PORTLAND, Oregon and PUNE, India, March 22, 2018 /PRNewswire/ --
According to a new report by Allied Market Research, titled, Hands-Free Power Liftgate Market by Type and Application: Global Opportunities Analysis and Industry Forecast, 2017-2023, the global hands-free power liftgate market was valued at $ 1,069.06 million in 2016, and is projected to reach at $ 1,491 million by 2023, growing at a CAGR of 5.0% from 2017 to 2023.
Hands-Free Power Liftgate is a back-door system, the user of the vehicle controls the liftgate/tailgate opening and closing through the key located on the dashboard or through handheld remote device.
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In 2016, semi-automatic segment dominated the market, in terms of revenue, due to increase in demand for luxurious vehicle.
Asia Pacific was the highest revenue contributor to the hands-free power liftgate market in 2016, accounting for around 32.00% share, due to rise in adoption of sensors and electronic based system/components across the automotive sector.
The report features a competitive scenario of the hands-free power liftgate market and provides a comprehensive analysis of the key growth strategies adopted by major players. The key players in the global market are Aisin Seiko co.ltd, Autoease Technology, Brose Fahrzeugteile GmbH & Co.KG, Faurecia SA, Grupo Antolin Irausa S.A, Huf Hlsbeck & Frst GmbH & Co. KG, Johnson electric, Magna International Inc., Stabilus GmbH, tommygate.
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These players have adopted various competitive strategies such as innovation, new product development, and market expansion to boost the growth of the market.
Key Findings of the Hands-free Power Liftgate Market:
- The semi-automatic segment accounted for the highest share in 2016, growing at a CAGR of 4.6% from 2017 to 2023.
- Passenger cars application generated the highest revenue, accounting for $789.64 million in 2016.
- Asia pacific is expected to dominate the market, in terms of market share, during the forecast period.
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SOURCE Allied Market Research