Automotive Fuel Tank Market size is anticipated to register a CAGR of 8.6% between 2022 and 2030 to reach a significant value by 2030.
The automotive fuel tank market size is projected to reach approximately USD Significant Value by 2030, at a CAGR of 8.6% from 2022 to 2030.
The objective of the automotive fuel tank market is to prevent fuel leaks and reduce evaporation emissions. Fuel tanks are the names of the containers that are used to store ignitable liquids. The component of an engine system where fuel is kept and later used to power an engine is the automobile tank. The most frequent uses for gasoline tanks are fuel storage, fuel level detection, venting, and secured filling. The fuel tank's volume is a key factor in determining fuel efficiency and maximum range. The increase in demand for passenger vehicles is expected to drive the growth of the market. Moreover, rapid industrialization and increased manufacturing and sales of automobiles are anticipated to boost market growth in the coming years.
The automotive industry plays a crucial role in building the economy. However, the COVID-19 outbreak disrupted the entire transportation supply chain on a scale during the second and third quarters of 2020, impacting new vehicle sales in FY 2020. vehicle production (including LDV and HDV) witnessed a decline of 19.6% in 2020. The pandemic presented an uncertain recovery timeline for the automotive industry due to lockdowns and shutdowns of manufacturing facilities in various parts of the world. The automotive industry faced four major challenges amid COVID-19: a limited supply of vehicle parts, reduced sales of brand-new vehicles, the shutdown of production facilities, and a decline in working capital. As the market is dependent on the production of vehicles, this market is expected to be impacted by the outbreak.
The primary element fueling the market's expansion is the increased demand for car production due to consumers' growing demands. Additionally, the increasing development of materials in response to reducing vehicle weight positively impacts the market's expansion. increasing levels of industrialization and the construction of transportation infrastructure results in an expansion of the vehicle sector. This, in turn, increases demand for markets and spurs market expansion. Moreover, the market is growing favorably because of the rising concern over fuel emissions and the move toward lighter vehicles.
Over the past few years, vehicle production and sales have increased steadily in the automobile sector. The Organization Internationale Constructeurs Automobiles (OICA) anticipated that 92.2 million vehicles would be produced worldwide in 2021. Increasing population, better socioeconomic conditions, economic growth, and infrastructure development can all be linked to an increase in vehicle production. The middle class's rising disposable income, particularly in developing countries like Mexico and India, has also increased demand for and manufacture of vehicles.
The growing market penetration of electric vehicles is one of the main factors limiting the gasoline tank industry. Future sales of electric vehicles are also projected to increase due to the rising demand for zero-emission automobiles. With time, the cost of electric car technologies has decreased, and various governments are encouraging the use of electric vehicles by offering tax breaks and other incentives.
To preserve typical vehicle size, weight, and driving range, alternative-fuel vehicles that use gaseous fuels like CNG, LNG, and hydrogen require sturdy, safe, and lightweight tanks. Common-grade steel is used in conventional alternative fuel tank markets, and over time, the gas inside the tanks may migrate into the steel, rendering it brittle and resulting in leaks. In addition to being safe to use in automobiles, HDPE plastic gasoline tanks are lightweight, lowering the overall weight of the vehicle.
Based on material type, the automotive fuel tank market segmentation is plastic, steel, and aluminum. In 2021, the market growth was led by the plastic dispensing system segment with the highest revenue share. Plastic tanks now have the greatest market share worldwide and are anticipated to dominate the industry during the projection period. To meet the rising demand and fulfill customers' evolving needs, most manufacturing organizations worldwide are switching from metal tanks to plastic tanks.
Based on capacity, the automotive fuel tank market segmentation is below 45L, In between 45L-70L, and above 70L. The below 45L segment accounted for the majority of revenue share in the market. Products hold the largest market share with a capacity of fewer than 45 liters. Most passenger automobiles, including hatchbacks and sedans, fall under the group of vehicles with fuel tanks that hold no more than 45 liters. Due to urbanization, a large population growth rate, rising living standards, and the development of automotive technologies, passenger car sales and production are increasing dramatically globally.
Based on vehicle type, the market is divided into passenger cars and commercial vehicles. The passenger cars segment accounted for the majority of revenue share in the market. Due to growing urbanization, more industrialization, higher living standards, strong growth rates, and an increase in the average person's disposable income, the passenger automobile segment currently accounts for the lion's share of the market. To make vehicles lighter, automakers are developing lightweight gasoline tanks. For every 100 kilometers driven, a reduction of up to 100 kg saves between 0.3 and 0.5 liters of fuel. Vehicle performance is enhanced, and fuel emissions are reduced due to lightweight cars.
By region, the automotive fuel tank market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific dominates the market with the largest revenue share in 2021. North America registered a significant growth rate over the forecast period.
Asia-Pacific held the largest share of the market in 2021. The major nations with the highest car sales and production, including India, China, Japan, and South Korea, are driving the expansion of the fuel tank market in this region. The market is expanding in this region because of the fast urbanization, expansion of industrialization, improvement of the infrastructure, and rise in disposable income. Among the region, China dominates the market in Asia-Pacific due to increased vehicle sales and the presence of major manufacturers across the country.
North America is expected to register a higher CAGR over the next few years, owing to the high volume of commercial vehicles across the region. Rigorous government regulations on fuel emissions and a rising client base are driving the automotive fuel tank market growth in this region. Manufacturing companies in this region are attempting to create lightweight materials for automobile components to lower the total weight of a vehicle.
Tier-1, tier-2, and local firms are present in the market. Tier-1 and tier-2 players have worldwide reach and varied product ranges. Magna International and the Plastic Omnium Group are two examples. Because of product differentiation, financial stability, strategic advancements, and diverse geographical presence, they dominate the worldwide market. The players are focusing on R&D. Furthermore. They embrace strategic expansion efforts such as development, product launch, joint ventures, and partnerships to increase their market position and attract a large consumer base.
Prominent players in the automotive fuel tank market research include Plastic Omnium Group, Kautex Textron GmbH Co. KG., YAPP Automotive Parts Co. Ltd., TI Automotive Inc., Magna International, Unipres Corporation, Continental, Lyondell Basell, Yachiyo, Allgaier Automotive, Boyd Welding, Dali Samir Engineering, Martinrea International, Posco co. Ltd, Baosteel group corporation.
Material Type Outlook
Vehicle Type Outlook
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Automotive Fuel Tank Market Forecast and Size:
To identify and estimate the market size for the automotive fuel tank market report segmented by material, capacity, vehicle type, and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of the automotive fuel tank market forecast between 2020 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges for the automotive fuel tank market growth (Profitability, Benchmarking, Volume, Value, Macro-Economic Factors, Y-o-Y Growth Analysis)
Market Influencing Factors:
To find out the factors which are affecting the automotive fuel tank market size among consumers (Gross Margin, Sales Footprint, Strategy, Channels, Economic Outlook, Growth Projections)
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030 : Significant Value|
|Forecast Period||2022 to 2030|
|Forecast Units||Value (USD Significant)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material Type, Capacity, Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Plastic Omnium Group, Kautex Textron GmbH Co. KG., YAPP Automotive Parts Co. Ltd., TI Automotive Inc., Magna International, Unipres Corporation, Continental, Lyondell Basell, Yachiyo, Allgaier Automotive, Boyd Welding, Dali Samir Engineering, Martinrea International, Posco co. Ltd, Baosteel group corporation.|
|Key Market Opportunities||Making an effort to construct lightweight, affordable gasoline tanks|
|Key Market Drivers||Increasing volume of vehicle manufacture|
The automotive fuel tank market forecast period is 2020 - 2030
The market is expected to register a CAGR of 8.6% over the next 10 years, according to automotive fuel tank market research.
Europe is expected to register the highest CAGR during 2022 - 2030
Asia-Pacific held the largest share in 2021
The major companies operating in the market include Plastic Omnium Group, Kautex Textron GmbH Co. KG., YAPP Automotive Parts Co. Ltd., TI Automotive Inc., Magna International, Unipres Corporation, Continental, Lyondell Basell, Yachiyo, Allgaier Automotive, Boyd Welding, Dali Samir Engineering, Martinrea International, Posco co. Ltd, and Baosteel group corporation.