According to the latest report by IMARC Group, titled "Automotive Fuel Tank Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global automotive fuel tank market reached a value of US$
19.2 Billion in 2022. The automotive fuel tank is an integral part of an engine system where the fuel is stored and released as pressurized gas into a car's engine. It avoids fuel leakage and evaporates emissions in a limited manner while storing enough fuel to reduce the need to refill the tank. It varies in design, size, and capacity, depending upon the type of vehicle. These tanks are made of different materials, such as plastic, steel, and aluminum. These are used in passenger cars, light commercial vehicles, and heavy commercial vehicles.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Fuel Tank Market Trends:
The global market is majorly driven by the increasing demand for passenger vehicles. In line with this, the rising production of environment-friendly tanks is offering numerous growth opportunities in the market. Furthermore, the growing demand for commercial vehicles due to significant growth in the e-commerce sector is favoring the automotive fuel tank market. Apart from this, the construction and logistics industries require increased transportation and infrastructure development, thus resulting in the market growth. Moreover, rapid urbanization and heavy investments in developing lightweight vehicles with higher fuel efficiency and extended driving range are creating a positive outlook for the market. Besides this, multiple market players are focusing on developing economic fuel tanks using lightweight materials, thereby strengthening the growth of the market. Additionally, various automotive OEMs are expanding their production volume to meet the augmenting demand for automobiles across the globe, which is creating an uplift in demand for automotive fuel tanks. On account of the aforementioned factors, the market is anticipated to reach a value of US$
23.7 Billion by 2028, exhibiting a CAGR of
3.4% during 2023-2028.
- On the basis of the material type, the market has been segmented into plastic, aluminum, and steel.
- Based on the capacity, the market has been categorized into less than 45 liter, 45-70 liter, and above 70 liter.
- On the basis of the vehicle type, the market has been classified into passenger vehicles, LCVs, and HCVs.
- On the basis of the distribution channel, the market has been segmented into OEM and aftermarket.
- On the basis of the region, the market has been divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Plastic Omnium, Kautex Textron, Yapp Automotive, TI Automotive, Yachiyo Industries Co. Limited, Magna International, Martinrea International Inc., Unipres Corporation, Continental, Lyondell Basell, Allgaier Automotive, Boyd Welding, Dali and Samir Engineering, Posco co. Ltd, and Baosteel group corporation.
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