DETROIT, November 28, 2018
DETROIT, November 28, 2018 /PRNewswire/ --
Stratview Research announces the launch of a new research report on Automotive Composite Liftgate Market 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), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.
This market report, from Stratview Research, studies composite liftgate market in the global automotive industry over the trend and forecast period of 2013 to 2018 and 2019 to 2024, respectively. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Automotive Composite Liftgate Market: Research Highlights
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 list of few automotive components that are experiencing staggering growth. Composite liftgate account for less than one-fifth of the overall liftgate market at present but forays 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. Liftgates could not escape itself from such regulations and experienced a significant change in the selection of materials over the period.
As per Stratview Research, the automotive composite liftgate market 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 proliferating the growth of the automotive composite liftgate 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 vehicle models.
The author of the report cited that hatchback is likely to remain the most dominant vehicle type 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.
As per the study, injection molding is expected to remain the most dominant manufacturing process over the next five years, whereas compression molding is likely to experience 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 liftgates.
In terms of region, Europe is expected to remain the largest automotive composite liftgate market during the forecast period. European OEMs, such as Group PSA, Groupe Renault, and BMW AG, have been early movers in adopting composite liftgate, which led to the dominance of region in the global market. However, Asia-Pacific is likely to be the fastest-growing region in the market, driven by China.
Major automotive composite liftgate manufacturers are Plastic Omnium Group, Magna International Inc. and 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.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies composite liftgate market in the global automotive industry and has segmented the market in three ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the three ways in which the market is segmented:
Automotive Composite Liftgate Market by Vehicle Type:
Automotive Composite Liftgate Market by Manufacturing Process Type:
Automotive Composite Liftgate Market by Region:
Stratview Research has several high value market reports in the global automotive industry. Please refer to the following link to browse through our reports:
Some of our other premium reports in the automotive industry:
Automotive Liftgate Market by Vehicle Type, by Material Type, by Manufacturing Process Type, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023
Automotive Engine Cover Market by Vehicle Type, by Material Type, by Manufacturing Process Type, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2017-2022
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