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Increase in need for luxury vehicles, incorporation of connectivity and advanced features in vehicles, and rise in demand to offer improved customer convenience and comfort drive the global hands-free power liftgate market.
PORTLAND, Ore. , March 3, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Hands-Free Power Liftgate Market by Vehicle Type (Passenger Cars (SUV, Sedan, and Others) and Commercial Vehicles), Propulsion (Gasoline, Diesel, and Electric), and Sales Channel (Original Equipment Manufacturer and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global hands-free power liftgate industry was accounted for $1.12 billion in 2020, and is expected to reach $2.35 billion by 2030, growing at a CAGR of 7.8% from 2021 to 2030.
Major determinants of the market growth
Rise in demand for luxury vehicles, integration of connectivity and advanced features in vehicles, and need to offer improved customer convenience and comfort have boosted the growth of the global hands-free power liftgate market. However, high initial cost and degradation of sensing mechanisms over time hinder the market growth. On the contrary, rise in adoption of electric and autonomous vehicles and technological advancements are expected to open new opportunities for the market players in the future.
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The passenger cars segment dominated the market
By vehicle type, the passenger cars segment held the largest share in 2020, accounting for more than 90% of the global hands-free power liftgate market. In addition, the segment is estimated to register the highest CAGR of 8.0% during the forecast period, owing to high demand for passenger vehicles and need for comfort and luxury to enhance driving experience. The report includes analysis of the commercial vehicles segment.
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The aftermarket segment to portray the highest CAGR through 2030
By sales channel, the aftermarket segment is projected to manifest the highest CAGR of 8.4% from 2021 to 2030, owing to focus on integrating advanced features into vehicles to enhance passenger experience and comfort. However, the OEM segment held the largest share in 2020, contributing to more than 90% of the global hands-free power liftgate market, due to rise in demand for hands-free power liftgate by consumers for increased comfort.
North America to manifest the highest CAGR by 2030
By region, the market across North America is expected to register the highest CAGR of 9.0% during the forecast period, due to rise in sale of luxury vehicles and integration of connectivity and advanced features in vehicles. However, the global hands-free power liftgate market across Asia-Pacific dominated in 2020, accounting for nearly two-fifths of the market, due to demand for premium cars & advanced features in vehicles, increased disposable income in countries such as India & China , and rise in development of autonomous vehicles in the region.
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