Power liftgate market players are engaged in merger & acquisition to gain attention in the years onward to consolidate their market position.
The global power liftgate market is slated to increase at a sturdy CAGR of 8% amid the projected period 2020-2039. The market growth can be majorly attributed to surging sales of luxury vehicles. Market players have made investments in recent years on the incorporation of electronic and automation technologies in latest vehicle offerings, thus driving the market growth.
“Growing demand for comfort and reliability in driving experience as well as increasing value of the luxury vehicles category worldwide are key aspects fueling the demand for power liftgates. Market players are pushing for improvements in terms of shock resistance and temperature, which will assist in market growth in the approaching years.” says the FMI report.
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Key Takeaways
- North America will be accounting for over 35% of the total market share amid the forecast period 2020-2030.
- OEM category holds over 90% of the market share as well as displaying a comparatively faster pace of expansion by 2030.
- Passenger car applications is likely to be key to revenue generator in the approaching years.
- Semi-automatic power liftgates is anticipated to attain majority of market share during the assessment period.
Driving Factors
- Increasing sales of luxury vehicles is likely to support long-term expansion in the market.
- Investments made on the integration of electronic and automation technologies in latest vehicle offerings are key drivers for the market.
- Recent developments based on touch sensors, direct units, torque cables and electric latches have supported implementation rates in the automotive industry, thus driving market growth.
Constraints
- High costs associated with the expansion for varying vehicle models, can be a key challenge in the market
- Strict fuel efficiency and emission norms might hurt the sales of established metal-based power gate lift designs.
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Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 outbreak has majorly impacted the power liftgate market due to stoppage in production activities. Further, limitations on trade have interrupted supply chains for components and raw materials. Changes in customers spending behavior have influenced automotive sales, which consecutively has impacted the demand for power liftgates. Recovery will be gradual, due to economic uncertainties as well as the majorly non-essential nature of automotive components in the foreseeable future.
Competition Landscape
Major companies active in the global power liftgate market include Stabilus GmbH, Continental AG, Huf Hulsbeck & Furst GmbH & Co., Brose Fahrzeugteile GmbH & Co., Strattec Security Corporation, Johnson Electric Holdings Ltd., VOXX Electronics Corp, HI-LEX Corporation, Magna International, Power-Packer Corporation, and Autoease Technology. Key companies are focused majorly on strategies such as product development, along with geographical growth, particularly considering the high prospects of growing economies.
