The Europe Fuel Tank Market is driven by the need for cost reduction and increased operational efficiency in industries such as mining and construction. Fuel tanks play a crucial role in storing fuel, reducing costs associated with equipment fuel consumption, and minimizing fuel delivery delays. By optimizing fuel management, businesses can save money, enhance productivity, and improve overall operational performance. The market is further fueled by advancements in fuel tank technologies and the emphasis on sustainability.
According to Data Bridge Market Research, the Europe Fuel Tank Market is expected to reach USD 228.48 million by 2030, which was USD 159.44 million in 2022, at a CAGR of 4.60% in the forecast period of 2022 to 2029.
“Rising demand for plastic fuel tanks facilitate market growth”
The growing demand for plastic fuel tanks acts as a driver in the Europe fuel tank market. Plastic fuel tanks offer various advantages, such as lightweight construction, corrosion resistance, design flexibility, and cost-effectiveness compared to traditional metal tanks. These factors have led to automotive manufacturers' increased adoption of plastic fuel tanks. Additionally, stringent regulations pertaining to vehicle emissions and fuel efficiency have further boosted the demand for lightweight materials, driving the market for plastic fuel tanks. The continuous advancements in plastic fuel tank technology and the focus on sustainability also contribute to the market's growth in Europe.
What restraints the growth of Europe fuel tank market?
“High cost associated with composite fuel tanks”
The high cost associated with composite fuel tanks is a restraint in the Europe fuel tank market. Composite fuel tanks are generally more expensive to manufacture compared to traditional metal or plastic tanks. The cost of raw materials, specialized manufacturing processes, and quality control measures contribute to the higher price of composite fuel tanks. This increased cost can limit their adoption, especially in price-sensitive markets. However, advancements in manufacturing technologies and economies of scale can help mitigate this constraint, making composite fuel tanks more accessible and cost-effective in the future.
Segmentation: Europe Fuel Tank Market
The fuel tank market is segmented on the basis of tank capacity, CNG tank type, material type, weight, fuel type, propulsion type, sales channel, and vehicle type.
- On the basis of tank capacity, the fuel tank market is segmented into less than 45 L, 45L -70L, and more than 70L.
- On the basis of CNG tank type, the fuel tank market is segmented into type 1, type 2, type 3, type 4.
- On the basis of material type, the fuel tank market is segmented into plastic, aluminum, steel, others.
- On the basis of weight, the fuel tank market is segmented into less than 7kg, 7kg to 10 kg, more than 70kg.
- On the basis of fuel type, the fuel tank market is segmented into LPG/CNG, diesel, gasoline.
- On the basis of propulsion type, the fuel tank market is segmented into natural gas, hydrogen, internal combustion engine (ICE), hybrid.
- On the basis of sales channel, the fuel tank market is segmented into OEM, aftermarket.
- On the basis of vehicle type, the fuel tank market is segmented into passenger cars, light commercial vehicle, heavy commercial vehicle, hybrid vehicle..
Regional Insights: Germany dominate the Europe Fuel Tank Market
Germany dominates the Europe fuel tank market due to several factors. Market players in Germany are investing in upgrading and expanding fuel plants of various capacities, with a particular focus on fuel tanks with less than 45 liters capacity, which are in high demand. Additionally, these companies are acquiring small-sized companies to strengthen their market position and increase their market share. These strategies contribute to the overall growth and dominance of Germany in the Europe fuel tank market.
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Recent Developments in Europe Fuel Tank Market
- In 2021, TI Fluid Systems introduced fluid handling products for fuel systems in the Hyundai Santa FE SUV hybrid electric vehicle. This showcases the company's expertise in developing lightweight solutions to enhance the efficiency of electric vehicles. By providing innovative fuel system components, TI Fluid Systems improves the overall performance and sustainability of hybrid electric vehicles.
- In 2021, TI Fluid Systems announced the launch of a new generation of plastic fuel tanks designed to meet the high-pressure requirements of hybrid electric vehicles. These plastic fuel tanks were initially introduced in volume production for the Magotan and Passat plug-in hybrid electric vehicle models and are planned to be adopted across a range of global platforms. This advancement in fuel tank technology demonstrates TI Fluid Systems' commitment to providing cutting-edge solutions for the growing hybrid electric vehicle market.
The Prominent Key Players Operating in the Europe Fuel Tank Market Include:
- TI Fluid Systems (U.K.)
- Yachiyo Industry Co., Ltd. (Japan)
- Magna International Inc. (Canada)
- Plastic Omnium (France)
- Unipres Corporation (U.S.)
- Kautex (Germany)
- ContiTech AG (Germany)
- SMA Serbatoi SpA (Italy)
- FTS CO., LTD. (Japan)
- Crefact Corporation (U.S.)
- Boyd Welding LLC (U.S.)
- Elkamet Kunststofftechnik GmbH (Germany)
- Salzburger Aluminium Group (Austria)
- Central Precision Limited (U.K.)
- Arrow Radiators (Melksham) Ltd (U.K.)
- A. KAYSER AUTOMOTIVE SYSTEMS GmbH (Germany)
- PIOLAX, Inc (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of Europe fuel tank market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Europe Fuel Tank Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
