Light commercial vehicle category is the standard European term with a net vehicle weight of less than 3.5 metric tons (tons). Light commercial vehicles are coordinated with fuel tanks with a capacity of 45 liters and less than 70 liters. The expanding slant of off-road exercises is rising requests for off-road vehicles and the expanding demand for LCVs among the youthful population, fueling fuel tank growth.       

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Global fuel tank market is expected to reach USD 18,444.37 million by 2027 from USD 12,773.38 million in 2019, growing with the CAGR of 4.7% in the forecast period of 2020 to 2027. The major factor driving the market's growth is the increasing production of automotive vehicles. However, the stringent evaporative emission standards act as a major restraint for the fuel tank market.           

Reduction in vehicle weight leading to advancements of materials across the world will drive the market's growth rate

Utilizing lightweight components and high-efficiency motors empowered by progressed materials in one-quarter of the U.S. armada might spare more than 5 billion gallons of fuel yearly by 2030. Keeping all this in mind the, automobile manufacturers are making strategic decisions to reduce the weight of vehicles. Hence, alternative material technology helps the manufacturer reduce the weight of fuel tank, which will help achieve stringent fuel economy and eventually increase the demand for light weight material fuel tank market.

Report Scope and Market Segmentation

Segment Analysis:

Global fuel tank market is segmented into seven notable segments which are based on tank capacity, material type, weight, fuel type, propulsion type, sales channel and vehicle type.

• On the basis of tank capacity, the market is segmented into less than 45 L, 45L -70 L and more than 70 L. In 2020, less than 45 L segment is expected to dominate the market with 45.37% market share as this range of capacity tank are widely used in the passenger's cars.
• On the basis of material type, the market is segmented into plastic, aluminum, steel, and others. In 2020, plastic is expected to dominate the market with 70.07% market share due to the growing production of vehicles and increasing concern for reducing the vehicle weight.
• On the basis of weight, the market is segmented into less than 7 kg, 7 TO 10 kg, and more than 70 kg. In 2020, less than 7 kg segment is expected to dominate the market with 66.91% market share as these are widely used in passenger cars. Thus, the rise in demand for passenger cars simultaneously increases the demand for 7Kg weight fuel tanks.
• On the basis of fuel type, the market is segmented into LPG/CNG, gasoline and diesel. In 2020, CNG/LPG segment is expected to dominate the market with 57.87% market share due to the stringent emission norms, and fuel efficiency norms have shifted the focus of automotive manufacturers toward alternative fuel vehicles.
• On the basis of propulsion type, the market is segmented into internal combustion engine (ICE), natural gas, hydrogen, and hybrid. In 2020, natural gas segment is expected to dominate the market with 32.87% market share due to the stringent emission norms, and fuel efficiency norms have shifted the focus of automotive manufacturers toward alternative fuel vehicles.
• On the basis of the sales channel, the market is segmented into OEM and aftermarket. In 2020, the OEM segment is expected to dominate the market with 67.35% market share due to the growing production of vehicles has resulted in increasing demand for the fuel tank.

The OEM segment will dominate the sales channel segment of the fuel tank market

The OEM segment will emerge as the dominating segment sales channel segment. This is because of the growing number of OEM's in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

• On the basis of vehicle type, the market is segmented into passenger cars, light commercial vehicle, heavy commercial vehicle and hybrid vehicle. In 2020, the passenger cars segment is expected to dominate the market with 53.78% due to the growing disposable income in the developing economies that has raised the demand for passenger cars.

The passenger cars segment will dominate the vehicle type segment of the fuel tank market

The passenger cars segment will emerge as the dominating segment under vehicle type with approximately 54.00% market share. This is because of the growing number of infrastructural development activities in the market, especially in the developing economies. Further, growth and expansion of the automotive industry all around the globe will further bolster the growth of this segment.

Major Players 

Data Bridge Market Research recognizes the following companies as the market players in fuel tank market: 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), and PIOLAX, Inc. (Japan).

Market Development

• In November 2019, Plastic Omnium won a significant arrangement from a German car company for the improvement of 350-bar hydrogen tanks. Through this contract, the company involves the supply of equipment for buses and it is said to be the largest project in Europe for this type of vehicle. This contract helped the company to gain more revenue.
• In January 2018, TI Fluid Systems announced the product partnership with Karma Automotive. Through this partnership, the TI Fluid Systems provides blow-molded plastic fuel tanks for Karma Automotive's luxury electric vehicle program. This technology allows the low weight plastic tanks to handle the high vapor pressures that are created in extended-range electric vehicles (EREVs). This partnership helped the company to generate more revenue.
• In July 2019, Continental AG the parent company of ContiTech AG expanded its fuel cell technology sector with cooperation of Chemnitz University of Technology Professorship of Advanced Power trains (ALF). This business expansion helped the company to generate more revenue.

Regional Analysis

Geographically, the countries covered in the fuel tank market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in fuel tank market during the forecast period 2020 - 2027

Asia-Pacific (APAC) dominates the fuel tank market because of the increased manufacturing the passenger vehicles within the region.

Europe is estimated to be the fastest growing region in fuel tank market the forecast period 2020 - 2027

Europe is expected to witness significant growth during the forecast period of 2022 to 2029 due to the growing concern of automakers towards less weight fuel tank that result in reducing in overall weight of the vehicle.

COVID-19 Impact

The COVID-19 pandemic had a moderate impact on the fuel tank market due to global lockdowns. Due to government incentives, the demand for compact vehicles and related markets increased in 2021. Government and market key players adopted new safety measures for developing the manufacturing practices. The advancements in the technology escalated the sales rate of the SUV as it targeted the right audience. The increase in passenger vehicles and commercial vehicles across the globe is expected further to drive the market growth in the post-pandemic scenario.

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