How Will The Power Liftgate Market Expand Through 2024-2033

February 16, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Power Liftgate Global Market Report 2024, the power liftgate market is expected to show significant growth in the forecast period.

Robust Market Growth and Projection

Rapid expansion: Market size to reach $3.14 billion in 2024 with a CAGR of 12.3%.
Historic growth driven by:
- Consumer demand for convenience.
- Safety concerns and regulations.
- Luxury vehicle trends favoring advanced features.
Expected growth: Market to surge to $4.88 billion by 2028 at a CAGR of 11.7%.
Projected drivers include:
- Increased adoption of electric vehicles.
- Integration of smart connectivity features.
Major trends shaping the market:
- Customization preferences among consumers.
- Innovations in materials and design.
- Geographic market expansion.

Electric Vehicle Adoption Propels Market Expansion

Electric vehicle adoption acts as a catalyst for power liftgate market growth.
Electric vehicles increasingly incorporate power liftgates for enhanced functionality.
Surge in electric vehicle sales: Nearly doubled to 6.6 million in 2021 from 3 million in 2020.
Electric vehicles constitute almost 9% of total vehicle sales, with 16.5 million on the road.
Leading companies in the market include Aisin Corporation, Autoease Technology, and Grupo Antolin Pvt. Ltd.

Technological Advancements Enhance Power Liftgates

Technological innovation drives trends in the power liftgate market.
Advancements focus on smart or hands-free power liftgates powered by sensors and control units.
Key players like Brose Fahrzeugteile GmbH & Co. KG offer advanced power liftgate drives with multiple functions.
Example: Aisin Seiki Co. Ltd. and Aisin AW Co. Ltd. merged in April 2021 to establish AISIN Corporation, enhancing mobility solutions.
Technological innovation remains a key strategy for market penetration and customer acquisition.

Market Segmentation and Regional Dynamics

Segmentation based on:
- System Type: Hands-Free and Conventional.
- Vehicle Type: Passenger and Commercial.
- Material: Metal and Composite.
- Sales Channel: OEM and Aftermarket.
North America leads the power liftgate market in 2023, driving innovation and market expansion.

View More On The Power Liftgate Market Report 2024 – https://www.thebusinessresearchcompany.com/report/power-liftgate-global-market-report

Request A Sample Of The Global Power Liftgate Market Report 2024:

https://www.thebusinessresearchcompany.com/sample_request?id=6495&type=smp

The Power Liftgate Global Market Report 2024 provides an in-depth analysis on the power liftgate market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the power liftgate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Artificial Lift System Global Market Report 2024

Automotive V2X Global Market Report 2024

Automotive Wheel Aftermarket Global Market Report 2024

Learn More About The Business Research Company
The Business Research Company has published over 3000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company:https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info