Automotive Composite Liftgate Market Report
Automotive Composite Liftgate Market Size, Share, Trend, Forecast, & Competitive Analysis: 2019-2024 See less
Automotive Composite Liftgate Market Size, Share, Trend, Forecast, & Competitive Analysis: 2019-2024
The Automotive Composite Liftgate Market is Segmented by Vehicle Type (Hatchback, SUV, and Others), by Manufacturing Process Type (Compression Molding, and Injection Molding), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
The Automotive Composite Liftgate Market is Segmented by Vehicle Type (Hatchback, SUV, and Others), by Manufacturing Process Type (Compression Molding, and Injection Molding), and by Region (North America, Europe, Asia-Pacific, a...
Liftgate is generally made of steel by auto OEMs themselves; however, with the advent of lightweight components, composites have been in limelight and have already become successful in making a remarkable presence in liftgate of vehicles. Composites play a vital role in contributing to weight reduction without compromising the strength and performance of the overall system. This is attracting tier players as well as raw material suppliers including resin, fiber, and coating suppliers, to tap the growing opportunity of composites in the automotive liftgate market.
Composite liftgate is among the few automotive components that are experiencing staggering growth. It accounts for less than one-fifth of the overall liftgate market at present but offers huge growth potential in the coming years. 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 carbon emissions. As a result, liftgates have experienced a significant change in the selection of materials over the period.
As per Stratview Research, the global composite liftgate market size is likely to experience excellent growth over the next five years to reach an estimated value of US$ 1,183.3 million in 2024. Increasing automotive production, increasing share of SUVs in the overall vehicle production, and increasing demand for lightweight liftgate over bulky metallic liftgate are some of the key factors driving the growth of the market. Ford Motor Company, Nissan Motor Co. Ltd., BMW AG, Groupe Renault, Group PSA, and The Volvo Group are some of the major OEMs that have switched towards composite liftgate in some of their mass-selling models.