According to Data Bridge Market Research new Market report, global fuel tank market will account to an estimated USD 24.08 billion in 2018 growing at a CAGR of 6.83% during the forecast period of 2019 to 2026.
Access Full Report at https://databridgemarketresearch.com/reports/global-fuel-tank-market/
Fuel tanks can be defined as the automotive components or part that stores the fuel or gas through which the vehicle operates. This storage container supplies this fuel or gas to the engine in a specific pressurized way so that the engine can operate without fail. The requirement of fuel tanks is to be made out of sustainable and renewable materials so that no leakage occurs and the tanks can survive over a large period of time without the need for replacement.
Global fuel tank market is segmented on the basis of material, capacity, fuel type, vehicle type, sales channel and geography.
By Material (Plastic, Metals), Capacity (Less than 15L, 15-45L, 45-70L, Greater than 70L), Fuel Type (Conventional Fuel, Alternative Fuel), Vehicle Type (Passenger Cars, Commercial Vehicles), Sales Channel (OEM, Aftermarket) and Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
FACTORS DRIVING GROWTH IN FUEL TANK MARKET
Rapid rise in demand of vehicles
According to International Organization of Motor Vehicle Manufacturers, in 2015 the total sales of vehicles amounted up to an estimated 89 million, where passenger car vehicles amounted up to 66 million of those sales and 23 million of commercial vehicles. This number rose to an estimated 94 million in 2016, where passenger car vehicles amounted to 70 million and 24 million of commercial vehicles sales. In 2017, this number rose to an estimated 97 million in 2017, 71 million of those sales in passenger car vehicles and 26 million in commercial vehicle sales. This rise in demand of vehicles bodes well for the growth of fuel tank as these products are basis for the working operations of the vehicle.
Key Market Competitors:
Few of the major competitors currently working in the fuel tank market are Plastic Omnium; Westport Fuel Systems Inc.; Martinrea International Inc.; Kautex; TI Automotive; TOYODA GOSEI Co., Ltd.; Magna International Inc.; Kongsberg Automotive; ALLGAIER WERKE GmbH; Yachiyo Industry Co.,Ltd.; Unipres Corporation; Continental AG; FTS CO.,LTD.; SMA Serbatoi S.p.A.; POSCO; Baosteel Group Hu and Spectra Premium.
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