| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 4.23 Billion |
| CAGR (2023-2028) | 10.60% |
| Fastest Growing Segment | Light Commercial Vehicles |
| Largest Market | North America |
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Automatic Trunk Lid Market has valued at USD 4.23 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 10.60%.
Global Automatic Trunk Lid Market Scope
In Europe and North America, where luxury cars are more common at, the automatic trunk lid market is growing at a quicker pace.
The trunk lid refers to that body panel of carbon fiber or sheet metal that encases the trunk. Trunk lids are usually made of aluminum or carbon fiber as they are lighter than other materials and are therefore easier to handle and customize. These materials are longer-lasting, lighter, and stronger compared to other materials such as steel. The plastic-reinforced carbon fiber is the material used to produce the panels. The carbon fiber parts are built using carbon filament threads, a hard, flammable composite fabric employed to form an extremely strong and lightweight automobile trunk lid system. Through the projection period, the automatic trunk lid market is expected to expand quickly due to the increased demand for automobiles with more advanced features. The Automated Trunk Lid Market is largely influenced by the growing emphasis on vehicle refinement, customer comfort, and regulatory standards. One of the features that simplify usage is the hands-free opening of the trunk lid. The trunk lid is openable or closable with the help of a vehicle's mounted electronic system and sensors.
Global Automatic Trunk Lid Market Overview
The growing application of new technologies and materials in the automotive industry is most likely to result in a boost in the market for car trunk lid panels worldwide. With regard to the demand for comfort, luxury, hands-free activation, and autonomous control, manufacturers of automobiles are motivated to invest in research and development of new automated trunk lid business.
Global Automatic Trunk Lid Market Challenge
High-cost high-quality materials utilization and low penetration are issues which add to the cost of production and maintenance for the automatic trunk lid parts. Business enterprises operating in the industry of automated trunk lid systems' sale also incur massive revenues disruption through alterations in the global trade sector prices. Because of their higher production costs, automatic trunk lid systems pose a significant barrier for the world market in terms of deployment and integration. It is because the technology and components needed, including sensors, motors, control systems, and wiring, can greatly increase the cost of manufacturing and producing cars. Consequently, this cost presents a great obstacle for some car manufacturers, especially for those with customers on tight budgets or compete in price-sensitive segments. In addition, supply and demand have been altered, which presents greater challenges for the industry to grow. Generally speaking, a main obstacle to the growth of the industry is the tremendous cost of establishing and incorporating automatic trunk lid systems. Also, it is anticipated that the price of the automated trunk lid market will come down in the coming years as technology advances. Also, the aftermarket automatic trunk lid services penetration is expected to propel the global Automatic Trunk Lid Market in the coming years.
Global Automatic Trunk Lid Market Trends
Within the world market for automatic trunk lids, there is a shift toward increased focus on the vehicle's comfort and refinement. Also, the use of automatic trunk lids is increasing with rising consumer expectations for a comfortable, hands-off trunk lid operation. Moreover, the country is striving for the transition to electric vehicles to reduce greenhouse emissions from transportation which is likely to increase the market for automated trunk lids across the world. In addition, the market is experiencing trends that influence its growth. One of them is the creation of new technologies such as foot-operated trunk opening. Others comprise developments in sensor technology, connectivity to smart key systems and car connectivity, and developments in vehicle connectivity. Because of the above-stated factors, it is likely that the Automatic Trunk Lid Market would grow during the span of the anticipated year.
Recent Development
- In 2022, Huf Group's Huf Light Touch Emblem, which was patented in November 2022, has several advantages over other traditional access methods for automakers. The most popular electric vehicles models have Light Touch Emblem at the back for opening the front trunk lid.
- In December 2019, Continental introduced electric liftgates and sliding doors for loading and unloading trunks. Even in the cold and when the car is dirty, it can easily open and lock lift gates while keeping its hands clean.
Global Automatic Trunk Lid Market Opportunities
As the automotive industry grows, there is going to be a greater need for automatic trunk lid systems, creating new market opportunities for specialized service providers and up-and-coming new businesses.
Company Profiles
Some of the major players which are leading in Automatic Trunk Lid Market are Flex-N-Gate Corporation, Gifu Auto Body Industry, Magna International Limited, Plastic Omnium, ThyssenKrupp AG, Toyotomi kiko co. ltd, UACJ Metal Components Corporation, Continental AG, Huf Hülsbeck & Fürst GmbH & Co. KG, ZF friedrichshafen AG.
Market Segmentation
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The Global Automatic Trunk Lid Market is segmented based on vehicle type, material type, end user, and by region. Based on vehicle type, the market is segmented into Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle. Based on the material type, it is further segmented into steel, aluminum alloy, carbon fiber, and others. Furthermore, based on end user, it is segmented into OEM and aftermarket. Further, the market is divided based on region, i.e., Asia Pacific, North America, Europe & CIS, South America, and Middle East & Africa.
Key market players in the Global automatic trunk lid market include
Flex-N-Gate Corporation
Gifu Auto Body Industry
Magna International Limited
Plastic Omnium
ThyssenKrupp AG
Toyotomi kiko co. ltd
UACJ Metal Components Corporation
Continental AG
Huf Hülsbeck & Fürst GmbH & Co. KG
ZF friedrichshafen AG
|
Attribute |
Details |
|
Base Year |
2022 |
|
Historical Years |
2018 – 2021 |
|
Estimated Year |
2023 |
|
Forecast Period |
2024 – 2028 |
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Quantitative Units |
Revenue in USD Million and CAGR for 2018-2022 and 2023-2028 |
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Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
|
Segments Covered |
By Vehicle Type By Material Type By End User By Region |
|
Key Companies Profiled |
Flex-N-Gate Corporation, Gifu Auto Body Industry, Magna International Limited, Plastic Omnium, ThyssenKrupp AG, Toyotomi kiko co. ltd, UACJ Metal Components Corporation, Continental AG, Huf Hülsbeck & Fürst GmbH & Co. KG, ZF friedrichshafen AG |
|
Customization Scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
|
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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