Global Automotive Fuel Tank Market is Segmented By Capacity (Below 45 Liters, Between 45 to 70 Liters, Above 70 Liters), By Material (Steel, Aluminum, Plastic, Others), By Propulsion (Internal Combustion Engine, Hydrogen Fuel Cell, Natural Gas Vehicle, Hybrid), By End-User (Passenger Vehicle, Commercial Vehicle), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Automotive Fuel Tank Market Overview
The global automotive fuel tank market is estimated to reach at a high CAGR during the forecast period (2023-2030).
A fuel tank is a crucial component of the vehicle that stores fuel. The fuel tank is integrated with the engine and fuel pumps to manage the fuel supply for running the car.
A fuel tank is mainly used for vehicles with Internal Combustion Engine (ICE), Fuel Cell Vehicles (FCV) and hybrid vehicles. The fuel tank is typically made of materials such as steel and aluminum. However, the growing demand for fuel-efficient cars necessitates lightweight construction and other weight-saving measures. Thus, vehicle manufacturers increasingly substitute plastic, fiberglass and composites for metal to cater to the ever-increasing need. The use of plastic and fiberglass for fuel tanks has inherent advantages over metal, particularly for weight and cost.
Automotive Fuel Tank Market Scope
|
Metrics |
Details |
|
CAGR |
High |
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Size Available for Years |
2021-2030 |
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Forecast Period |
2023-2030 |
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Data Availability |
Value (US$) |
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Segments Covered |
Capacity, Material, Propulsion, End-User, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Largest Region |
Asia-Pacific |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Source: DataM Intelligence Analysis (2022)
Automotive Fuel Tank Market Dynamics
The demand for the automotive fuel tank is driven primarily by increasing vehicle production in major markets globally. The introduction of economic, lightweight vehicle models is mainly driving the trends for the fuel tank market.
Growth in vehicle production
Vehicle production is increasing globally, fueled by growing demand for cars and other passenger vehicles in the emerging markets. Emerging markets globally are experiencing high population and economic growth. It has led to increasing industrialization and massive improvements in road infrastructure. The sustained high growth has created favorable socio-economic conditions for a rising middle class with increased purchasing power. It has led to a rise in the purchase of new automobiles, thus creating a surge in demand for new vehicles.
Growth in adoption of electric vehicles
Consumers and governments globally are becoming more climate-conscious. A major push is underway to decarbonize transportation to avoid the most severe effects of global warming and man-made climate change. Recently, at the COP26 climate conference in Glasgow in November 2021, many governments have pledged net-zero carbon emission targets for the middle of the century. It is bound to accelerate the adoption of carbon-free mobility solutions such as Electric vehicles (E.V.). Electric cars do not need a fuel tank and hence, the increasing adoption of E.V.s will present a key challenge to the growth of this market.
COVID-19 Impact Analysis
The automotive industry experienced sharp declines in production and sales in 2020 due to the COVID-19 pandemic. Governments globally imposed lockdowns to curb the pandemic's spread and many manufacturers had to suspend operations temporarily. Industrial manufacturing is a highly capital-intensive business and thus, many component manufacturers were facing bankruptcy. Vehicle production resumed in a limited capacity after lifting the lockdowns.
The COVID-19 pandemics' knock-on effects on the global supply chains have caused shortages of essential components for the automotive industry. It has led to long lead times and reduced production rates, even after the complete lifting of pandemic-related restrictions. The pandemic will have a negligible impact on the medium to the long-term growth of the automotive fuel tank market since the demand for cars, especially in emerging markets, remains strong and will continue to grow significantly in the coming years.
Automotive Fuel Tank Market Segment Analysis
The automotive fuel tank market is segmented on capacity, material, propulsion, end-user and region.
The global automotive fuel tank market is split into internal combustion engine (ICE), fuel cell vehicle (FCV), natural gas vehicle (NGV) and hybrid based on propulsion. ICE dominates this segment since the vast majority of the cars that require a fuel tank use gasoline and diesel as fuel. Other forms of propulsion have not seen widespread adoption and therefore have relatively small shares in this segment.
Source: DataM Intelligence Analysis (2022)
Automotive Fuel Tank Market Geographical Share
Asia-Pacific is leading in the global automotive fuel tank market. The region accounts for the largest market share, primarily due to major emerging markets such as China, India, Indonesia, Malaysia, Thailand and Vietnam and developed automotive markets such as Japan and South Korea. Due to their large domestic automotive industries and the rising sales of mini and medium segment cars, the significant demand for fuel tanks comes primarily from China and India.
Source: DataM Intelligence Analysis (2022)
Automotive Fuel Tank Market Companies and Competitive Landscape
The global automotive fuel tank market is highly competitive, with global companies active in the sector. Some of the major players contributing to the growth in the segment are Kautex, Magna Global, Yachiyo Industry Co. Ltd., TI Fluid Systems, Unipres Corporation, Martinrea Global Inc., YAPP Automotive Systems Co. Ltd., Compagnie Plastic Omnium SE, Fuel Total Systems, SMA Serbatoi S.p.A. The significant players adopt several growth strategies such as new product launches, acquisitions, joint ventures and collaborations, contributing to global growth in the industry.
Kautex
Overview: Kautex is a major components supplier for the automotive industry. The company has over 30 manufacturing facilities in more than 14 countries. It was established in 1935 and is headquartered in Bonn, Germany.
Product Portfolio
Kautex NGFS is a pressurized all-plastic fuel tank mainly used for conventional and hybrid systems. The tank is constructed with twin sheet technology, which eliminates steel support.
Key Developments: In February 2021, Kautex unveiled Rhapsody, an intelligent fuel tank with integrated hardware and software controls. The fuel tank is tailored explicitly for clever hybrid, semi-autonomous and autonomous vehicles.
Why Purchase the Report?
- Visualize the composition of the automotive fuel tank market segmentation by capacity, material, propulsion, end-user and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the automotive fuel tank market by analyzing trends and co-development deals.
- Excel data sheet with thousands of automotive fuel tank market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the critical product of all major market players
The global automotive fuel tank market report would provide access to an approx.: 70 market data tables, 70 figures, and 180 pages.
Target Audience
- Automotive component manufacturers
- Vehicle manufacturers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
