A number of factors such as the burgeoning demand for autonomous vehicles and the surging adoption of electric vehicles (EVs) will support the power liftgate market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated a revenue of ~$4 billion in 2020. A power liftgate is a backdoor mechanism through which the drivers open or close the liftgate/tailgate by clicking a key on the dashboard or a handheld remote. Nowadays, automotive power liftgates are available with anti-trap and height memory functions.
One of the major growth drivers for the market is the escalating demand for autonomous vehicles, owing to the growing need for ease of driving and soaring concerns being raised over passenger and vehicle safety. Due to the increasing safety concerns, automakers are focusing on technological advancements to enhance road safety and also developing intelligent transportation systems, such as self-driving features and advanced driver-assistance systems (ADAS). Thus, the increasing research in autonomous technology will augment the demand for power liftgate systems in the foreseeable future.
In recent years, the extensive use of advanced technologies by automobile manufacturers, to provide safety, comfort, and security in their premium vehicles, has become a major trend in the power liftgate market. Due to the surging adoption of navigation, security, and remote access solutions in vehicles, original equipment manufacturers (OEMs) are looking for power liftgates as a means to add value to automobiles. The power liftgate system is made up of a power liftgate motor, a lift gate lock with a power cinching unit, a deck lid cable drive, and a capacitive sensor system for hands-free door closing and opening.
At present, companies operating in the power liftgate market are undertaking product launches and facility expansion to increase their market share in the foreseeable future. For instance, in August 2019, Stabilus GmbH established a new distribution center in Michigan, U.S. With this move, the company aims to expand its Global Independent Aftermarket business and provide power liftgates and OE lift support products. Furthermore, in March 2020, Tesla Inc. introduced its Model Y power liftgate for allowing easy access to the rear cargo room of vehicles through remote control, either manually or the mobile app of Tesla.
The vehicle type segment of the power liftgate market is bifurcated into passenger vehicle and commercial vehicle. Of these, the passenger vehicle category is expected to account for the larger market share throughout the forecast period. This can be attributed to the burgeoning demand for luxury vehicles due to the escalating disposable income and enhancing living standards of the middle class. Moreover, the booming demand for passenger vehicles equipped with advanced sensor systems, liftgate lock systems, and automatic door closing and opening features will also support the growth of this category in the coming years.
Geographically, the Asia-Pacific (APAC) power liftgate market is expected to demonstrate the fastest growth during the forecast period. This can be ascribed to the mounting disposable income and rising living standards of the middle-class population and booming car sales in the region. Moreover, the escalating sales of EVs, owing to the enactment of stringent emission norms, burgeoning demand for autonomous vehicles, introduction of hands-free power liftgate technology, and soaring requirement for sensors and various electronic devices and components in the automobile industry will also support the market growth in APAC in the coming years.
Thus, the rising adoption of autonomous vehicles and increasing integration of advanced technologies in the automotive industry will fuel the market growth in the foreseeable future.