For example, Renesas Electronics Corporation joined hands with China FAW Group Corp. for the development of a joint laboratory in Changchun China for electronic control units for intelligent driving platforms.
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Key Takeaways
“Rising demand for reliability and comfort in driving experience and the growing value of the luxury vehicles segment around the world are key factors driving the demand for power liftgates. Manufacturers are pushing for improvements in terms of temperature and shock resistance, which will aid growth in the long-term,” said a lead FMI analyst.
Covid-19 Effect on Power Liftgate Market
Lockdown restrictions have affected production activities. Also, restrictions on trade have disrupted supply chains for raw materials and components.Concerns in terms of workforce shortage and finances will also remain important for the duration of the crisis. Changes in consumer spending behavior have impacted automotive sales, which in turn has hurt the demand for power liftgates. Recovery is likely to be gradual, owing to economic uncertainties and the largely non-essential nature of automotive components for the near future.
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Who is Winning?
In its new report, FMI has covered essential data on key business strategies that have been gaining traction in the power liftgate market. Market leaders have been focused largely on product development strategies, in addition to geographical expansion, especially considering the high potential of emerging economies.
Continental AG, Stabilus GmbH, Huf Hulsbeck & Furst GmbH & Co., Strattec Security Corporation, Brose Fahrzeugteile GmbH & Co., Johnson Electric Holdings Ltd., HI-LEX Corporation, VOXX Electronics Corp, Power-Packer Corporation, Magna International, Autoease Technology are some of the more prominent market players in the industry.
More Insights on FMI’s Power Liftgate Market Study
Future Market Insights in a recent report provides an unbiased analysis of the global power liftgate market covering historical demand from 2015 to 2019 and forecast data for 2020 to 2030. The study gives projections on the power liftgates on the basis of sales channels (OEM and aftermarket), vehicle types (passenger car and commercial vehicle), and product types (automatic and semi-automatic) in six key regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth and trends in the power liftgate market from 2020 to 2030.
Covid-19 has disrupted production and supply chains, impacting market growth.
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