Power Liftgate Market Size was valued at USD 3.71 in 2023. The Power Liftgate market industry is projected to grow from USD 3.93 Billion in 2024 to USD 5.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2024 - 2032). Demand for sensor- and electronics-based parts and devices in the automobile sector is rising, and luxury car sales are rising as well are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for power liftgate is being driven by the rising luxury vehicles. Globally, demand for hands-free power liftgates is increasing. One of the major factors driving the market's growth is the growing benefits of hands-free power liftgates, such as their high level of convenience for both drivers and passengers. Drivers may open the cargo space of their automobile with only a press of a button or a wave of their foot, even if their hands are full. This is very helpful when transporting groceries, luggage, or other stuff. The hands-free power liftgate's high level of safety, which lowers the possibility of damage when lifting big goods, also contributes to the market's expansion. The demand for premium cars worldwide is anticipated to drive the market for power liftgates.
Luxury cars frequently have power liftgates because they provide convenience and safety. They allow drivers to open and close the tailgate without getting out of the car, which is useful in confined parking situations or while towing large goods. To avoid accidents, power liftgates now contain sensors that can identify items in the path.One of the prospects for the power liftgate business is the development of cutting-edge technology and innovation in the automobile industry. With the advanced driver assistance system (ADAS) technology, you may identify particular objects and hazardous driving circumstances and have the vehicle's speed automatically reduced. In addition, the Internet of Things (IoT) and other cutting-edge technologies are driving the market expansion of the power liftgate.
Suppliers of car components are putting a lot of effort into developing new technologies for vehicle exteriors with a range of new features that may be customized to the drivers' and passengers' changing needs. These liftgate systems increase vehicle efficiency by decreasing the vehicle's weight and increasing fuel economy. Metalized paint, which produces a chrome-like look without the added weight associated with utilizing actual metal, enhances these qualities further. This innovative paint method decreases overall weight by 10 to 20% while costing around 5 to 20% less than chrome electroplating.
Customers of luxury vehicles are more likely to be hauling hefty cargo or several passengers, which can make it challenging to manually lift and close a tailgate. Power liftgates facilitate the loading and unloading of freight, which is a significant benefit for owners of luxury vehicles. The demand for luxury automobiles is increasing as more individuals can afford them as the economy expands. The need for power liftgates increases along with the popularity of premium automobiles. SUVs and crossovers are becoming increasingly common, and many of these cars have bigger tailgates that can be challenging to open manually. Owners of SUVs and crossovers benefit from the ease of power liftgates, which make it simpler to open and close these bigger tailgates. Thus, driving the Power Liftgate market revenue.
Based on system type, the Power Liftgate market segmentation includes conventional and hands-free power liftgates. The hands-free power liftgate segment dominated the market, accounting for 62% of market revenue). The hands-free power liftgate is a back-door system that allows the driver to operate it by pushing a key on the dashboard, holding it in their hand, using a remote control, or moving any item over the appropriate liftgate area. The market for hands-free power liftgates is propelled by consumers' growing willingness to spend money on luxury cars and their desire to incorporate technology improvements into every aspect of life. The industry is expanding because of consumer demand for cars with the newest sensors and electronics-based parts. This enhances the product's quality and the sensor system's ability to perform precisely.
The Power Liftgate market segmentation, based on vehicle type, includes passenger cars and commercial vehicles. The passenger cars generated the most income. The passenger vehicle segment dominates the automotive power liftgate market, which is also anticipated to continue dominating the market throughout the projected period. Expanding the passenger vehicle sector in the market has been aided by increased sales and manufacturing of passenger automobiles in emerging nations.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Power Liftgate market area will dominate this market; the most popular car categories in the region are crossovers and SUVs. Hands-free power liftgates are a common feature of many of these cars, which has aided in spreading the use of the technology.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, China, Japan, India, Australia, South Korea, Spain, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Power Liftgate market accounts for the second-largest market share. Urbanization and an increase in the number of female drivers are two reasons that are driving up demand for hands-free power liftgates. Due to this, SUVs and crossovers—which frequently have this feature—have grown in popularity. Further, the German Power Liftgate market held the largest market share, and the European region's fastest-growing market was the UK Power Liftgate market.
The Asia-Pacific Power Liftgate Market is expected to grow fastest from 2023 to 2032. The market for luxury cars is expected to develop in this area due to rising consumer demand for electric cars. Moreover, China's Power Liftgate market held the largest market share, and the Asia-Pacific region's fastest-growing market was the Indian Power Liftgate market.
Leading market companies are extensively spending R&D on increasing their product lines, which will help the Power Liftgate market grow even more. Important market developments include new product releases, contractual agreements, acquisitions and mergers, greater investments, and collaboration with other organizations. The Power Liftgate industry must produce cost-effective merchandise to flourish and thrive in a more competitive and increasing market climate.
Manufacturing locally to reduce operating costs is an effective business strategy manufacturers use in the worldwide Power Liftgate industry to serve clients and expand the market sector. The Power Liftgate industry has provided some of the most important benefits recently. Major players in the Power Liftgate market, including Magna International Inc, and others, are attempting to increase market demand by investing in research and development operations.
A Canadian company called Magna International Inc. produces vehicle parts. According to sales of original equipment components, the firm is North America's largest automotive parts maker. It creates automotive systems, assemblies, modules, and components sold to various automakers, including General Motors, Stellantis, Ford, BMW, Mercedes, Volkswagen, Toyota, Tesla, and Tata Motors. In May 2019, Magna International Inc. unveiled a thermoplastic motorized liftgate from Fiat Chrysler Automobiles for the Jeep Cherokee SUV. This is used to create components that perfectly integrate with tethering attachments.
The fourth-largest family-owned automotive supplier in the world is Brose. The business creates and manufactures mechatronic systems for car doors and seats and electric motors, drives, and electronics used in steering, brakes, gearboxes, and engine cooling, among other applications. At 62 sites throughout 23 countries, there are about 26,000 workers. In June 2019, On-sensor technologies for novel door and seat functionality, Brose and Vayyar work together. The inside of the car is adaptable: the seats, displays, and consoles move to accommodate different uses, such as working or unwinding. Sensors constantly detect interior occupancy to provide the essential degree of safety in the interplay of mechanical and electrical systems. Additionally, these sensors will allow side doors to open and close automatically, stopping the movement before it makes contact with any impediments or other cars in the path.
March 2024: The three rows of seating in Chevrolet’s full-size Traverse SUV are wrapped in new macho bodywork for the 2024 model year that suggests there might be a truck frame underneath. There isn’t, but there is a new Z71 trim for those who want to go off-road with up to six friends without paying an additional $20,000 or so for a Tahoe Z71. The Traverse is available to order now for 2024 and starts at $38,995 (all prices include destination charge).
The base 2024 Traverse LS can only be had with eight seats. It has 18-inch wheels, remote start, power liftgate, LED headlights, keyless entry and start, tri-zone automatic climate control, cloth seats, heated front seats and steering wheel, an 11-inch digital instrument cluster and a 17.7-inch touchscreen with Google Built-In and six speakers. Stepping up to the LT brings minimal additional standard equipment (roof rails, power driver’s seat, seven-passenger seating with second-row captain’s chairs and wireless charging) but more optional equipment becomes available.
Above the LT grade level is where the Traverse splits two ways. The RS wears black-painted 22-inch wheels with Bridgestone Alenza Sport A/S tires and features LED taillights, sport suspension and black exterior trim. It also comes standard with a panoramic moonroof; rain-sensing windshield wipers with heated rest area; heavy-duty towing package good for hauling up to 5,000 pounds that includes a dedicated rearview camera angle for attaching the trailer; flat-bottom steering wheel; Bose premium audio system; leather upholstery throughout; power passenger’s seat; as well as ventilated front seats. Heated rear outboard seats; power-folding third row; ambient lighting inside the cabin at various points of its color spectrum based on activated functions or inputs from vehicle systems or infotainment settings; and a rear camera mirror are some other features as well. The RS also includes the Enhanced Driving Package, which consists of GM’s Super Cruise hands-free highway driving system, parking assist and driver attention monitor.
April 2021:The world's sixth-largest Tier One automotive supplier, AISIN Seiki Co., Ltd., has announced that it has combined operations with AISIN AW Co., Ltd. to establish "AISIN CORPORATION."Around 14,000 people work for AISIN Group companies in the Americas, along with 43 manufacturing, sales, and R & D facilities, including the 950-acre FT-Techno of America test track and proving ground in Fowlerville, Michigan, and the AISIN Technical Centre of America at the company's North American headquarters in Northville, Michigan.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 3.71 Billion |
| Market Size 2024 | USD 3.93 Billion |
| Market Size 2032 | USD 5.9 Billion |
| Compound Annual Growth Rate (CAGR) | 5.20% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Vehicle type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Robert Bosch GmbH (Germany), STRATTEC (US), Johnson Electric (China), Grupo Antolin Irausa S.A, (Spain), Stabilus GmbH (Germany), Magna International Inc., (Canada), Woodbine Manufacturing Co. Inc. (Tommy Gate) (US), Aisin Seiko Co. Ltd, (Japan), Faurecia SA (France), Continental AG (Germany), Brose Fahrzeugteile GmbH & Co. KG (Germany), Huf Hülsbeck & Fürst GmbH & Co. KG. (Germany) |
| Key Market Opportunities | Rise in advanced technology and innovation in the automotive secto |
| Key Market Dynamics | Growing need to improve passenger comfort and convenience |
Frequently Asked Questions (FAQ) :
The Power Liftgate market size was valued at USD 3.71 in 2023.
The market is projected to grow at a CAGR of 5.20% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are Robert Bosch GmbH (Germany), STRATTEC (US), Johnson Electric (China), Grupo Antolin Irausa S.A, (Spain), Stabilus GmbH (Germany), Magna International Inc., (Canada),.
The beverage category dominated the market in 2023.
The store based had the largest share in the market.
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