Automotive Composite Liftgate Market Report

Market Insights

"The global automotive composite liftgate market is likely to grow at a CAGR of 10.7% during 2019-2024 to reach USD 1183.3 million in 2024."

Automotive composite liftgate is the automotive door made up of composites at the rear end. This is mainly used during the loading or unloading of goods from the vehicle. These doors are available in different types such as having an opening towards up or sliding or sideways. Automotive composite liftgate is gaining popularity these days due to a number of reasons such as composite materials reducing the overall weight. Apart from weight reduction, other worth noticing properties are strength, durability, temperature resistance, and flexibility.

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.

Market Dynamics

Market Drivers

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.

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.

Segments Analysis

By Vehicle Type

"The hatchback segment accounted for the largest market share."

The market is segmented based on the vehicle type as hatchback, SUV, and others. Hatchback is likely to remain the most dominant segment over the next five years; however, SUV is likely to be the fastest-growing segment during the same period. Renault Clio and Megane, Peugeot 308 and 508, and BMW i3 are some key hatchback models that contain composite liftgate.

By Manufacturing Process Type

"The injection molding segment accounted for the largest market share."

The market is segmented based on the manufacturing process type as injection molding and compression molding. Injection molding is expected to remain the most dominant process over the next five years, whereas compression molding is likely to experience a higher growth during the same period. Sheet molding compound (SMC) and long-fiber-reinforced thermoplastic (LFRT) compounds are the major types of composites being processed for fabricating composite liftgate.

Regional Insights

"Europe accounted for the largest market share."

Europe is expected to remain the largest market for composite liftgates during the forecast period. European OEMs such as Group PSA, Groupe Renault, and BMW AG have been the early movers in adopting composite liftgate, leading to the dominance of the region in the global market. However, Asia-Pacific is likely to be the fastest-growing region in the market, driven by China. Despite weakening economic growth of China, the country is still able to attract investments from automakers. All the major global automakers are rolling out their assembly plants in the country to serve the growing local demand as well as the export market. This is also casting a huge impact on the overall market dynamics of liftgates, as the country is gradually becoming the major market for composite liftgates.

Key Players

The supply chain of this market comprises raw material suppliers, composite compound suppliers, composite liftgate manufacturers, automotive OEMs, and dealers. Major automotive composite liftgate manufacturers are-

• Plastic Omnium Group
• Magna International Inc.
• Trinseo S.A.

Development of lightweight composite liftgates, targeting untapped vehicle models, execution of mergers & acquisitions, and formation of long-term contracts with OEMs are the key strategies adopted by the major players to gain a competitive edge in the market.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

This report, from Stratview Research, studies the composite liftgate market in the global automotive industry over the forecast period of 2019 to 2024, both in terms of value as well as units. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

What Deliverables Will You Get in this Report?

The automotive composite liftgate market is segmented in the following ways:

By Vehicle Type:

• Hatchback
• SUV
• Others

By Manufacturing Process Type:

• Compression Molding Process
• Injection Molding Process

By Region:

• North America (Country Analysis: The USA and Others)
• Europe (Country Analysis: France, Germany, The UK, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil and Others)

Research Methodology

For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry: sales@stratviewresearch.com.