July 28, 2022 10:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.

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NEWARK, Del, July 28, 2022 (GLOBE NEWSWIRE) -- As per Future Market Insights’ latest industry analysis, the power liftgate market reached a US$ 2,741.9 Mn valuation in 2022, and is projected to display a strong 8.2% CAGR. Improvements in automation tech, and the rising popularity of retrofitting are expected to aid long-term developments in the industry. 

While the market is expected to display a positive growth trajectory in the coming decade, prohibitive costs of configuration, and limited use in low and mid-range automobiles remain deterrents. 

The automotive power liftgate is a hand-free system and can also be operated remotely. In automobiles, doors are quite different in design from one manufacturer to the next and even from one car model to another; however, the mechanism of the automotive power liftgate remains the same. Automotive power liftgates have good anti-corrosion properties, which in turn ensures the long life and proper working of back doors.

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“Rising demand for reliability and comfort in driving experience and the growing value of the luxury vehicles segment around the world are key factors driving the demand for power liftgates. Manufacturers are pushing for improvements in terms of temperature and shock resistance, which will aid growth in the long-term,” said a lead FMI analyst. 

Covid-19 Effect on Power Liftgate Market 

Lockdown restrictions have affected production activities. Also, restrictions on trade have disrupted supply chains for raw materials and components.Concerns in terms of workforce shortage and finances will also remain important for the duration of the crisis. Changes in consumer spending behavior have impacted automotive sales, which in turn has hurt the demand for power liftgates. Recovery is likely to be gradual, owing to economic uncertainties and the largely non-essential nature of automotive components for the near future. 

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In its new report, FMI has covered essential data on key business strategies that have been gaining traction in the power liftgate market. Market leaders have been focused largely on product development strategies, in addition to geographical expansion, especially considering the high potential of emerging economies. 

Continental AG, Stabilus GmbH, Huf Hulsbeck & Furst GmbH & Co., Strattec Security Corporation, Brose Fahrzeugteile GmbH & Co., Johnson Electric Holdings Ltd., HI-LEX Corporation, VOXX Electronics Corp, Power-Packer Corporation, Magna International, Autoease Technology are some of the more prominent market players in the industry. 

Power Liftgate Market: Regional Outlook

Asia Pacific is expected to contribute a considerable share throughout the forecast period, owing to the increasing disposable income of the middle class population in the region along with high living standards and increasing automobile sales. These factors are estimated to boost the demand for automotive power liftgates in the coming years. Europe also holds a prominent share of the automotive power liftgate market due to the large number of automobile manufacturers in the region.

Furthermore, North America is expected to dominate the automotive power liftgate market, owing to the increasing demand for luxury vehicles in the U.S. and Canada. Latin America, Middle East and Africa are projected to witness a surge in the demand for automobiles, owing to increasing urbanization and economic growth, which in turn will accelerate the growth of the automotive power liftgate market during the forecast period.

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Table of Content 1. Executive Summary

    3.1. Key Trends Impacting the Market

5. Global Power Lift Gate Market Demand Analysis 2015-2021  and Forecast, 2022-2030

    5.1. Historical Market Volume (Mn Units) Analysis, 2015-2021 

    5.2. Current and Future Market Volume (Mn Units) Projections, 2022-2030

6. Global Power Lift Gate Market - Pricing Analysis

    6.2. Global Average Pricing Analysis Benchmark 

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years. 

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