Automotive Fuel Tank Market to Witness 13% CAGR until 2025
Increasing vehicle
production and stringent norms imposed by governments towards reducing vehicle
weight and lower fuel consumption is driving automotive fuel tank market
According to
TechSci Research report, “Global Automotive
Fuel Tank Market By Vehicle Type, By Capacity, By Region, Competition, Forecast
& Opportunities, 2025”, the global automotive fuel
tank market stood at around 153 million units in 2019 and is projected to grow
at a CAGR of around 13% during 2021 - 2025. Due to growing consumers preference
for personal transportation and high demand generated from logistics industry for
commercial vehicle across the globe, the automotive manufacturers are boosting vehicle
production across different countries. These factors are increasing demand for automotive
fuel tanks and the market is expected to grow at a rapid pace across the globe
over the course of next five years. Moreover, imposition of strict regulation
on reducing vehicle wight and lowering fuel consumption by government of
several countries across the globe has forced the automotive manufacturers to
come up with innovative designs of vehicles and fuel tanks.
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Automotive Fuel Tank Market"
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The global automotive
fuel tank market is segmented based on vehicle type, by fuel tank capacity, and
by region. In terms of vehicle type the market is further segmented into
passenger car, commercial vehicle and two-wheeler segments. Passenger car segment
dominated the market in 2019 and the segment’s dominance is expected to
continue during the forecast period as demand for passenger cars is increasing
enormously across the globe due to increasing per capita income levels and growing
need for personal transportation.
In terms of fuel
tank capacity, the market is further segmented into <15L, 15-45L, 45-70L, and
>70L segments. Until 2019, 15-45L segment was dominating the market and the
segment is expected to continue to be the largest segment during the forecast
period. Growing production of passenger cars across the globe is the leading
factor for the dominance and growth of 15-45L segment. Moreover, anticipated
growth in two-wheelers, especially in developing countries, is expected to
continue boosting <15L fuel tank market in the coming years.
Magna
International Inc., Kautex Textron Gmbh & Co. KG, Plastic Omnium Auto
Inergy Ltd., Yachiyo Industry Co Ltd, and TI Automotive Ltd are some of the
leading automotive fuel tank manufacturers across the globe. Leading players
are increasing their focus on introducing more performance oriented and
technologically advanced fuel tanks at best possible price points across the
globe. In terms of regional analysis, the market can be segmented into
Asia-Pacific, North America, Europe, South America and Africa. Asia-Pacific is
anticipated to grow at the fastest rate during the forecast period due to favorable
government initiatives and policy support. In Asia-Pacific, China dominated the
market and the country’s vehicle production is poised to grow at an impressive
rate in the coming years as well.
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“Asia-Pacific is
expected to dominate the global automotive fuel tank market in the coming years,
due to increase in investments towards production facilities in various countries
of the region. Sales of automotive fuel tanks across the region are driven by
the presence of several manufacturing plants of leading automotive
manufacturers across APAC. Additionally, governments of various countries in the
region have framed manufacturer friendly policies, which is propelling demand
for automotive fuel tanks from the OEMs.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Automotive Fuel Tank Market By Vehicle
Type, By Capacity, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global automotive
fuel tank market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global automotive fuel tank market.
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