Increasing vehicle production and stringent norms imposed by governments towards reducing vehicle weight and lower fuel consumption is driving automotive fuel tank market
According to TechSci Research report, “Global Automotive Fuel Tank Market By Vehicle Type, By Capacity, By Region, Competition, Forecast & Opportunities, 2025”, the global automotive fuel tank market stood at around 153 million units in 2019 and is projected to grow at a CAGR of around 13% during 2021 – 2025. Due to growing consumers preference for personal transportation and high demand generated from logistics industry for commercial vehicle across the globe, the automotive manufacturers are boosting vehicle production across different countries. These factors are increasing demand for automotive fuel tanks and the market is expected to grow at a rapid pace across the globe over the course of next five years. Moreover, imposition of strict regulation on reducing vehicle wight and lowering fuel consumption by government of several countries across the globe has forced the automotive manufacturers to come up with innovative designs of vehicles and fuel tanks.
Browse over 126 market data Figures spread through 110 Pages and an in-depth TOC on “Global Automotive Fuel Tank Market”
The global automotive fuel tank market is segmented based on vehicle type, by fuel tank capacity, and by region. In terms of vehicle type the market is further segmented into passenger car, commercial vehicle and two-wheeler segments. Passenger car segment dominated the market in 2019 and the segment’s dominance is expected to continue during the forecast period as demand for passenger cars is increasing enormously across the globe due to increasing per capita income levels and growing need for personal transportation.
In terms of fuel tank capacity, the market is further segmented into <15L, 15-45L, 45-70L, and >70L segments. Until 2019, 15-45L segment was dominating the market and the segment is expected to continue to be the largest segment during the forecast period. Growing production of passenger cars across the globe is the leading factor for the dominance and growth of 15-45L segment. Moreover, anticipated growth in two-wheelers, especially in developing countries, is expected to continue boosting <15L fuel tank market in the coming years.
Magna International Inc., Kautex Textron Gmbh & Co. KG, Plastic Omnium Auto Inergy Ltd., Yachiyo Industry Co Ltd, and TI Automotive Ltd are some of the leading automotive fuel tank manufacturers across the globe. Leading players are increasing their focus on introducing more performance oriented and technologically advanced fuel tanks at best possible price points across the globe. In terms of regional analysis, the market can be segmented into Asia-Pacific, North America, Europe, South America and Africa. Asia-Pacific is anticipated to grow at the fastest rate during the forecast period due to favorable government initiatives and policy support. In Asia-Pacific, China dominated the market and the country’s vehicle production is poised to grow at an impressive rate in the coming years as well.
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“Asia-Pacific is expected to dominate the global automotive fuel tank market in the coming years, due to increase in investments towards production facilities in various countries of the region. Sales of automotive fuel tanks across the region are driven by the presence of several manufacturing plants of leading automotive manufacturers across APAC. Additionally, governments of various countries in the region have framed manufacturer friendly policies, which is propelling demand for automotive fuel tanks from the OEMs.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Automotive Fuel Tank Market By Vehicle Type, By Capacity, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global automotive fuel tank market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global automotive fuel tank market.
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