Powered Gates Market for EV & ICE Worth 25.31 Billion USD by 2022
PUNE, India, September 12, 2017 /PRNewswire/ --
The report "Powered Gates Market for EV & ICE [http://www.marketsandmarkets.com/Market-Reports/automotive-powered-gate-market-218934682.html ] by Application (Powered - Window, Sunroof, Tailgate, Convertible Roof, Sliding Door, and Side Door), Component (Switch, ECU, Latch, Motor/Actuator, Relay), Type (Manual and Powered), and Region - Global Forecast to 2022", published by MarketsandMarkets(TM), the market is projected to grow at a CAGR of 7.75% during the forecast period, and the market size is expected to grow from USD 17.43 Billion in 2017 to USD 25.31 Billion by 2022.
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The key factors driving the growth of the Powered Gates Market are increasing luxury features in a vehicle, increasing complexity of manual operations, and growing use of lightweight materials in powered applications impacting the fuel economy of vehicles.
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Hybrid Electric Vehicle (HEV) segment is estimated to hold the largest share of the Powered Gates Market for electric vehicles.
The HEV segment is estimated to hold the largest market size in the Powered Gates Market in 2017. The dependence on gasoline and diesel engines as the primary automobile powertrain technology has raised many environmental concerns such as global warming. In response to the concern and increasing demand for eco-friendly and fuel-efficient technologies, OEMs such as Toyota Motor Corporation (Japan) with its Camry and Prius brand, Ford Motor Company (U.S.) with its Fusion brand, and Honda Motor Co., Ltd. (Japan) with its Civic brand, are developing hybrid technologies to cater to these needs. Automakers are seeing hybrid vehicles to be the gateway to fully electric vehicles. Similarly, government tax incentives and state rebates have boosted the proliferation of HEVs. This would also drive the demand for HEVs. Majority of HEVs are employed with power windows and power tailgate, hence driving the demand for the powered gates applications in the near future in the HEV segment.
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Latch is estimated to be the fastest growing component segment in the Powered Gates Market.
The latch segment is projected to grow at the fastest growth rate during the forecast period from 2017 to 2022. The Europe region is estimated to witness a high growth in latch production. New technologies such as hands-free opening doors, LED latches, and collision avoidance closure system had increased the production demand of technically advanced latches in powered gates applications. Currently, an E-latch is the demand of all the premium vehicle manufacturers and drivers worldwide. An E-Latch eliminates all the hardware functions from the conventional door system which reduces cost and weight while improving safety. Also, the growing demand for highly safe & secure automotive closure systems and the increasing production of automobiles would boost the growth of the latches segment in the Powered Gates Market in the near future.
Asia Oceania region is estimated to be the leading market for powered gates.
Asia Oceania is the leading the Powered Gates Market as the region represents countries such as China, Japan, South Korea, and India with the world's highest vehicle production. The automobile industry is flourishing continuously, especially in South Asia. China's initiative to reduce sales tax for passenger vehicles is expected to expand the overall volume of vehicle production by 15%-16% in 2016. India is also expected to be the fastest growing market due to the increasing disposable income of people. Increased sales of premium cars would influence the Powered Gates Market. For Instance, premium car sales are increased by 14% from 2015 to 2016 in China. Also, the demand for increased electronic components in vehicles helps to increase the trend of automotive power closures over manual closures.
The key powered gates manufacturers profiled in the report include Continental AG (Germany), Magna International Inc. (Canada), Robert Bosch GmbH (Germany), and Aisin Seiki. Co. Ltd (Japan). These systems and technologies are supplied to automotive OEMs such as Volkswagen AG (Germany), General Motors (U.S.), Toyota Motor Corporation (Japan), and others.
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