Power Liftgate Market Generated $3,478.3 Million Revenue in 2020, Globally Finds P&S Intelligence

NEW YORK, June 29, 2021 /PRNewswire/ -- Power liftgate market generated revenue of around $3,478.3 in 2020, the COVID-19 pandemic has negatively impacted the sales and manufacturing of automobiles, thereby affecting the growth of the automotive sector. Automobile manufacturers faced various challenges such as reduced manufacturing because of shutdown of factories, on account of the lockdowns imposed by the governments of many countries. However, power liftgate market recovered slightly during the fourth quarter of 2020, and it is predicted to continue this trend during the forecast period.

Based on vehicle type, the market is divided into passenger and commercial vehicle categories. Between these, the commercial vehicle category is predicted to demonstrate faster growth during the forecast period. This is attributed to the ballooning sales of long-haul trucks across the world. Furthermore, the incorporation of advanced liftgate systems by major commercial vehicle manufacturers is predicted to fuel the growth of the power liftgate market in the coming years.

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Across the globe, Asia-Pacific (APAC) is predicted to demonstrate the fastest growth during the forecast period, because of the surging disposable income of people and the improving living standards of the middle-class populace in the region. Besides, the growing demand for increasing customer convenience and comfort, mushrooming sales of autonomous and electric vehicles, and rising incorporation of electronic components, sensors, and devices in vehicles are predicted to drive the expansion of the power liftgate market in the region in the forthcoming years.

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The players in the power liftgate market are developing new products for offering consumers greater convenience and augmenting their revenue. For example,

Tesla Inc. announced the incorporation of a power liftgate for disabled Model 3 buyers for increasing access to frunks and trunks, in March 2020. Similarly, Toyota has made some changes to its 2021 Sienna model for U.S.-based customers, while Ford has made some alterations in its 2020 Escape SEL platform.

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Huf Hulsbeck & Furst GmbH & Co. KG, Continental AG, Johnson Electric Holdings Ltd., Powder-Packer Corp., Magna International, HUF Group, Mitsuba Corporation, Strattec Security Corporation, Autoease Technology, VOXX Electronics Corp., Tesla Inc., Stabilus GmbH, and HI-LEX Corporation are some of the major global power liftgate market players.

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