Automotive Trunk Lid Panel Market

Automotive trunk lid panel refers to the sheet metal or carbon fiber body panel that covers the trunk. Trunk lids are usually made of carbon fiber or aluminum, which are lighter than other materials and hence, are very easy to use and customize. These materials are durable, light weight, and strong, as compared to other materials such as steel. The carbon fiber material that is used to manufacture the panels is also known as reinforced plastic. The carbon fiber parts are made of carbon filament threads a rigid and nonflammable composite fabric that utilizes the resins to manufacture lightweight and strong automotive body panels.

The global automotive trunk lid panel market is expected to expand owing to the rising adoption of advanced technologies and materials in the automobile industry. Rise in demand and adoption of premium vehicles and advanced technology vehicles is driving the demand for automotive trunk lid panel, as trunk lid panels can seamlessly integrate with all types of automobiles. Rise in deployment of safety systems in automobiles is also projected to drive the integration of these lightweight trunk lid panel in the next few years. High initial investment is anticipated to hamper the steady expansion of the market.

The global automotive trunk lid panel market can be segmented based on material, opening, position, vehicle type, sales channel, and region. Based on material, the automotive trunk lid panel market can be segmented into carbon fiber, aluminum alloys, steel and others. Based on opening, the automotive trunk lid panel market can be classified into vertically downwards, vertically upwards, and sideways. Based on position, the market can be bifurcated into front and rear.

Based on vehicle type, the automotive trunk lid panel market can be split into passenger vehicle and commercial vehicle. Increased production of passenger vehicles across the globe is expected to drive the passenger vehicle segment of the market during the forecast period. Increased per capita income, rapid urbanization, and expansion of the automotive industry in developing countries are driving the demand for passenger vehicles. Based upon sales channel, the global automotive trunk lid panel market can be divided into OEMs and aftermarket. OEMs is the dominant segment, and it is expected dominate the global automotive trunk lid panel market during the forecast period. The OEMs segment held a major share of the automotive trunk lid panel market, as they provide inbuilt panels in every segment of their vehicles. Demand for automotive trunk lid panel in the aftermarket is significantly good; however, the installation of aftermarket automotive trunk lid panel is difficult and expensive as the perfect shape, size, and quality are not available.

Based on region, the global automotive trunk lid panel market can be segregated into Europe, North America, Latin America, Middle East & Africa, and Asia Pacific. The market in Europe is expected to expand, as the region is a major producer of premium passenger vehicles and several top OEMs are based in Europe. Demand for automotive trunk lid panel is projected to rise considerably in Asia Pacific, as countries such as India and China are among the top producers of automobiles and also are major users, exporters, and importers of vehicles in the region.

Key players operating in the global automotive trunk lid panel market include FLEX-N-GATE CORPORATION, Magna International, Plastic Omnium, Tata AutoComp Systems, and UACJ Metal Components.