The size of the power liftgate market was USD 2,741.9 million in 2022 and is estimated to be USD 2,960.9 million in 2023 where the scenario shows potential advancements in probabilities in the power liftgate market.
Increasing introduction of premium features in vehicle models by automakers to provide positive thrust to global power liftgate market.
As per our seasoned analyst at FMI, the power liftgate market is anticipated to expand at a CAGR of 8.9% between 2023 and 2033, totaling around USD 6,945.5 million by 2033.
In terms of value, North America’s market dominated the global power liftgate market in 2022 and is expected to increase during the forecast period. North America’s power liftgate market is anticipated to be the leading market throughout the forecast period
Given the considerable potential for expansion, OEMs and suppliers are attempting to develop versions that are either transformational or appealing to new customers. Automakers all over the world are incorporating new features into their vehicles, utilizing cutting-edge technology to provide consumers with great convenience. New vehicles are likely to have this option while it may not have received the same amount of attention as power windows or power steering.
Projects of FMI go through a thorough evaluation and comparative analysis of the power liftgate equipment's dynamics, which are primarily influenced by the rise in sales of luxury cars that include cutting-edge automated features for doorway handling.
Strict regulations for road safety, as well as advancements in advanced driver assistance systems with AI and IoT, will bolster the power liftgate industry.
Given the significant potential for growth, automotive OEMs and suppliers are working to create car models that are either revolutionary or alluring to potential new customers. Interest in retrofitting efforts is going to increase demand for aftermarket parts. In the upcoming years, mergers and acquisitions are probably going to become popular as a way to strengthen the market position.
| Attribute | Details |
|---|---|
| Projected Forecast Value (2022) | USD 2,741.9 million |
| Projected Forecast Value (2023) | USD 2,960.9 million |
| Projected Forecast Value (2033) | USD 6,945.5 million |
| Growth rate | 8.9% CAGR |
| Forecast period | 2023 to 2033 |
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Steady Increase in the Sales of Luxury and SUV-Style Passenger Vehicles
Power liftgates are frequently preinstalled by the manufacturers in many premium SUV vehicles. In recent years, there has been a steady increase in the sales of luxury and SUV-style passenger vehicles, which has resulted in the widespread use of power lift accessories in these vehicles. For example,
The need for automated features among automotive users is credited with this rise. Furthermore, as the benefits of power liftgates in vehicles become widely known fact, the installation of these features in low-end vehicles is anticipated to increase. As technology advances, high-end car owners are electing to have power liftgates installed as a status symbol in their vehicles.
Product Creation and Development is the Primary Growth Strategy
The power liftgate market has become increasingly competitive as a result of the presence of global competitors with superior technology expertise as the market has grown in popularity in recent years. Moreover, product creation and development is the primary growth strategy for global companies to survive the dynamics of the power liftgate market in the coming decades.
Principal Consultant
Launching sophisticated power liftgate products tailored to certain vehicle models provides end users with several advantages. This might also make it easy for market participants to keep track of their products and differentiate them, thereby strengthening their position in the worldwide power liftgate market.
Customers can choose the proper power liftgate for their car as a result of this as trunk weight varies by vehicle, using conventional power liftgates in all vehicles can be challenging. As a result, aftermarket and OEM manufacturers should consider releasing model-specific power boosts.
| Region/Country | The United States |
|---|---|
| Key Growth Factors |
|
| Key Statistic | Captured a market share of 40.2% in 2022. |
| Region/Country | North America |
|---|---|
| Key Growth Factors |
|
| Key Statistic | Recorded a market share of 44.4% in 2022. |
| Region/Country | Europe |
|---|---|
| Key Growth Factors |
|
| Key Statistic | Secured a market share of 38.2% in 2022. |
| Region/Country | Germany |
|---|---|
| Key Growth Factors |
|
| Key Statistic | Estimated to record a 10.9% CAGR from 2023 to 2033. |
| Region/Country | China |
|---|---|
| Key Growth Factors |
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| Key Statistic | Anticipated to develop a 6.8% CAGR from 2023 to 2033. |
| Region/Country | India |
|---|---|
| Key Growth Factors |
|
| Key Statistic | Registered to command 7.7% of the total market share in 2022. |
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| Category | Sales Channel |
|---|---|
| Subcategory | OEM |
| Key Growth Factors |
|
| Key Statistic | Accounted for 88% of the market share in 2022. |
| Category | Vehicle Type |
|---|---|
| Subcategory | Luxury |
| Key Growth Factors |
|
| Key Statistic | Captured a market share of 90% in 2022. |
| Category | Product Type |
|---|---|
| Subcategory | Semi-automatic |
| Key Growth Factors |
|
| Key Statistic | Held a 76% of the market share in 2022. |
Leading companies in the fragmented power liftgate market have been focusing on product development and launch strategies, with automation technologies and materials becoming increasingly important. To consolidate the market position, mergers and acquisitions are likely to gain traction in the coming years.
| Key Players | Stabilus SE |
|---|---|
| New Advancements |
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| Year | In January 2023. |
| Key Players | Continental AG |
|---|---|
| New Advancements |
|
| Year | In November 2022. |
| Key Players | Magna International |
|---|---|
| New Advancements |
|
| Year | In July 2023. |
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value, ‘000 Units for Volume |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Rest of Latin America, Germany, The United Kingdom, France, Spain, Italy, Rest of Western Europe, Poland, Russia, Czech Republic, Romania, Rest of Eastern Europe, India, Bangladesh, Australia, New Zealand, Rest of South Asia and the Pacific, China, Japan, South Korea, GCC countries, South Africa, Israel, Rest of the Middle East and Africa |
| Key Segments Covered | Sales Channel, Vehicle Type, Product Type, and Region |
| Key Companies Profiled | Magna International; Stabilus GmbH; Continental AG; Brose Fahrzeugteile SE & Co. KG; Huf Hulsbeck & Furst GmbH & Co.; Strattec Security Corporation; Johnson Electric Holdings Ltd.; HI-LEX Corporation; VOXX Electronics Corp; Powder-Packer Corp; Autoease Technology |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The power liftgate market registers USD 2,650.23 million in revenue in 2023.
The global power liftgate market revenue is projected to exceed USD 6,229.4 million by 2033.
Sales of power liftgates are anticipated to upsurge at an 8.92% CAGR through 2033.
The Asia Pacific region emerges as a significant revenue generator for power liftgate systems, driven by escalating automotive demand.
The power liftgate market revenue reached USD 1,300 million in 2022, exhibiting a 7.42% CAGR.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 5.1. OEM 5.2. Aftermarket 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type 6.1. Passenger Vehicle 6.1.1. Compact 6.1.2. Mid-sized 6.1.3. SUV 6.1.4. Luxury 6.2. Commercial Vehicle 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 7.1. Automatic 7.2. Semi-Automatic 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Magna International 18.2. Stabilus GmbH 18.3. Continental AG 18.4. Brose Fahrzeugteile SE & Co. KG 18.5. Huf Hulsbeck & Furst GmbH & Co. 18.6. Strattec Security Corporation 18.7. Johnson Electric Holdings Ltd. 18.8. HI-LEX Corporation 18.9. VOXX Electronics Corp 18.10. Powder-Packer Corp 18.11. Autoease Technology 19. Assumptions & Acronyms Used 20. Research Methodology
Automotive
June 2023
REP-GB-283
224 pages
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Power Liftgate Market
