Fuel tanks are vital components in vehicles, storing and supplying fuel to the engine. Key features of fuel tank include durable materials such as steel, plastic, or composites for corrosion resistance. They incorporate fuel level sensors for accurate fuel monitoring. Fuel tanks are crucial for sustaining vehicle mobility by storing and delivering fuel efficiently, ensuring optimal engine performance. In addition, advancements in design and materials contribute to enhanced fuel economy and reduced vehicle weight, aligning with eco-friendly and regulatory requirements.
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Data Bridge Market Research analyses that the Europe Fuel Tank Market accounted for USD 159.44 million in 2022 and is expected to reach USD 228.48 million by 2030. The market is registering a CAGR of 4.60% during the forecast period of 2023 to 2030. The automotive industry's continuous expansion, characterized by a surge in global vehicle manufacturing, is a primary catalyst for increased demand in the fuel tank market. As more vehicles are being produced worldwide, there is a corresponding need for fuel tanks to store and supply fuel efficiently, reinforcing their pivotal role in the industry.
Key Findings of the Study
Growing demand for lightweight tanks is expected to drive the market's growth rate
The quest for lightweight materials such as plastics and composites in fuel tank manufacturing is pivotal for improving fuel efficiency in vehicles. These materials are significantly lighter than traditional metal tanks, reducing the overall weight of the vehicle. With lower vehicle weight, there is less energy required to propel the vehicle, resulting in enhanced fuel efficiency. This trend aligns with the automotive industry's commitment to eco-friendly solutions and meeting stringent fuel efficiency standards.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Tank Capacity (Less Than 45 L, 45L -70L, and More Than 70L), CNG Tank Type (Type 1, Type 2, Type 3, Type 4), Material Type (Plastic, Aluminum, Steel, Others), Weight (Less Than 7KG, 7KG to 10 KG, More Than 70KG), Fuel Type (LPG/CNG, Diesel, Gasoline), Propulsion Type (Natural Gas, Hydrogen, Internal Combustion Engine (ICE), Hybrid), Sales Channel (OEM, Aftermarket), Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle, Hybrid Vehicle)
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Countries Covered
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Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe
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Market Players Covered
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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)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The Europe 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, and type 4.
- On the basis of material type, the fuel tank market is segmented into plastic, aluminum, steel, and others.
- On the basis of weight, the fuel tank market is segmented into less than 7kg, 7kg to 10 kg, and more than 70kg.
- On the basis of fuel type, the fuel tank market is segmented into LPG/CNG, diesel, and gasoline.
- On the basis of propulsion type, the fuel tank market is segmented into natural gas, hydrogen, internal combustion engine (ice), and hybrid.
- On the basis of sales channel, the fuel tank market is segmented into OEM, and aftermarket.
- On the basis of vehicle type, the fuel tank market is segmented into passenger cars, light commercial vehicle, heavy commercial vehicle, and hybrid vehicle.
Major Players
Data Bridge Market Research recognizes the following companies as the major Europe fuel tank market players in Europe fuel tank market are 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.)
Market Developments
- In 2021, TI Fluid Systems, a leading supplier of automotive fluid systems technology, launched fluid handling products designed for the fuel systems of Hyundai's Santa Fe SUV hybrid electric vehicle. This application in Hyundai's HEV showcases the company's proficiency in enhancing systems with lightweight solutions to optimize the efficiency of electric vehicle modes.
- In 2021, TI Fluid Systems announced the introduction of an advanced generation of plastic fuel tanks designed to handle the high-pressure requirements in hybrid electric vehicles. These plastic fuel tanks have been rolled out for volume production in Magotan and Passat plug-in hybrid electric vehicle models, and they are planned for adoption across various global platforms.
Regional Analysis
Geographically, the countries covered in the Europe fuel tank market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe
As per Data Bridge Market Research analysis:
Germany dominates Europe in fuel tank market during the forecast period 2023 - 2030
In 2023, Germany dominates the Europe fuel tank market as companies are acquiring smaller-sized firms to expand their market share, further stimulating market growth. These strategic moves allow for the development of a diversified range of fuel tanks that cater to different vehicle types and consumer needs, ensuring a competitive edge and propelling the fuel tank market forward.
For more detailed information about the fuel tank market report, click here – https://www.databridgemarketresearch.com/reports/europe-fuel-tank-market
