8:58 AM Automotive Liftgate Market to experience an impressive growth of 4.7% during 2019-2024 |
The next five years for the global automotive liftgate market are going to be vigorous with sizeable growth opportunities in the entire ecosystem of the market. The global automotive liftgate market is estimated to grow at a healthy CAGR of 4.7% over the next five years. Organic growth in the automobile production owing to increasing disposable income and growing urbanization, increasing the share of SUVs production, and increasing demand for lightweight liftgates to reduce the overall vehicle weight for achieving stringent government regulations, such as CAFÉ Standards are major growth drivers of the global automotive liftgate market. It is estimated that approximately 652 million vehicles (passenger cars, LCV, and M&HCV) are likely to be produced globally during the next six years (2019-2024). This corresponds to significant growth opportunities for the market stakeholders to tap the growth potential in the coming years.
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By Vehicle Type: The global automotive liftgate market is segmented based on the vehicle type as Hatchback, SUV, and Others. SUV is expected to remain the growth engine of the global automotive liftgate market during the forecast period of 2019 to 2024. An increased production of SUVs, especially in the Asia-Pacific region and high demand for comfort & space in vehicles would continue to drive the segment’s growth over the next five years. By Material Type: The global automotive liftgate market is segmented based on the material type as Metal Liftgates and Composite Liftgates. The metal liftgate is projected to remain the most dominant material type over the next five years, whereas composite liftgate is likely to witness a higher growth rate in the same period. The continuous shift from metal to composite liftgates is due to several factors in which the most important is government regulations. Stringent regulations imposed by governments of many countries are putting pressure on the automakers to curb the overall vehicle weight to increase fuel efficiency or reduce emissions. Liftgates could not escape itself from such regulations and experienced a significant change in the selection of materials over the period. The auto industry is rapidly moving towards lightweight materials, such as sheet molding compound and long-fiber reinforced thermoplastics, to make final component light in weight without sacrificing overall liftgate performance. By Manufacturing Process Type: The global automotive liftgate market is segmented based on the manufacturing process type as Stamping, Injection Molding, and Compression Molding. Stamping is expected to remain the most dominant manufacturing process of liftgates in the global automotive industry over the next five years, whereas injection and compression molding are likely to be the fastest-growing manufacturing processes during the same period. Injection molding offers many benefits over competing processes, such as low part cycle time, ability to manufacture complex products, recyclability, good surface finish, lightweight, and excellent strength to weight ratio. Nissan Rogue, Peugeot 308, and BMW i3 & i8 are some of the major auto models which are using injection-molded thermoplastic composite liftgate. By Region: Based on the regions, Asia-Pacific is expected to remain the largest automotive liftgate market during the forecast period. The region is also expected to experience the highest growth during the same period. Increasing automobile production coupled with increasing SUV production share is driving the demand for liftgates in the region. China and Japan are likely to remain the major markets in the region. India is likely to be the new growth engine of the region’s demand for automotive liftgates in the coming five years. Europe is expected to remain the second-largest automotive liftgate market in the same period, driven by Germany, France, and Russia. Germany is likely to maintain its lead in the region’s automotive liftgate market in the coming five years. France and Russia are also likely to generate sizeable growth opportunities for the players in the coming years. North America, another sizeable market, is also likely to offer favorable growth opportunities in the coming five years. The USA is likely to remain the largest market in the region, whereas Mexico is likely to be the fastest-growing market in the region in the coming five years, driven by the opening of assembly plants of the all the major automakers in order to fulfill the growing local demand as well as to target the USA.
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