PUBLISHER: The Business Research Company | PRODUCT CODE: 1088834
PUBLISHER: The Business Research Company | PRODUCT CODE: 1088834
“Automotive Fuel Tank Global Market Report 2022” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global automotive fuel tank market.
This report focuses on automotive fuel tank market which is experiencing strong growth. The report gives a guide to the automotive fuel tank market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
Where is the largest and fastest growing market for the automotive fuel tank? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Automotive Fuel Tank market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider automotive fuel tank market, and compares it with other markets.
Major players in the automotive fuel tank market are: The Plastic Omnium Group; Yapp Automotive Parts Co. Ltd; TI Fluid Systems; Yachiyo Industries Co. Limited; Unipres Corporation; Magna International; Fuel Total Systems (FTS) Co. Ltd; Compagnie Plastic Omnium SA; Kautex Textron GmbH & Co. KG; Martinrea International Inc.; Unipres Corporation; Textron - KautexV (US); Benteler International AG; Allgaier Werke GmbH; Dali and Samir Engineering; Westport Fuel Systems Inc.; Posco co. Ltd; Allgaier Automotive; Baosteel group corporation; Kongsberg Automotive; Toyoda Gosei Co. Ltd.; Visteon Corporation; Donghee Industrial CO. LTD.; FUTABA INDUSTRIAL CO. LTD.; Northside Industries; SMA SERBATOI SPA; Spectra Premium Inc.; Allgaier Automotive; Boyd Welding.
The global automotive fuel tank market is expected to grow from $16.51 billion in 2021 to $17.32 billion in 2022 at a compound annual growth rate (CAGR) of 4.89%. The market is expected to grow to $22.98 billion in 2026 at a CAGR of 7.33%.
The automotive fuel tank market consists of sales of automotive fuel tanks by entities (manufacturers, sole traders, and partnerships) that are used to store, propel and release pressurized gas or fluid into automobile engine systems. This includes fuel tanks/pumps for cars, light commercial vehicles, and heavy commercial vehicles. The fuel that makes the car operate is stored in the vehicle's gas tank. The fuel pump is what propels the fuel. The gas tank could be built of high-density polyethylene plastic, which can be moulded into complicated shapes, saves space, and improves crash safety. Steel or aluminium, welded from stamped sheets, can also be used for the gas tank. The type of material used to construct the gas tank is determined by the vehicle's manufacture and model.
The types of automotive fuel tanks by capacity include less than 45 liter, 45-70 liter, and above 70 liter. Less than 45 liter fuel tanks are used in hatchbacks and sedans, and are classified as having a fuel tank capacity of less than 45 litres. The various materials used for automotive fuel tanks are aluminum, plastic and steel. The various vehicles using automotive fuel tanks are passanger cars, light commercial vehicles, and heavy commercial vehicles.
Asia Pacific was the largest region in the automotive fuel tank market in 2021 and is also expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing demand for passenger cars has contributed to the automotive fuel tank growth. In addition to the driver's seat, passenger cars are vehicles having at least four wheels that are intended to transport passengers and have no more than eight seats. There has been quite a remarkable growth in the passenger car industry and it has made steady progress in production, domestic sales and exports. For instance, the Society of Indian Automobile Manufacturers (SIAM) reported that sales of passenger cars in India increased by 8.36% in December 2020 compared to December 2019. Utility vehicle sales climbed by 19.75 % in 2020 over December 2019. Van sales increased by 41.06 % in 2020 over December 2019. Hence, the rise in the demand for passenger cars is driving the the automotive fuel tank market.
Technological advancements in fuel-efficient vehicles and alternate fuel vehicles is a key trend gaining popularity in the automotive fuel tank market. Modern automobiles require advanced materials to improve fuel economy while retaining safety and performance. Lightweight materials have a lot of potential for improving vehicle efficiency because it requires less energy to accelerate a lighter item than a heavy one. A 10% reduction in vehicle weight might result in a 6% to 8% increase in fuel economy. A vehicle's body and chassis can be decreased by up to 50% by replacing cast iron and traditional steel components with lightweight materials such as high-strength steel, magnesium (Mg) alloys, aluminium (Al) alloys, carbon fibre, and polymer composites. In one quarter of the US fleet, using lightweight components and high-efficiency engines enabled by new materials may save more than $5 billion gallons of fuel annually by 2030. Cars can carry more complex pollution control systems, safety devices, and integrated electrical systems without adding to the total weight of the vehicle by adopting lightweight structural materials.
In 2016, Nissan, a Japanese multinational automobile manufacturer, acquired Mitsubishi Motors for a deal worth of $2.3 billion. In this acqusition, Mitsubishi offered its strong truck market presence, lower raw material sourcing costs due to greater economies of scale, and experience with its well-developed gas-electric hybrid systems to Nissan. Mitsubishi Motors is a Japanese automobile manufacturer headquartered in Minato, Tokyo, Japan.
The countries covered in the Automotive Fuel Tank market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.