According to Market Research Future (MRFR), the global Fuel tank market is poised to grow at approximately 5.65% CAGR during the forecast period (2017 – 2023). Increase in the demand for fuel tank capacity ranging from 45L to 70L and rising uses of sustainable and durable materials boost the market growth, resulting in increased safety of the passengers.
Additionally, the overall growth in transport infrastructure and fuel consumption regulations in well-developed regions influences the market growth. Major transporting of goods and equipment depends on the transport system with effective and efficient fuel consumption to reduce the transport charge and curb down inflation rates. The market is progressing rapidly due to increased fuel prices and stringent regulations to curb oil gas wastage.
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Players leading the global Fuel tank market Size are Kautex Textron GmbH Co. KG. (Germany), Plastic Omnium Group (France), YAPP Automotive Parts Co. Ltd. (China), Magna International (Canada), TI Automotive Inc. (UK), Unipres Corporation (Japan), Lyondell Basell (Netherlands), Continental (Germany), Yachiyo (Japan), Boyd Welding (Florida), Allgaier Automotive (Germany), Dali and Samir Engineering (India), Posco co. Ltd (South Korea), Martinrea International (Canada), and Baosteel group corporation (China), among others.
The global Fuel tank market Size is witnessing steady growth. The market growth attributes to the growth in the automotive industry worldwide. Besides, innovation in fuel tank technology and the increase in passenger and commercial vehicle sales drive the growth of the market. Moreover, increasing vehicle production across the globe escalates market demand.
Fuel tank market Size – Segments
The report is segmented into four dynamics.
By Material: Plastic, Steel, and Aluminium.
By Capacity: 45L, 45L-70L, and 70L.
By Vehicle Type: Passenger Car and Commercial Vehicle.
By Region: North America, Europe, APAC, and the Rest-of-the-World.
Fuel tank market Size – Regional Analysis
The Asia Pacific region leads the global Fuel tank market Size. The largest market share attributes to the rising OEMs in emerging economies, majorly focusing on the production of lightweight components, increasing the vehicle's efficiency. Besides, the presence of many aluminum fuel tank manufacturers and the rising demand to reduce the overall weight of the vehicle drive the growth of the regional market.
Moreover, increasing demand for fuel efficiency and lightweight vehicles boost market growth. Among other APAC countries, China demonstrates the economic and environmental benefits of lightweight fuel tanks made of plastic and metals. Key players operating in the China market are working with all partners to expand their market share further, contributing to sustainable development in various parts of the world.
North America stands second in the global Fuel tank market Size. The market growth is driven by the increase in demand for the lightweight fuel tank and growing concern for safety among the customers. People in the region are more interested in buying a vehicle with advanced safety features. Additionally, the growing demand for advanced safety technology boosts the fuel tank market.
Europe is the third-largest market for automotive fuel tanks in the region. Factors such as the increase in commercial vehicle production and the re surging economy positively impact regional market growth.
The digital revolution is gaining momentum across the region. Besides, the proliferation of lightweight fuel tanks made of plastic and metals like aluminum to curtail pollution and carbon footprints. Furthermore, well-established infrastructure in the region that allows faster implementation of advanced technologies cumulatively drives the market's growth.
Fuel tank market Size – Competitive Analysis
This market has a moderate level of industry concentration. Industry players adopt strategies such as mergers acquisitions, collaboration, expansion, and manufacturing techniques, and product launches. Market players strive to improve technological processes to reduce installation and overall costs. The long-term contracts between this industry and downstream customers make it difficult for new entrants to dilute preexisting companies' market share.
Industry/ Innovation/ Related News:
February 20, 2020 ----- Standardization Administration of China (SAC), the Chinese authority, published a new Standard GB 18296-2019 for safety property requirements and test methods for automobile fuel tanks. The new standard replaced the former Standard GB18296-2001 effective from July 1, 2020.
Chinese fuel tanks can obtain a voluntary CQC or CCAP certification. The standard for Chinese fuel tank certification has been updated in accordance with the latest international technology standard, specifically referring to the EG-R34 regulation of the Economic Commission for Europe - "Uniform Regulations for the Certification of Vehicle Fires."
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