Growing industrialization coupled with significant growth in the manufacturing and sales of automobiles is a major factor that will likely influence the market growth. Manufacturers all over the globe are substituting metal fuel tanks with plastic fuel tanks to decrease the weight of the vehicle, meet the increasing demand, and fulfill the discerning customer needs. Plastic fuel tanks have various advantages over metal fuel tanks, increasing their popularity in the fuel tank market.
Data Bridge Market Research shows that the Fuel Tank Market accounted for USD 16.80 billion in 2021, expected to reach USD 25.20 billion by 2029. The market is expected to grow with a CAGR of 5.20% from 2022 to 2029.
"Rising usage of 45-70 liter fuel tank in the automobile is expected to drive the market growth"
Increasing usage of 45-70 liter fuel tanks in the automobile is expected to drive the growth of the fuel tank market during the forecast period. Most of the new models launched by manufacturers over the past five years had a minimum tank capacity of 45 liters, to fulfill the increasing demand for vehicles that have greater mileage range and are suitable for long journeys. Apart from this factor, large-capacity fuel tanks help occupy the dead space within the vehicle's chassis. Moreover, the additional weight adds stability to the car's dynamics. Hence, these regions are expected to drive the above 70-liter segment of the market studied.
What restraints the growth of the fuel tank market?
"Increasing usage of the advanced technological system"
The increasing penetration of electric vehicles in the global market is one of the major factors limiting the growth of the fuel tank market. Future sales of electric vehicles are also expected to rise because of the increasing demand for zero-emission vehicles. These factors are expected to hamper the growth of the fuel tank market during the forecast period of 2022 to 2029.
Segmentation: Fuel Tank Market
The fuel tank market is segmented on the basis of tank capacity, material type, weight, fuel type, propulsion type, sales channel and vehicle type.
- On the basis of tank capacity, the global fuel tank market is segmented into less than 45 l, 45l -70l, and more than 70l.
- On the basis of material type, the global fuel tank market is segmented into plastic, aluminum, steel, others.
- On the basis of weight, the global fuel tank market is segmented into less than 7kg, 7kg to 10 kg, more than 70kg.
- On the basis of fuel type, the global fuel tank market is segmented into LPG/CNG, diesel, gasoline.
- On the basis of propulsion type, the global fuel tank market is segmented into natural gas, hydrogen, internal combustion engine (ICE), hybrid.
- On the basis of sales channel, the global fuel tank market is segmented into OEM, aftermarket.
- On the basis of vehicle type, the global fuel tank market is segmented into passenger cars, light commercial vehicle, heavy commercial vehicle, and hybrid vehicle.
Regional Insights: Asia-Pacific is expected to dominate the fuel tank market
Asia-Pacific is expected to dominate the market and is expected to grow significantly because of the growing manufacturing of passenger vehicles in this region. Moreover, increasing sales of vehicles in both developed and emerging countries in the region will further support the growth of the fuel tank market.
In addition, the North American region is likely to register the highest growth rate during the forecast period of 2022 to 2029 due to the increasing concern among automakers towards less-weight fuel tanks that decrease the overall weight of vehicles in this region. Furthermore, this region's high volume of commercial vehicles will positively influence market growth.
Recent Developments: Fuel Tank Market
- In 2021, TI Fluid Systems, the provider of automotive fluid systems technology, introduced new fluid handling products for fuel systems on the 2021 Hyundai Santa FE SUV hybrid electric vehicle. This Hyundai HEV application determines the ability of the company to improve systems with lightweight solutions for enhanced EV mode efficiency.
- In 2021, TI Fluid Systems announced a new plastic fuel tank generation capable of meeting the high-pressure demands within a hybrid electric vehicle. This plastic fuel tank launched in volume production on the Magotan and Passat plug-in hybrid electric vehicle (PHEV) models, with a planned adoption across an extensive range of global platforms.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-fuel-tank-market
The Prominent Key Players Operating in the 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.)
- KAYSER AUTOMOTIVE SYSTEMS GmbH (Germany)
- PIOLAX, Inc (Japan)
Above are the key players covered in the report, to know about more and exhaustive list fuel tank market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global 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 Fuel tank 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.
