Automatic Trunk Lid Market: Current Analysis and Forecast (2024-2032)

Report Description

Automatic Trunk Lid Market Size & Forecast

The automatic trunk lid market was valued at USD 2.2 Billion in 2023 and is expected to grow at a strong CAGR of around 7.94% during the forecast period (2024-2032).

Automatic Trunk Lid Market Analysis

The automatic trunk lid market is expected to grow significantly, driven by increasing demand for vehicle safety and convenience features. Key market trends include adopting lightweight materials, advanced locking systems, and increased focus on aesthetics. North America, Europe, and Asia Pacific are expected to contribute to the market’s growth, with the Asia Pacific region leading the way. The increasing demand for luxury vehicles and the need for advanced safety features drive the market’s growth. The market is expected to face challenges, including rising raw material costs and stringent government regulations.

Automatic Trunk Lid Market Trends

The automatic trunk lid market is a dynamic space undergoing rapid transformation. Here’s a breakdown of key trends shaping its future.

Increased adoption of Lightweight Materials: There is a growing emphasis on using lightweight materials, such as aluminum and carbon fiber, in manufacturing trunk lid parts to improve fuel efficiency and reduce overall vehicle weight.

Rising Demand for Customization: Consumers are seeking more personalized and customized trunk lid designs to enhance the aesthetics and functionality of their vehicles. Automakers are responding by offering a wider range of design options and customization features.

Integration of Advanced Technologies: Trunk lid parts increasingly incorporate advanced technologies, such as electric trunk lid openers, smart sensors, and advanced locking mechanisms, to improve user convenience and safety.

Shift Towards Electrification: As the automotive industry moves towards electrification, the demand for trunk lid parts compatible with electric vehicles (EVs) is rising, creating new opportunities for market players.



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Europe is Expected to Grow with a Significant CAGR During Forecast Period.

Europe is home to some of the world’s largest automotive manufacturers, such as Volkswagen, Mercedes-Benz, and BMW. The region’s strong demand for passenger cars, particularly in the premium segment, is driving the growth of the automatic trunk lid market. As the demand for passenger cars increases, so does the need for trunk lids, a critical component of vehicle design. Europe is at the forefront of the electric vehicle (EV) revolution, with many countries investing heavily in EV infrastructure and incentivizing consumers to adopt EVs. The growth of the EV market is expected to drive demand for trunk lids, as EVs require specialized trunk lids that can accommodate the battery pack and other unique components.

Automatic Trunk Lid Industry Overview

The automatic trunk lid market is competitive and fragmented, with several global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some major players operating in the market are Flex-N-Gate Corporation, GIFU AUTO BODY, Magna International Inc., Plastic Omnium, ThyssenKrupp AG, and Toyotomi Kokiko Co. ltd, UACJ Metal Components Corporation, Continental AG, Huf Hülsbeck & Fürst GmbH & Co. KG, and ZF friedrichshafen AG.

Automatic Trunk Lid Market News

2024: Yau Young Auto Parts Ind (Taiwan): The company is expected to launch a new range of metal-type trunk lids with improved strength and durability.

Magna International (Canada): Magna International invests in developing advanced trunk lid systems that integrate with vehicle sensors and cameras to provide enhanced safety features.

2023: Ansei (Japan) has developed a new plastic trunk lid that is lightweight and reduces noise during operation.

Grupo Antolin Irausa (Spain): The company has launched a new range of trunk lids with advanced features such as soft-close and anti-pinch functionality.

2022: Huf Hulsbeck & Furst (Germany): Huf Hulsbeck & Furst has developed a new range of trunk lids with integrated locking systems that provide improved security and convenience.

Automatic Trunk Lid Market Report Coverage

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

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Research Methodology

Research Methodology for the Automatic Trunk Lid Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global automatic trunk lid market were the three major steps undertaken to create and analyze the adoption of automatic trunk lids in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the global automatic trunk lid market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the automatic trunk lid market through company internal sources such as annual reports and financial statements, performance presentations, press releases, etc., and external sources including journals, news and articles, government publications, competitor publications, sector reports, third-party databases, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the automatic trunk lid market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type, control type, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automatic trunk lid market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, control type, and sales channel of the automatic trunk lid market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the global automatic trunk lid market.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automatic trunk lid market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach, were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major global markets. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the automatic trunk lid market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global automatic trunk lid market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Primary research input was consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and arrive at precise statistical numbers for each segment and sub-segment of the global automatic trunk lid market. Data was split into several segments and sub-segments after studying various parameters and trends in the vehicle type, control type, and sales channel in the global automatic trunk lid market.

The main objective of the Global Automatic Trunk Lid Market Study

The current & future market trends of the global automatic trunk lid market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the automatic trunk lid market in terms of value (USD) and the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the vehicle type, control type, and sales channel.
• Define and analyze the regulatory framework for the automatic trunk lid
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the automatic trunk lid market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the automatic trunk lid market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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