Emphasis on Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle), Control Mode (Remote Operated, Hands-Free, and Voice Activated), Sales Channel (OEM and Aftermarket), and Region/Country
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).
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.
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.
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.
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.
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.
Customization Options:
The global automatic trunk lid market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Automatic Trunk Lid Market Revenue (usd Bn), 2022-2032f
7. Market Insights By Vehicle Type
8. Market Insights By Control Mode
9. Market Insights By Sales Channel
10. Market Insights By Region
11. Value Chain Analysis
12. Competitive Landscape
13. Company Profiled
14. Acronyms & Assumption
15. Annexure
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:
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 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:
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.
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:
Q1: What is the current market size and growth potential of the automatic trunk lid market?
Q2: What are the driving factors for the growth of the automatic trunk lid market?
Q3: Which segment has the largest automatic trunk lid market share by vehicle type?
Q4: What are the emerging technologies and trends in the automatic trunk lid market?
Q5: Which region will dominate the automatic trunk lid market?
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