Asia-Pacific power liftgate market is expected to witness the highest CAGR during the forecast period due to the rising disposable income and living standards of its middle-class, which are driving car sales.The power liftgate market was valued at around $4 billion in 2020, and it is expected to grow significantly in the coming years. This market is driven by the increasing utilization of these components for decreasing the human effort in lifting heavy objects into vehicles, as liftgates use a powerful hydraulic system. They also help in saving manual labor costs and shortening the entire process. In addition, the rising demand for commercial vehicles with power liftgates in the logistics and transportation sector is set to support the growth of the market.
Another key factor that supports the growth of the power liftgate market is the rising demand for hands-free power liftgates, which have a specific switch locking mechanism, along with capacitive motion sensors integrated within the bumper of the vehicle, for smart access. The growing concern for vehicle and passenger safety is also driving the demand for power liftgates, thus leading to the development of the market. This is because conventional liftgates, which are operated manually, can often come down in an instant and hit someone on the head.
In addition, automakers are involved in advancing the technology for enhancing road safety and creating smart transportation systems, such as advanced driver assistance systems (ADAS) and self-driving cars. Autonomous vehicles widely use the power liftgate technology, which is why the market is set to grow because of the rapid acceptance of such vehicles. This is essentially because autonomous automobiles are envisioned to reduce human driving error, which is responsible for most road accidents. As per the WHO, accidents kill 1.3 million people each year, which is making autonomous driving systems rather popular.
Browse detailed report on Power Liftgate Market Trends and Growth Forecast Report, 2030
In this regard, the introduction of advanced connected features is trending in the power liftgate market. These enhanced features include navigation, security, and remote access, which are intended to offer vehicle owners more comfort and convenience. Since power liftgates help in improving passenger comfort, all major car manufacturers are incorporating this technology into their newer models. Original equipment manufacturers have found this feature an ideal way to add value to the vehicles and price them on a premium level.
When segmented based on vehicle type, the passenger vehicle category is predicted to dominate the power liftgate market in the coming years. This is ascribed to the soaring demand for luxury vehicles because of the rising living standards of customers. Moreover, the demand for passenger vehicles with features such as liftgate lock systems, advanced sensor systems, and automatic door opening and closing is growing. Moreover, with the growing logistics sector, the sale of trucks and medium-duty vans is rising, thereby propelling the integration of power liftgates.
Globally, APAC is predicted to witness the fastest growth in the power liftgate market in the coming years because of the surging living standards and rising car sales in the region. Another significant factor supporting the growth of the market in this region is the increasing number of manufacturers offering customers convenience and comfort in their vehicles. The rising sales of electric vehicles, due to the strict emission regulations, and the soaring demand for autonomous vehicles are also pushing the market growth.
Request for sample pages of this report: https://www.psmarketresearch.com/market-analysis/power-liftgate-market/report-sample
Thus, the rapid expansion of the automotive industry and changing preferences of customers are set to boost the market growth in the coming years.
Power Liftgate Market Size Breakdown by Segments
By System Type
- Hands-Free
- Conventional
By Sales Channel
- OEM
- Aftermarket
By Type
- Passenger Vehicle
- Commercial Vehicle
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
Browse More Reports
Automotive OTA Updates Market - The demand for automotive OTA updates will shoot up in the forthcoming years, primarily because of the growing adoption of safety systems in vehicles, increasing rate of automotive digitalization, and the surging implementation of strict vehicle safety regulations by the governments of many countries.
Automotive Sensors Market - Geographically, Asia-Pacific generated the highest revenue in the automotive sensors market during the historical period and it is expected to continue dominating the market throughout the forecast period. Additionally, the APAC market is also projected to exhibit the fastest growth in the coming years.
Media Contact
Company Name: P&S Intelligence
Contact Person: Abhishek
Email: Send Email
Phone: +918887787886
Address:Noida Sector 2
City: Noida
State: UP
Country: India
Website: https://www.psmarketresearch.com/market-analysis/power-liftgate-market
