Newark, May 22, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 12.1 billion automatic liftgate market will reach USD 24.02 billion by 2032. An automatic liftgate is controlled by a control unit that can be programmed to open and close doors automatically. It can be used with the smart access system and the capacitive kick sensor integrated into the bumper to offer hands-free access to the liftgate.
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Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the most significant automatic liftgate market share. Increasing disposable incomes and rising car sales are expected to drive the fastest growth in the Asia Pacific in the years to come. Furthermore, due to strict emission regulations, the growing demand for autonomous vehicles, electronic components used in automobiles, and e-vehicles are driving the region's growth.
The composite segment accounted for the market with the most significant market revenue of USD 7.1 billion.
The composite segment dominated the market with the most significant revenue of USD 7.1 billion. Increasing government emission norms and automakers' desire to curb vehicle weight drive the composite-type liftgates market. Composite materials are lightweight and durable compared to metal.
The passenger cars segment accounted for the largest share of the market, with a market revenue of USD 7.4 billion.
The passenger cars segment accounted for the largest share of the market, with a market revenue of USD 7.4 billion. When space constraints make it challenging to open conventional doors off-centre to access the rear storage area, automatic liftgates are commonly used in passenger cars such as SUVs and luxury cars. Most people choose metal-type liftgates in passenger car applications because they are more expensive than composite gates. Still, they require less maintenance because of corrosion due to environmental factors.
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Advancement in Market
● In April 2020, with its composite spaceframe liftgate reinforcement solution, Magna won the 2020 Automotive News PACE Award. This automotive liftgate helps Toyota Supra save 10 per cent in weight over steel liftgates.
Market Dynamics
Drivers: Continuous development
Super apps are becoming more popular and being adopted by market players. Significant mergers, collaborations, and acquisitions are the primary strategies top market players follow to grow the market.
Restraint: Lack of skilled workers
The complexity of assembling the liftgate parts requires skilled workers to join the parts correctly. The need for more skilled workers is hampering the market growth.
Opportunity: Rising demand for e-vehicles
Sensors are increasingly in demand as electronic vehicles increasingly use brake vacuum sensors for pressure measurement, clutch sensors, proximity sensors, etc. Several applications, such as brake vacuum sensors for pressure measurement, clutch sensors, etc., increase the demand for sensors, boosting market growth.
Challenge: Expensive configuration
Automatic vehicle liftgates tend to be expensive, which may restrict the market's growth over the forecast period. Most power liftgates are installed in luxury vehicles at the top of the market.
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Some of the major players operating in the automatic liftgate market are:
● Magna International Inc.
● Huf Group
● Plastic Omnium Group
● Brose Fahrzeugteile
● Woodbine Manufacturing
● Johnson Electric
● Continental A G
● Faurecia SE
Key Segments cover in the market:
By Material Type:
● Composite
● Metal
By Vehicle Type:
● Commercial Vehicles
● Passenger Cars
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About the report:
The global automatic liftgate market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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