Automotive Fuel Tank Market Worth $27.4 Billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 21, 2020 -- According to the new market research report "Automotive Fuel Tank Market by Capacity (<45 L, 45 L-70 L & >70 L), Material (Aluminium, Plastic & Steel), SCR Technology, CNG Tank Type (Type 1, Type 2, Type 3 & Type 4), Propulsion Type (Hybrid, Hydrogen, ICE & NGV) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Automotive Fuel Tank Market is estimated to be USD 20.5 billion in 2020 and projected to reach USD 27.4 billion by 2027, at a CAGR of 4.2%.
The market is driven by increasing vehicle production, including passenger and commercial vehicles, demand for lightweight vehicles for achieving a longer driving range, government support for alternate fuels, stringent emission norms that require minimum GHG emissions, and government initiatives pertaining to hydrogen infrastructure.
Browse in-depth TOC on "Automotive Fuel Tank Market"
145 – Tables
50 – Figures
181 – Pages
Download PDF Brochure:
High Density Polyethylene to be the most widely used material for automotive fuel tanks market
Plastic fuel tanks are principally produced using High Density Polyethylene (HDPE). These tanks are lightweight and can be easily molded according to the requirements of OEMs. The demand for plastic fuel tanks is higher than metal fuel tanks, resulting in an increased demand for HDPE. Plastic fuel tanks find application in almost every vehicle segment, including passenger cars, LCVs, and HCVs. As of 2020, plastic fuel tanks are estimated to account for the largest share, in terms of both volume and value, of the global Automotive Fuel Tank Market. The demand for plastic fuel tanks is primarily driven by increasing vehicle production and the growing trend of vehicle weight reduction, which has been triggered by stringent emission norms. Also, there is an increase in the number of passenger and commercial vehicles in developing countries like India as well as developed countries like Japan.
The 45–70L capacity segment is projected to be the largest Automotive Fuel Tank Market, by capacity
The average size of an automobile fuel tank is between 40 and 70 liters. The Automotive Fuel Tank Market is classified into three main categories in terms of capacity—<45 liters, 45–70 liters, and >70 liters. Many passenger vehicles, including mini cars, hatchbacks, and mid-size sedans, fall under the category with a fuel tank capacity of less than 45 liters. Many SUVs and luxury cars have tank capacities greater than 70 liters. Among all the three segments, the largest market is for fuel tank capacity with 45-70 liters as the vehicle production for sedans and mini SUVs is growing at a fast rate in Asian and European countries like Japan, China, India, Germany, France, and Spain.
Request FREE Sample Report:
Asia Oceania is projected to be the fastest growing Automotive Fuel Tank Market
The Asia Oceania region is the largest automobile producer, given the increasing demand for passenger vehicles in countries such as China, India, Japan, and South Korea. China is the biggest manufacturer of vehicles in the world. India's commercial vehicle market has been growing eminently and contributes a significant share to the national GDP. Moreover, growing industrialization and improving developments in infrastructure in the Asia Oceania region is driving the growth of commercial vehicles. Also, the manufacturing and production of vehicles are growing at a fast pace due to FDIs coming in countries like Thailand, Malaysia, and Vietnam. With this growth in vehicle production, the demand for automotive fuel tanks has increased in Asia Oceania.
The key players in the Automotive Fuel Tank Market include The Plastic Omnium (France), Textron-Kautex (Germany), Yapp (China), TI Fluid (UK), Yachiyo (Japan), Unipres (Japan), Fuel Total Systems (Japan), Magna International (Canada), and SMA Serbatoi S.P.A. (Italy), and among others. These companies have followed supply contracts/agreements/partnerships/collaborations/joint ventures as key strategies to gain traction in the Automotive Fuel Tank Market.
Browse Related Reports:
Automotive Fuel Injection Pump Market by Type (Common Rail and Rotary Distributor), Application (Direct Injection and Multi Point Fuel Injection), Pressure (Low Pressure and High Pressure), Vehicle (PC, LCV, and HCV), and Region - Global Forecast to 2025
Diesel Exhaust Fluid Market by Component (SCR Catalyst, DEF Tank, Injector, Supply Module, Sensor), OHV Market by Application (Construction & Agriculture), Aftermarket by Vehicle Type, Supply Mode (Cans, IBC, Bulk & Pump), & by Region - Forecast to 2022
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Sanjay Gupta
630 Dundee Road
Northbrook, IL 60062
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automotive-fuel-tank-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/automotive-fuel-tank.asp