June 17, 2020
As per the report titled ‘Global Automotive Fuel Tank Market Size study, by Capacity (<45L, 45L–70L and >70L), by Material type (Aluminum, Plastic and steel) by Propulsion type (Hybrid, Hydrogen, Internal Combustion Engine and Natural Gas vehicle) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global automotive fuel tank market was worth USD 18.88 billion in 2018 and is projected to record a y-o-y growth rate of 4.2% through 2026.
Escalating production of passenger cars and commercial vehicles is driving the growth of global automotive fuel tank market. For instance, as per the International Organization of Motor Vehicle Manufacturer (OICA), global passenger cars production increased from 72.10 million units in 2016 to about 73.45 million units in 2017. On the other hand, commercial vehicle production, including both lightweight commercial vehicles and heavy trucks & buses, totaled to 22.87 million units in 2016 and reaching 23.84 million units in 2017.
Automotive fuel tank stores gasoline and light oil. As fuel is high flammable, the vehicle can catch fire easily in case of extreme weather conditions and during automotive collisions. This is compelling automobile manufacturers to develop fuel contaminants in order to reduce the flammability of fuel and ensure passenger safety.
Owing to the inherent applicability of fuel tanks is carrying fuel as per the vehicle capacity and need, automotive fuel tanks will continue to witness a sustained demand in the coming future. However, inclination towards electric vehicles across the globe will impede the industry growth over the forecast period.
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Based on the capacity, the market is classified into less than 45 Liters, 45–70 Liters and more than 70 Liters. Elaborating on the material type, automotive fuel tank market is categorized into aluminum, plastic and steel. Whereas, on the basis of propulsion type, the industry is divided into hybrid, internal combustion engine, hydrogen, and natural gas vehicle.
Considering the regional outlook, global automotive fuel market is split into North America, Asia Pacific, Europe, Latin America, and Rest of the World. North America market is poised to exhibit strong growth over the analysis timeframe, owing to the presence of major players in the region.
Meanwhile, Asia Pacific automotive fuel tank market is slated to expand at a rapid pace through 2026, primarily driven by rising automotive production, especially in emerging economies like India and China. For instance, the data by OICA reveals that China was the largest manufacturer of passenger cars, accounting for 24.80 million units in 2017. It was also the largest producer of commercial vehicles in 2017 with over 4.20 million units.
Key players in global automotive fuel tank market are SRD Holdings LTD., SMA Serbatoi S.P.A., FTS, Magna International, Unipres Corporation, Yachiyo, TI Fluid Systems, YAPP, and The Plastic Omnium Group.