April 28th, 2022
Automotive Fuel Tank Market
Automotive Fuel Tank Market is predicted to touch by owing to the surging demand for lightweight vehicles for fuel-efficiency.
An automotive fuel tank refers to a component of an engine system used to store or release the automotive fuel in the engine. The tank comes in different sizes and helps detect fuel levels and prevent leakages. Rapid industrialization, economic expansion, accelerating per capita income, and a surge in the middle-class population have accelerated automobile sales, especially passenger cars, which are likely to bolster the automotive fuel tank market size.
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Further, with ongoing innovations and a rising number of research and development activities, the automotive fuel tank has experienced significant growth. Automotive fuel tank offers various remarkable features such as durability, corrosion resilience, and can tolerate harsh climatic conditions. However, inflating prices of base metals and the growing penetration of electronic vehicles will hamper the Automotive Fuel Tank Market Share.
By material, the Plastic segment is anticipated to witness promising growth over the forecast period, owing to the growing demand for lightweight vehicles. Plastic tanks help reduce the vehicle weight and enhance the durability of the tank in case of any crashes. Further, as per the Automotive Fuel Tank Market Analysis, the reduction in chances of electric charges setting fire to fuel as plastic does not conduct electricity and offers customization will drive the overall market growth.
By capacity, the 45-70 liters fuel tank segment is projected to expand at a faster CAGR during the forecast period. The growth is attributed to the rising demand and supply of mini-SUVs and sedans. Also, the growing adoption of fuel tanks with 45-70 L for long journeys will bolster the market growth.
By region, the Asia-Pacific region is forecast to expand at a notable rate during the forecast period due to increasing urbanization, industrialization, and a surge in the middle-class population. With the growing adoption of the automotive fuel tank due to the surging demand for vehicles from China and India will fuel the market growth.
Leading players in the automotive fuel tank market include The Plastic Omnium Group, Textron Inc., TI Fluid Systems, YAPP.INC, Unipres Corporation, Yachiyo, SMA Serbatoi S.p.A., FTS, SRD Holdings Ltd. And Magna International Inc.
In 2019, The Plastic Omnium Group received an order from a German producer to innovate 350-bar hydrogen tanks. The company decided to install an exclusive line of production of hydrogen tanks at the Herental plant in Belgium, developing fuel tanks in 2020.
In 2019, TI Fluid Systems declared the supply of the blow-molded plastic fuel tanks for the electric vehicle program of Karma Automotive. This technology will provide the next-generation luxury electric vehicles to perform at superior levels.
Automotive Fuel Tank Market Segmentation:
Automotive Fuel Tank Market by Material
Automotive Fuel Tank Market by Capacity
Automotive Fuel Tank Market by Propulsion
Natural Gas Vehicle (NGV)
Automotive Fuel Tank Market by Region:
Rest of APAC
North AmericaUnited States of America
Rest of Europe
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