PORTLAND, Oregon, Feb. 25, 2020
Surge in demand for electronic based components or devices in the vehicle and requirement for effective products in the vehicle drive the growth of the global automotive tailgate market
PORTLAND, Oregon, Feb. 25, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Tailgate Market by Type (Hydraulic/Manual Operated and Power Operated), Vehicle Type (Passenger Vehicle and Commercial Vehicle), and Sales Channel (Original Equipment Manufacturers (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global automotive tailgate industry garnered $11.49 billion in 2018, and is expected to reach $17.17 billion by 2026, growing at a CAGR of 5.3% from 2019 to 2026.
Prime determinants of growth
Surge in demand for electronic based components or devices in the vehicle and requirement for effective products in the vehicle drive the growth of the global automotive tailgate market. However, degradation of sensing mechanism and high configuration cost hinder the market growth. On the other hand, increase in expenditure on luxury vehicles across the world and technological advancements & innovations present new pathways for growth in the industry.
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The hydraulic/manual operated segment to lead during the forecast period
Based on type, the hydraulic/manual operated segment held nearly 91% of the total share of the global automotive tailgate market in 2018, and is expected to continue to lead during the forecast period. This is due to its wide applications in older vehicles. Moreover, the power-operated segment is expected to grow at the highest CAGR of 7.4% from 2019 to 2026, owing to rise in production of autonomous vehicles and advent of electric vehicles.
The passenger vehicle segment to maintain its leadership position in terms of revenue by 2026
Based on vehicle type, the passenger vehicle segment held the highest market share of the global automotive tailgate market in 2018, contributing for more than three-fourths of the total share, and will maintain its leadership position in terms of revenue throughout the forecast period. Moreover, this segment is expected to register the fastest CAGR of 5.4% from 2019 to 2026. This is due to need for better and efficient components of tailgate to be installed in the vehicles. The research also analyzes the commercial vehicle segment.
Asia-Pacific to present lucrative opportunities, North America to follow
Based on region, Asia-Pacific contributed to the highest market share in terms of revenue, accounting for nearly two-fifths of the global drive by wire market in 2018, and is expected to maintain its lead position during the forecast period. In addition, this segment is expected to register a CAGR of 6.6% from 2019 to 2026. This is due to wide range of applications of tailgate in the region along with huge number of vehicles running in the region. However, North America accounted for nearly one-fifth of the total market share in 2018, and continue to grow throughout the forecast period.
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Market players grabbing largest pie
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