Pune, May 26, 2020 (GLOBE NEWSWIRE) -- The global automotive fuel tank market size is predicted to reach USD 20.09 billion by 2026, exhibiting a CAGR of 2.38% during the forecast period. The increasing investment R&D activities for the development of lightweight vehicles will have a positive on the automotive fuel tank market growth during the forecast period. The focus towards introducing low carbon emissions cars owing to the stringent environmental regulations will subsequently bolster healthy growth of the market, states Fortune Business Insights in a report, titled “Automotive Fuel Tank Market Size, Share & Industry Analysis, By Capacity Type (Less than 45L, 45L-75L, and Greater than 75L ), By Material Type (Plastic and Metal), By Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle) and Regional Forecasts, 2019-2026” the market size stood at USD 16.64 billion in 2018. The expansion in production capacity by OEMs to cater to the heavy demand for automobiles will promote the growth of the market in the forthcoming years.
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Market Driver:
Snowballing Popularity of Lightweight Vehicles to Elevate Sales Outcomes
The increasing development of lightweight vehicles to reduce fuel emission and enhance performance by automotive companies will bode well for the market. The OEMs are spending heavily in R&D to innovate and improve lightweight materials for manufacturing automotive components, which, in turn, decreases the overall weight of the vehicle. The increasing shift from traditional metal fuel tanks to plastic fuel tanks owing to its advantages will enable speedy expansion of the market.
The flexible properties of plastic tanks make it suitable to custom integrate it in any vehicle by the OEMs. The plastic tanks are made of High-Density Polyethylene (HDPE), which is robust and pertinent for lighter vehicles. The growing popularity of lightweight vehicles has led to significant production and introduction of innovative vehicles by giant companies. The stellar demand for passenger cars will create growth opportunities for the market. Additionally, the growing urbanization and escalating purchase power of people will lead to a robust expansion of the market.
Regional Analysis:
Booming Automotive Industry to Contribute to Growth in Asia Pacific
Asia Pacific generated a revenue of USD 3.01 billion in 2018 and is predicted to rise profoundly during the forecast period owing to the flourishing automotive industry in the region. The rising automotive sales and production in developing nations such as India, China, Japan, and South Korea will positively influence growth in Asia Pacific during the forecast period. The rapid urbanization, industrialization will boost the market in the region.
Furthermore, stringent regulations imposed by the government to reduce fuel emission will accelerate the market revenue in the region. The subsidies offered by the government to manufacture lightweight vehicles will further create opportunities for the market in the forthcoming years. North America is predicted to hold the largest share in the market during the period owing to the rising demand for commercial vehicles in the region. The stringent government regulations pertaining to fuel emission will favor growth in North America. The rising popularity of lightweight vehicles will further propel the market in the region.
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List of Key Companies Operating in the Automotive Fuel Tank Market are:
- Yachiyo Industry Co., Ltd.(Japan)
- Continental AG(Germany)
- Kautex Textron GmbH & Co. KG(Germany)
- TI Automotive Inc. (U.K)
- Magna International Inc.(Canada)
- YAPP Automotive Parts Co. Ltd.(China)
- SMA Serbatoi S.P.A. (Italy)
- The Plastic Omnium Group (France)
- Martinrea International Inc. (Canada)
- Unipres Corporation (Japan)
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Automotive Fuel Tank Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Capacity Type
- Less than 45L
- 45L-75L
- Greater than 75L
- Market Analysis, Insights and Forecast – By Material Type
- Plastic
- Metal
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
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Key Development:
January 2018 – Continental AG announced the launch of high-tech sensors for premium cars. This technically unique magnetic passive position sensor will be used to measure the fill level in the vehicle’s fuel tank. This system is corrosion-free and suitable for all types of fuels used worldwide
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