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(Transportation-News.com, December 01, 2018 ) Stratview Research announces the launch of a new research report on Automotive Composite Liftgate Market by Vehicle Type (Hatchback, SUV, and Others), by Manufacturing Process Type (Compression Molding, and Injection Molding), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.
Automotive Composite Liftgate Market: Highlights
Liftgate is generally made of steel by auto OEMs themselves; however, with the advent of lightweight components, composites have been in limelight and have already become successful in making a remarkable presence in liftgate of vehicles. Composites play a vital role in contributing to weight reduction without compromising the strength and performance of the overall system. This is attracting tier players as well as raw material suppliers including resin, fiber, and coating suppliers, to tap the growing opportunity of composites in the automotive liftgate market.
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Composite liftgate is among the list of few automotive components that are experiencing staggering growth. Composite liftgate account for less than one-fifth of the overall liftgate market at present but forays huge growth potential in the coming years. Stringent regulations imposed by governments of many countries are putting pressure on the automakers to curb the overall vehicle weight to increase fuel efficiency or reduce carbon emissions. Liftgates could not escape itself from such regulations and experienced a significant change in the selection of materials over the period.
As per the Stratview Research, The global composite liftgate market is likely to experience excellent growth over the next five years to reach an estimated value of US$ 1,183.3 million in 2024. Increasing automotive production, increasing share of SUVs in the overall vehicle production, and increasing demand for lightweight liftgate over bulky metallic liftgate are some of the key factors proliferating the growth of the automotive composite liftgate market. Ford Motor Company, Nissan Motor Co. Ltd., BMW AG, Groupe Renault, Group PSA, and The Volvo Group are some of the major OEMs that have switched towards composite liftgate in some of their mass-selling vehicle models.
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Source: EmailWire.Com 
Source: EmailWire.com
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