ALBANY, New York, May 10, 2019 /PRNewswire/ -- Automotive tailgate is the back door of the vehicle used for unloading and loading and provides way to vehicle boot area. The key players leading in the global automotive tailgate market are Robert Bosch GmbH, Magna International Inc., SEOYON E-HWA, Plastic Omnium, and Rockland Manufacturing Company. Major firms are concentrating on several organic growth business models, for example, product approvals, product launch, and other similar events and patents. Moreover, the inorganic strategies for growth adopted by the market players are collaborations, and mergers and acquisitions. These strategies are providing a great scope for business expansion, and multiplying customer base across the globe.
According to a recent report by Transparency Market Research, the global automotive tailgate market is likely to expand at a CAGR of over 4% within the forecast period from 2019 to 2027. By the end of forecast period the market is valued to be around worth US$15 bn.
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On the basis of vehicle type, the global automotive tailgate market can be classified into commercial vehicles and passenger vehicles. Among these two, the segment of passenger vehicle is anticipated to dominate the global automotive tailgate market. Moreover, the segment is expected to sustain its position in the forthcoming years as well. Geographically, Asia Pacific holds the maximum share in global automotive tailgate market. This is attributed to rise in production of vehicles in Japan, China, and India. Besides, Asia Pacific region is a home to highest vehicle production across the globe, propelling the demand in global automotive tailgate market.
Automotive tailgate is the rear-end gate of boot area of a car, especially passenger cars. These gates are either power operated, manually operated, or hydraulic operated automotive tailgates are mostly installed in SUVs, pickup truck, and passenger cars.
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Rising Purchase of Passenger Vehicles to Amplify Market Demand
Of the late, there is a consistent rise in the production of luxury vehicles. This is estimated to stir up the demand in automotive tailgate market across the world. The makers of these luxury vehicle are experimenting with different designs to project an elegant look and feel of the backside of the vehicles. This is an attractive feature to rope in the new generation of people due to improved comfort, appearance, and speed. Due to decrease in the interest rate of vehicle loans, rise in per capita income, and easy financing with personalized finance scheme by OEMs, banks, and dealers contribute in surged production of passenger vehicles. This as a result stimulates the growth in automotive tailgate market.
The increasing production of vehicles, especially in passenger vehicles is estimated to fuel the demand in the automotive tailgate market in the coming years.
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Increased Lifespan to Hinder Market Development
Improved life-span of people and decreasing number of road accidents are foreseen to pull down the growth in automotive tailgate market. Nevertheless, surged preference of electronic vehicles, luxury vehicles, and rising popularity of advanced safety methods are estimated to support the market growth. Growth in construction sector is another factor contributing in the expansion of automotive tailgate market in forthcoming years.
The review is based on the findings of a report by Transparency Market Research, titled "Automotive Tailgate Market (Tailgate Type - Hydraulic Operated, Power Operated, Manual; Vehicle Type - Passenger Vehicle (Hatchback, Sedan, Utility Vehicle), Commercial Vehicle (LCV, HCV, Buses); Material – Metal, Plastic; Sales Channel – OEMs, Aftermarket) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027."
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Global Automotive Tailgate Market has been segmented into:
- Tailgate Type
- Hydraulic Operated
- Power Operated
- Vehicle Type
- Passenger Vehicle
- Utility Vehicle
- Commercial Vehicle
- North America
- Nordic Countries
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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