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

The automatic trunk lid market refers to the global market for parts and panels used in passenger cars and commercial vehicles. The trunk lid is critical to a vehicle's body structure, providing a secure and weather-tight compartment for storing cargo and luggage. The market includes various types of trunk lid parts, such as panels, hinges, struts, latches, and the materials used to manufacture them. They involve fewer mobilization costs and require less time for setup and execution, making them an attractive option for operators looking to optimize their expenditures.

The Automatic Trunk Lid Market is expected to grow at a robust CAGR of 6.94 % during the forecast period, owing to the growing demand for vehicles, particularly in emerging markets. This drives the demand for trunk lid parts and panels. As vehicles on the road increase, so does the need for trunk lid components. The trunk lid is also critical to a vehicle's safety and security features. As consumers and regulatory bodies emphasize the importance of safety and security, the demand for high-quality trunk lid parts is increasing.

The market is segmented by vehicle type into passenger cars, light commercial vehicles, and medium and heavy commercial vehicles. The passenger car segment is anticipated to dominate the automatic trunk lid market during the forecast period, as passenger cars are designed to provide comfort, safety, and convenience to drivers and passengers. As a result, there is a growing demand for advanced trunk lid systems that offer improved safety, convenience, and aesthetics, driving the growth of the passenger car segment in the automatic trunk lid market.

Based on the control mode, the market is segmented into remote-operated, hands-free, and voice-activated. Amongst these, the remote-operated segment holds significant growth in the automatic trunk lid market because the automotive industry is experiencing a considerable shift towards advanced technology and innovative features. One such feature is the remote-control trunk lid, which allows users to operate the trunk lid remotely using a key fob or smartphone app. This feature is gaining popularity due to its convenience and ease of use.

Based on sales channel, the market is segmented into OEM and aftermarket. The OEM segment is expected to lead the automatic trunk lid market due to the increasing demand for passenger cars and commercial vehicles, driving the OEM segment's growth. As the sales of cars increase, the demand for trunk lid parts also rises, leading to a higher market share for the OEM segment. Additionally, OEMs are responsible for producing and supplying trunk lid parts to vehicle manufacturers. Since OEMs have a direct relationship with vehicle manufacturers, they can supply trunk lid parts that meet the specific requirements of the vehicle manufacturers, which, in turn, leads to a higher demand for OEM trunk lid parts.

For a better understanding of the market adoption of the automatic trunk lid industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), Rest of World. The Asia-Pacific region dominates the automatic trunk lid market due to significant growth in the demand for passenger cars and commercial vehicles, driving the demand for automatic trunk lid parts. Further, the growth is also attributed to the increasing disposable income, urbanization, and government initiatives to promote the automotive industry in countries like China, India, and Japan. The Asia-Pacific region has a large production capacity for automatic trunk lid parts, with many OEMs and suppliers establishing manufacturing facilities there. The cost-effective manufacturing process, skilled labor, and favorable business environment in countries like China, India, and Thailand attract major automotive companies to set up production facilities there.

Some major players operating in the market include Flex-N-Gate Corporation, GIFU AUTO BODY, Magna International Inc, Plastic Omnium, ThyssenKrupp AG, Toyotomi kiko co. ltd, UACJ Metal Components Corporation, Continental AG, Huf Hulsbeck & Furst GmbH & Co. KG, and ZF friedrichshafen AG.