Global automotive fuel tank market is expected to register a 5.5% CAGR over the forecast period. Moreover, the global automotive fuel tank market is projected to reach at notable revenue of USD 17.6 Billion by the end of 2024.
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The global automotive fuel tank market is segmented into vehicle type such as passenger cars, heavy trucks, buses & coaches and commercial vehicles. Among these segments, passenger cars segment dominated the overall automotive fuel tank market in previous years.
The key reason behind the growth of this segment is increasing sales of passenger cars across the globe. Furthermore, rising disposable income of the consumers is increasing the sales of passenger cars which in turn likely to intensify the automotive fuel tank market in upcoming years.
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The market is expected to expand on the back of growing automotive aftermarket across the globe. Furthermore, growing advancements and development of innovative designs of automotive fuel tanks to offer benefits such as reduced fuel consumption and improved mileage are likely to garnish the growth of global automotive fuel market in near future.
The plastic segment by material type is witnessing substantial growth owing to its benefits such as low weight, increased tank strength in crashes and others. Moreover, use of plastic materials in car interiors, bumpers and other automotive parts such as automotive fuel tank is key factor which is reducing the overall weight of vehicles.
Further, vehicle manufacturers are focusing towards light weight cars to improve the fuel efficiency of vehicles.
Rising Sales of Vehicles
Increasing sales of new vehicles across the globe especially in developing countries such as India, China and Brazil is a major factor which is augmenting the growth of global automotive fuel tank market. For instance, new vehicle registration in China reached at 24,376,902 in 2017.
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Rising disposable income and changing lifestyle of middle class families are the dynamic factors behind augmented demand for vehicles across the globe. Further, increasing number of vehicles on the road is envisioned to drive the growth of global automotive market over the forecast period.
However, high lifespan of automotive fuel tanks and increasing sales of electric cars are some of the factors that are likely to deter the growth of the automotive fuel tank market in the near future.
The report titled “Automotive Fuel Tank Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automotive fuel tank market in terms of market segmentation by vehicle type, by material, by technology and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global automotive fuel tank market which includes company profiling of Kautex , Yachiyo Industry Co. Ltd., Tokyo Radiators Mfg. Co. Ltd., Hwashin Co.
ltd., Inergy Automotive Systems, TI Automotive, Magne Steyr , Futaba Industrial, ArcelorMittal and Biosteel Group Corp. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global automotive fuel tank market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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