The global automotive tailgate market is brimming with competitive vendors, according to a Transparency Market Research (TMR). Vendors in the global automotive tailgate market are focused on production of novel, attractive designs, to attract consumers and impact sales. The vendors are expected to retain efficient components without compromising on aesthetics. Other than this, vendors in the global automotive tailgate market are seen leveraging organic as well inorganic growth strategies in order to gain momentum in the industry.
Some of the key schemes identified by TMR analysts include launch of new products, approvals and patents, and events. Vendors in the global automotive tailgate market are involved in expanding their business through mergers and acquisitions, collaborations, and partnerships.
Leading names in the global automotive tailgate market include Plastic Omnium, Robert Bosch GmbH, SEOYON E-HWA, HELLA GmbH & Co. KGaA Rockland Manufacturing Company, and Magna International Inc.
As predicted by TMR, the global automotive tailgate market is likely to be worth US$15 bn by 2027-end. Over the forecast tenure from 2019 to 2027, the market is estimated to rise at a 4% compound annual growth rate (CAGR).
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Demand for Lightweight Cars to Influence Automotive Tailgate Market
Because it requires less power to speed up a light object than a heavier, lightweight materials give considerable potential to increase the effectiveness of vehicles. A 10% decrease in car weight could lead to an enhancement in fuel efficiency by 6% to 8%. For significant car companies such as Citroen C4, Range Rover and Peugeot, companies such as the Plastic Ominum and the Magna International supply composite material tailgates. In addition, the carbon-based composite tailgate decreases the general weight of the tailgate, and consequently the demand for automotive plastic tailgates will probably boost in the era of forecasting.
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High Sales of Luxury Cars to Boost Market Opportunity
Driving forces such as demand for convenience and luxury drive the automotive tailgate market strongly coupled with increasing attention to security and driverless vehicles. The manufacturers of this luxury vehicle experiment in distinct models to create an elegant appearance and feel on the rear. In the new generation of individuals because of enhanced convenience, appearance, and velocity, this is an appealing characteristic. The automotive tailgate market is expected to be highly motivated by increasing demand for luxury cars, an enhanced preferential treatment for sophisticated electronic cars and the soaring implementation of sophisticated safety features. A factor that may hamper the growth of this market is the steep cost of these systems.
However, simple access to financing with custom financing options, a decrease in the prices of car loans, and an increase in users ‘ incomes are expected to help increase the automotive tailgate market in the next few years.
This post was originally published on Food and Beverage Herald