Hands-free Power Liftgate Market Expected to Reach $2.36 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “Hands-free Power Liftgate Market by Vehicle Type, Propulsion, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global hands-free power liftgates market was valued at $1,127.9 million in 2020, and is projected to reach $2,355.9 million by 2030, registering a CAGR of 7.8% from 2021 to 2030.

Asia-Pacific is expected to dominate the hands-free power liftgate market due to the factors such as surge in living standards of middle-class population and increase in sale of luxury cars in the region. Growing penetration of electric vehicles in China is also expected to accelerate the market growth during the forecast period.

There has been increase in demand for luxury vehicles over the years. In 2021, Rolls Royce sales soared 49% to a record high in 2021 despite the COVID-19 pandemic. Moreover, increase in demand for premium and luxury cars from emerging markets is expected to contribute in the growth of hands-free power liftgate market.

On the basis of vehicle type, the hands-free power liftgates market is segmented into passenger cars and commercial vehicles. The passenger cars segment has been further divided into SUVs, sedans, and others. In 2020, the passenger cars segment dominated the market. Greater need for passenger comfort, integration of advanced safety & connectivity solutions, and improving living standards, especially in emerging economies, has strengthened the growth of this market.

Technological advancements and increase in development of autonomous vehicles across the globe is expected to provide lucrative opportunities for expansion of the hands-free power liftgate market.However, factors such high initial cost and degradation of sensing mechanism over time hinders the growth of the hands-free power liftgate market.

COVID-19 Impact Analysis

The COVID-19 crisis has created uncertainty in the market, leading to massive decline in supply chain, decrease in business confidence, and increase in panic among customer segments. Governments of different regions have announced complete lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales. Countries across the globe have posed stringent restrictions ranging from days to months of lockdown periods. Owing to this pandemic, many businesses have been halted and are waiting for the market conditions to improve.

The impact of the COVID-19 pandemic has resulted in supply chain disruptions and shortage of microchips required for development of hands-free power liftgate. Several automobile manufacturers faced shortage of electronic components and limited inventory resulting in delayed vehicle production. Shortage of electronic components has forced manufacturers to leave out features such as hands-free power liftgate from vehicles till the microchip shortage is addressed.

Key Findings Of The Study

• By vehicle type, the passenger cars segment is anticipated to exhibit significant growth in the near future.
• On the basis of propulsion, the electric segment is expected to register a significant growth during the forecast period.
• By sales channel, the aftermarket segment is anticipated to exhibit significant growth in the near future.
• Region wise, North America is anticipated to register the highest CAGR during the forecast period.

The key players operating in the global hands-free power liftgate market include Aisin Corporation, Autoease Technology, Brose Fahrzeugteile SE & Co. KG, Continental AG, Hi-Lex Corporation, Huf Hulsbeck & Furst GmbH & Co., Johnson Holdings Limited, Magna International Inc, Stabilus GmbH, and Woodbine Manufacturing Co. Inc.