Market Research Report
Automotive Fuel Tank Market with COVID-19 Impact Analysis, By Material Type, By Capacity, By Vehicle Type, By CNG Tank Type and By Region - Size, Share, & Forecast from 2021-2027
|Automotive Fuel Tank Market with COVID-19 Impact Analysis, By Material Type, By Capacity, By Vehicle Type, By CNG Tank Type and By Region - Size, Share, & Forecast from 2021-2027|
Published: December 1, 2021
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Content info: 347 Pages
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The global Automotive Fuel Tank market was valued at USD 16,210.5 Million in 2020, growing with 4.9% CAGR during the forecast period, 2021-2027.
The gasoline is collected and delivered in the shape of compressed gases into the motor of a vehicle inside an automotive engine compartment, which is part of the engine control unit. Gasoline containers in automobiles prevent fuel leaks by evaporating fumes to a certain extent. Based on the kind of automobile, gas tanks come in a variety of shapes, sizes, and capacities.
Increasing industrialization, as well as a major increase in car manufacture and distribution, is a major element supporting market expansion. The automobile industry is expanding in both industrialized and developing economies, fueled by rising demand for consumer vehicles. Moreover, authorities all over the world are enacting legislation that emphasizes pollution management and greater fuel efficiency, which is increasing the manufacturing of high-quality gasoline containers.
The increase in spending for private vehicles, as well as the expansion of the e-commerce industry, are important drivers influencing the development of the fuel tank industry. Nevertheless, the rising production of electric cars and the growing usage of gasoline tanks are stifling the expansion of the automotive gas tank industry. Additionally, a rise in the manufacture of environmentally acceptable tanks is predicted to boost the development of the vehicle fuel tank industry.
The Automotive Fuel Tank market is segmented on the basis of Material Type, Capacity, Vehicle Type, application, and region.
In terms of Material Type, the global Automotive Fuel Tank market is divided into metal and plastic. The plastic tank has the largest industry volume and is projected to continue its status as the marketplace leader throughout the forthcoming years. To accommodate rising demand and evolving consumer expectations, most industrial organizations throughout the world are substituting metal containers with plastic tanks.
Depending upon the Capacity, the global Automotive Fuel Tank market is segmented into <45L, 45L-70L & >70L. The worldwide market is dominated by containers with a capacity of fewer than 45 liters. The bulk of passenger automobiles, including compact vehicles and sedans, are classified as having a gasoline tank volume of fewer than 45 liters. Consumer vehicle sales and manufacturing are increasing dramatically over the world as a result of industrialization, a high population rate, an increase in living standards, and advancements in transportation technology.
Further, in terms of CNG Tank Type, the global Automotive Fuel Tank market is classified as Type1, Type 2, Type 3, and Type 4. Within these, Type 4 CNG cylinders, the speediest sector is predicted to dominate throughout the projection timeframe. As per the NGV Magazine, Compressed natural gas cars are used in approximately 85 nations throughout the globe, with much more than 22.4 million units and 25,000 fuelling facilities scattered throughout 2,900 locations. CNG tanks are constructed according to the substance utilized (glass fiber, metal, and fiberglass). These tanks are classed into 4 categories as Type 1, 2, 3, as well as Type 4-and are available in a multitude of sizes according to the vehicle's unique demands. Type 4 cylinders are compact and are commonly seen in high-density vehicles (HDVs). As a result, cars fitted using Type 4 cylinders have a higher fuel economy.
Owing to their established goods and a relationship of numerous vehicle producers, a few companies command over 70% of the industry value in the automotive fuel tank industry. Yachiyo Industry Co. Ltd, Kautex Textron GmbH & Co. KG, Compagnie Plastic Omnium SA, TI Fluid Systems, YAPP Automotive Parts Co. Ltd, and Magna International Inc. are among them.
Several players, such as Martinrea, have a little market presence. Novel information and design advancements are anticipated to assist leading companies to expand their industry position, whereas new and minor companies may boost their customer base.
Throughout the projection timeframe, Asia-Pacific is predicted to have the quickest CAGR. The automotive industry in both industrialized and growing nations in the area is expanding, fueled by rising demand for consumer automobiles. China and India have become the major producers of Asia-Pacific automobile sales.
The scope of this report covers the market by its major segments, which include as follows: