Market Research Report
Automotive Fuel Tank Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||612952|
|Published||Content info||109 Pages
Delivery time: 2-3 business days
|Automotive Fuel Tank Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: April 1, 2019||Content info: 109 Pages||
The automotive fuel tank market (henceforth, referred to as the market studied) is expected to reach USD 23.73 billion by 2024, projecting a CAGR of 3.96%, during the forecast period.
The automotive fuel tank market is segmented by capacity and material type. The automotive fuel tank market study scope is limited to only passenger cars and commercial vehicles; two-wheelers are not part of the scope.
The 45 - 70 liter Fuel Tank Segment is Expected to Dominate the Automotive Fuel Tank Market
The 45 - 70 liter fuel tank segment of the market studied was valued at USD 10.35 billion in 2018, and it is also expected to witness the fastest CAGR during the forecast period.
Most of the new vehicle models launched by the automobile manufacturers, over the past five years (2013 - 2018), had a minimum tank capacity of 45 liter, to meet the growing demand for vehicles that are well suited for long journeys, along with greater mileage range. Apart from the aforementioned factor, large capacity fuel tanks help in occupying the dead space available within the chassis of the vehicle. Moreover, with the additional weight, they add stability to the car's dynamics.
Among vehicle types, majorly SUVs have contributed to a significant share of more than 40% in this market segment, in 2018. Globally, the sales of SUVs have been consistently increasing over the past four years (2014 - 2018), and reached nearly 29.77 million unit sales in 2018, with an increase of 6.8% from 2017. China, the United States, and Europe have been the largest markets for SUVs, over the past four years (2014 - 2019). The demand for SUVs is likely to continue to grow, owing to the improving economic situations in both developed, as well as developing countries, like India, Brazil, etc., during the forecast period.
Owing to the growing demand for SUVs, automobile manufacturers have been introducing more of their SUV models across several countries, to capture the growing market demand.
The Asia-Pacific Region Dominates the Automotive Fuel Tank Market and is Expected to Witness the Fastest Growth Rate
The Asia-Pacific region is expected to witness the fastest CAGR of 4.52%, during the forecast period.
In Asia-Pacific, in 2018, China dominated the regional market, and accounted for 64.12% share of the total market, followed by Japan and India. China is one of the major manufacturers of vehicles, globally. In 2017, 24,961,948 units of passenger vehicles were sold in China, compared to 24,376,902 units in 2016. The increased sales of the vehicles in the country are expected to drive the automotive fuel tank market.
However, in 2018, the country witnessed a decline in vehicle sales by 3%, owing to trade tensions and shaky consumer confidence. Additionally, industry experts predict a further decline by 5% in vehicles sales in 2019. In January 2019, the government introduced many measures with an aim to increase sales of cars. The National Development and Reform Commission (NDRC) announced that the restrictions may be loosened for the second-hand automobile market, and appropriate subsidies are likely to be provided to boost rural sales of some vehicles as well as the purchase of new energy vehicles. Additionally, with the growing demand for vehicles, the fuel tank manufacturers are expanding their business by increasing their current production capacity.
In Japan, domestic automobile production has witnessed a steady rise since 2012, owing to weaker Japanese yen and a stronger global market for the automotive industry. The Japanese automobile market grew marginally in 2018, owing to increased sales of mini-vehicles, according to the Japan Automobile Dealers Association and Japan Mini Vehicles Association statistics. In 2018, all vehicle sales grew to reach 5,234,165 units.
The automotive fuel tank market is highly dominated by few players who hold more than 70% of the market share, due to their developed products and a network of various automobile manufacturers. These include Plastic Omnium, Kautex Textron, Yapp Automotive, TI Automotive, Yachiyo Industries Co. Limited, and Magna International.
The other players, such as Martinrea, hold a small market share. The new developments, in terms of material and design, are likely to help the market leaders increase their market share, and new and small players to increase their market presence.