According to a report by a market research institution, P&S Intelligence, the power liftgate market continues to grow with the advancement in automotive technologies.
Based on system type, the hands-free category will witness the faster growth in the industry over this decade. Auto manufacturers all across the globe are integrating modern features in their vehicles to offer more convenience to customers.
Based on vehicle type, the passenger vehicle category will dominate the power liftgate market over this decade. This is mainly credited to the rising demand for luxury vehicles because of the increasing disposable income and standards of living of the middle class. Luxury cars often come with features such as advanced sensor systems, liftgate lock systems, and automatically opening & closing doors.
Over the forecast period, the integration rate of these systems in commercial vehicles will increase faster. With the growth of the trucking industry, the demand for a more-convenient loading process is increasing. For truckers who have to drive long haul, time saving during the loading and unloading processes could offer significant advantages, majorly in terms of their level of energy for the long and often treacherous drive.
APAC will witness the fastest growth in the years to come, owing to the increasing disposable income, growing standards of living, and rising sales of cars. The growth in the region is also driven by the increasing demand for autonomous vehicles, a range of electronic components/devices in automobiles, and e-vehicles, because of the strict emission regulations, the necessity to increase customer comfort & convenience, and the introduction of the hands-free power liftgate technology.
The major factors driving the growth of the industry are the increasing concern for vehicle and passenger safety and the rising need for easy driving. Due to this, manufacturers are developing advanced technology to enhance road safety and produce intelligent transportation systems, for instance, self-driving and the advanced driver-assistance systems.
Key players in the industry have been concentrating on facility expansions and product launches to enhance their share and gain momentum. For instance, Tesla Inc. has revealed its Model Y power liftgate, which offers easier access to the vehicle's rear cargo room through remote control, mobile application, hatch-mounted button, or manually.
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