Automotive Fuel Tanks Market to Surpass US$ 29,956.8 Mn by 2030
The global Automotive Fuel Tanks Market is estimated to account for US$ 21,120 Mn in terms of value by the end of 2022. The Automotive Fuel Tank is a robust, insulated container that stores flammable fluids. It is a critical component of the vehicle's propulsion system, releasing fuel slowly into the engine for combustion. In many regions, the production of gasoline vehicles is increasing, mainly due to the growing disposable incomes of the population. The automotive fuel tank is cooperatively formed with the vehicle underbody. The tank is securely attached to the underbody, and the sections are substantially parallel. Moreover, the fluid level of the compartments is positioned in a horizontal plane parallel to the bottom section 38 of the tank.
Global Automotive Fuel Tanks Market: Drivers
Growing e-commerce sector all over the world is expected to augment growth of the global automotive fuel tanks market over the forecast period. The demand for commercial vehicles is increasing due to growing e-commerce industry, which in turn is supporting the automotive fuel tank market. For transportation of goods purchased through e-commerce platform, transportation vehicles are required, and with expansion of this industry, commercial vehicles are increasingly being purchased. Moreover, logistics and construction industries also require transportation and infrastructure development. This in turn is diving the market’s growth.
Global Automotive Fuel Tanks Market: Opportunities
Increasing urbanization, improvement in socioeconomic conditions, infrastructure development and growing population are creating lucrative environment for growth opportunities in the global automotive fuel tanks market. For instance, due to increasing populations and urbanization, demand for transportation increased, which drives the sales and development of commercial vehicles. Thus, due to growing adoption of vehicles, automotive industry around the world is growing significantly, which is further creating opportunities in the global automotive fuel tanks market.
Global Automotive Fuel Tanks Market: Restraints
Regulatory approvals and high cost of composite tanks are the factors expected to obstruct growth of the global automotive fuel tanks market over the forecast period. Composite materials are significantly beneficial for reducing weight. These materials are stronger than most of the metals. However, these materials such as Aramid, Carbon and glass fibers are highly expensive and they have complex manufacturing process, due to which initial cost of fuel tanks increases. Moreover, fuel tanks made from these materials require heavy regulatory approvals, which again creates challenges in the market. Thus, these factors are likely to impede growth of the market.
Automotive Fuel Tanks Market - Impact of Coronavirus (Covid-19) Pandemic:
The epidemic of COVID-19 pandemic spread across more than 200 countries around the world. The pandemic affected several industries including automotive. During the lockdown period, manufacturing facilities in many industries were temporarily closed down to control the virus spread. Moreover, the lockdown regulations also disrupted supply chains and distribution operations. This, in turn affected production and demand in various markets including the one in discussion. As the automotive industry was adversely impacted by the pandemic, due to declined sales of vehicles, the global automotive fuel tanks market also witnessed negative impact of the pandemic. However, the market is likely to regain growth, as the pandemic situation is settling in several regions around the world.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/automotive-fuel-tanks-market-5525
Key Takeaways:
The global automotive fuel tanks market was valued at US$ 21,120 Mn in 2022 and is forecast to reach a value of US$ 29,956.8 Mn by 2030 at a CAGR of 4.47% between 2023 and 2030.
45-70 Liters segment held dominant position in the global automotive fuel tanks market in 2021, accounting for 40% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Automotive Fuel Tanks Market Trends:
Growing use of lightweight CNG tanks is growing trend in the global automotive fuel tanks market. As per the NGV journal, nearly 85 countries around the world use CNG-powered vehicles, with more than 25,000 fueling stations in 2,900 cities and more than 22.4 million vehicles. These cylinders are developed depending on the material used such as glass fiber, metal, and carbon fiber. These CNG tanks come in different types. Mostly used CNG tanks are those, which are lightweight. They are predominantly used in HDVs and offer better fuel efficiency. Thus, growing use of lightweight CNG tanks in vehicles is driving the market growth.
Plastic segment is gaining traction in the global automotive fuel tanks market and this trend is expected to drive growth of the market during the forecast period. Plastic fuel tank offers greater freedom in integration feasibility and designing, as these need only minor changes of components to be completely compatible with hybrid powertrains. Moreover, properties of plastics such as insulation helps to decrease fuel system noises and further offers efficient and innovative solutions for controlling the fuel behavior. Thus, plastic fuel tanks are increasingly being utilized in automotive industry, which is further driving the market growth.
Global Automotive Fuel Tanks Market: Competitive Landscape
Sakomoto Industry Co. Ltd., Magna International Inc., Yachiyo Industry Co. Ltd., Plastic Omnium Group, SMA Serbatoi SpA, Ti Automotive, FTS Co. Ltd. Unipres Corporation, Yapp Automotive Parts Co. Ltd., and Kautex Textron GmbH
Global Automotive Fuel Tanks Market: Recent Developments
In September 2016, Plastic Omnium Group entered into partnership with Elbit Systems, an Israeli firm for the development of new high pressure hydrogen storage cells.
Plastic Omnium created new plastic fuel tanks for plug-in hybrid vehicles and the new feature of the company, INWIN technology will be featured in these tanks. This feature makes these tanks 40% lighter than metallic fuel tanks.
In January 2019, Ti Automotive and Karma Automotive entered into an agreement for the supply of blow-molded plastic fuel tanks for luxury electric vehicles of Ti Automotive.
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