Market Research Future Insights
According to MRFR analysis, the global Automotive Fuel Tank Market is expected to register a CAGR of ~ 5.65% from 2022 to 2030 and hold a value of over USD 23.3 billion by 2030.
Growing vehicle production all over the globe and a significant increase in sales of vehicles over the last several decades contributes to an increase in market growth. Increasing trading activities coupled with rising industrialization have stimulated the demand for commercial vehicles, in turn providing potential direction of growth for the Automotive Fuel Tank Market. The COVID-19 epidemic had a moderate impact on the fuel tank market due to the global lockdowns. Due to the incentives from governments, the demand for compact vehicles and related markets augmented in 2021. The government and the market's main players adopted new safety measures for developing manufacturing practices. The advancements in technology escalated the sales rate of the SUV as it targeted the right audience. The upsurge in passenger vehicles and commercial vehicles across the globe is anticipated to further drive market growth in the post-pandemic scenario.
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Regional Analysis
Asia Pacific is anticipated to lead the market because OEMs in emerging economies are concentrating on the manufacturing of lightweight components that would recover vehicle efficiency. To diminish the total weight of the vehicle, many manufacturers use aluminum in the fabrication of gasoline tanks. The market will develop due to an upsurge in demand for lightweight fuel tanks in emerging economies. Because customers are becoming progressively concerned about their safety,
North America is likely to be the second-largest market in the region. People are more likely to purchase vehicles that have improved safety features. The market will expand in response to the augmented need for enhanced safety technology. Owing to an upsurge in commercial vehicle production.
Europe is projected to be the third-largest market. During the projection period, Germany is anticipated to lead the European market.
Market Segmentation
The Global Automotive Fuel Tank Market has been segmented into Capacity Type, Material Type, and Vehicle Type
Based on the Capacity Type, The Global Automotive Fuel Tank Market has been segmented into less than 45 liters, 45 to 75 liters, and greater than 75 liters capacity. The less than 45 liters capacity holds the extreme share in the global market. The majority of the passenger cars such as hatchbacks and sedans fall under the category with a fuel tank capacity of fewer than 45 liters. The sales and production of passenger cars are rising tremendously across the globe owing to urbanization, and the high demographic rate, thus propelling the growth of the market.
Based on the Material Type, The Global Automotive Fuel Tank Market has been segmented into plastic and metal. The plastic tank holds an extreme share of the global market and is projected to maintain its leading position in the market during the forecast period. Most manufacturing companies across the globe are replacing metal tanks with plastic tanks to meet the growing demand as well as satisfy the changing customer requirements.
Based on the Vehicle Type, The Global Automotive Fuel Tank Market has been segmented into passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). The passenger car segment holds the largest share of the global market due to the growing urbanization, expansion in industrialization, improved standard of living, high growth rate, and increase in the disposable income of people.
Key Players
Some of the key market players are Plastic Omnium Group (France), Kautex Textron GmbH Co. KG. (Germany), YAPP Automotive Parts Co. Ltd. (China), TI Automotive Inc. (U.K.), Magna International (Canada), Unipres Corporation (Japan), Continental (Germany), Lyondell Basell (Netherlands), Yachiyo (Japan), Allgaier Automotive (Germany), and Boyd Welding (Florida).
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