June 15, 2022 09:14 ET | Source: Facts & Factors Facts & Factors
NEW YORK, NY, June 15, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Automotive Power Liftgate Market - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Automotive Power Liftgate Market size & share in terms of revenue was worth of USD 1,629.5 million in 2021 and it is expected to surpass around USD 3,483.6 million Mark, by 2028, growing at a compound annual growth rate (CAGR) of about 13.5% during the forecast period 2022 to 2028.”
What is Automotive Power Liftgate? How big is the Automotive Power Liftgate Industry?
The power liftgate is a technology for the back door of a vehicle that can be opened and closed by either pressing a button on the dashboard system or by utilising a remote control that is held in the driver's hand. Simply pushing a key allows the operator to open and close the liftgate of the car. It is designed to continue functioning normally even in the event that the network or the power supply fails.
This system is comprised of a number of components, including an electronic control unit, a drive unit, an anti-pinch strip system, a capacitive sensor system, and a power liftgate actuator. The automotive power liftgate market is anticipated to be driven by an increase in demand for electronic and sensor-based components that are used in automobiles.
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Global Automotive Power Liftgate Market: Dynamics
With continued growth in the automotive industry, the automotive power liftgate market is expected to increase significantly internationally. Future automotive technology and improvements, such as a hands-free system for opening and closing back doors, will boost the automotive power liftgate market. The rising demand for luxury vehicles around the world, owing to rising consumer expenditure, is also likely to drive the market over the forecast period. Moreover, some insurance firms provide insurance premium discounts for automobiles that are outfitted with innovative technologies. This aspect is expected to drive the expansion of the automotive power liftgate market. Due to the presence of several competitors in the automotive market, manufacturers confront a number of obstacles.
This competitiveness is heightened by new ideas that result in breakthrough product introductions. Original Equipment Manufacturers (OEMs) are attempting to supply modern technological systems in vehicles in the approaching years, which is a major driver for the automotive power liftgate industry. Furthermore, OEMs are focused on long-term collaborations with automotive manufacturers in order to improve material quality and build unique systems. In the next years, this aspect is projected to drive the automobile power liftgate market. However, the initial cost of these systems is substantial, which raises the cost of the car, thereby impeding the growth of the automotive power liftgate market.
Browse the full “Automotive Power Liftgate Market By Sales Channel (OEM, Aftermarket), By Vehicle Type (Passenger Vehicle, Commercial Vehicle), By Product Type (Automatic, Semi-Automatic), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/automotive-power-liftgate-market
Automotive Power Liftgate Market: COVID-19 Impact Analysis
In the automobile industry, the COVID-19 outbreak has caused damage. Most people are remaining at home as a result of the ongoing lockdowns, government laws, and the spread of the coronavirus, and industries have been forced to close for a few days due to a shortage of output, workers, and manufacturing materials. As production decreases, demand for power liftgates decreases.
Supply chain disruptions and a lack of microchips required for the development of hands-free power liftgates have been caused by the COVID-19 outbreak. Due to a shortage of electrical components and limited inventories, several automobile manufacturers have had to postpone vehicle manufacturing. Vehicle manufacturers have been forced to remove features like hands-free power liftgates until the microchip problem is rectified due to a shortage of electronic components.
Automotive Power Liftgate Market: Segmentation Overview
The automotive power liftgate market is segregated based on Sales Channel, Vehicle Type, and Product Type.
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Some of the main competitors dominating the global automotive power liftgate market include -
Key Insights from Primary Research:
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The Asia Pacific region is expected to account for a sizable portion of the automobile power liftgate business throughout the projected period. This increase can be ascribed to the region's expanding population and increased demand for passenger vehicles. Furthermore, increased disposable incomes and improving living standards are likely to contribute to market growth.
The region is the primary market for several global and local car manufacturers and tier players, with automotive exterior component makers collaborating with OEMs to produce next-generation liftgates for their future automobiles. Furthermore, the presence of the region's major industry players is expected to help market growth. Meanwhile, the vehicle power liftgate sector is expected to rise as a result of increased OEM investments in the automobile industry.
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The global automotive power liftgate market is segmented as follows:
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