Power Liftgate Market To Undertake Strapping Growth By The End 2033 | FMI from Vishal's blog

The global power liftgate market in 2022 was US$ 1,300 million and is estimated to be US$ 2,650.23 million in 2023. As per an FMI researcher, the power liftgate market is anticipated to expand at a CAGR of 8.92% between 2023 and 2033, totaling around US$ 6,229.4 million by 2033.

Factors Accelerating the Power Liftgate Market Growth

• The rise in the adoption rate in the automotive industry owing to the improvements in terms of electric latches, torque cables, direct units, and touch sensors.
• The growth in the shift toward electric cars and other autonomous and semi-autonomous technologies for user convenience.

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Growth in the number of car sales, especially in developing economies, a surge in disposable income, and a substantial rise in demand for luxury passenger car models help in the expansion of the automotive sector by positively affecting the power lift market.

Improvement of the quality of the material used and design of unique systems, in response to product launch thus, extends profitable opportunities to the power lift market players in the forecast period

Key Takeaways from the Market Study

• The global power liftgate market expanded at a CAGR of 7.42% between 2018 and 2022.
• The United States captured a market share of 40.21% in 2022.
• North America forecasted a market share of 44.4% in 2022.
• Europe recorded a market share of 38.2% in 2022.
• China is anticipated to develop a 6.8% CAGR from 2023 to 2033.
• Based on vehicle type, luxury vehicles captured a market share of 90% in 2022.

“A steady increase in the sales of luxury and SUV-style passenger vehicles is one of the key trends of the power liftgate market”, comments a Future Market Insights analyst.

Read more: https://www.futuremarketinsights.com/reports/power-liftgate-market 

Competitive Landscape

The global market is highly fragmented with the presence of leading key players. The majority of these players are striving to expand their portfolios by launching cutting-edge products. Meanwhile, a few other companies are tying up with reputed power liftgates to deliver their in-house products and gain a competitive advantage in the market.

Key Companies Profiled

1. Magna International
2. Stabilus GmbH
3. Continental AG
4. Brose Fahrzeugteile SE & Co. KG
5. Huf Hulsbeck & Furst GmbH & Co.
6. Strattec Security Corporation
7. Johnson Electric Holdings Ltd.
8. HI-LEX Corporation
9. VOXX Electronics Corp
10. Powder-Packer Corp
11. Autoease Technology