Raipur, April 08, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Automotive Pressure Vessels Market that provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Automotive Pressure Vessels Market is driven by a host of factors including-
- The ‘clean air’ initiatives taken by various governments,
- The presence of natural gas in abundance, and
- The increasing demand for FCEVs, etc.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Market Segmentation & Insights:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
Based on the pressure vessel type - The automotive pressure vessels market is segmented as type I, type II, type III, and type IV.
- Type-I pressure vessels lead the market in 2020 and are expected to maintain their leading position during the forecast period as well.
- This is majorly due to the significant use of type-I tanks in CNG-powered vehicles in developing economies.
- However, Type-IV pressure vessels are likely to offer excellent growth opportunities in the coming years, driven by their various advantageous properties, such as the lowest weight, better energy storage density, corrosion and fatigue resistance, and improved fuel economy.
Based on the fuel type - The market is segmented as CNG, LNG, and Hydrogen.
- In the coming years, the use of hydrogen pressure vessels is expected to grow at a magnificent rate, driven by the capacity expansion plans of FCEV manufacturers, development of hydrogen refueling infrastructure, continuous increase in investments in the clean energy sector, and supremacy of hydrogen fuel-cell vehicles over battery and diesel vehicles.
In terms of regions - Asia-Pacific is expected to remain the largest as well as fastest-growing automotive pressure vessels market during the forecast period, driven by countries like China, India, Japan, and South Korea.
- As per 2019 NGV statistics, Asia-Pacific alone accounted for a 71% share of the global NGV fleet, with China, Iran, and India being the top three countries on the list.
- Europe and NA are also likely to offer favorable growth opportunities in the coming 5 years, driven by an increased acceptance of alternative fuel-based vehicles in both regions.
- In terms of market size, Europe is far large than North America.
- There is a huge dominance of type-I pressure vessels in Europe, whereas, the North American market is highly dominated by type-III and type-IV pressure vessels.
View the Report Scope and Table of Contents:
https://www.stratviewresearch.com/toc/2303/automotive-pressure-vessels-market.html
COVID-19 Impact on the Automotive Pressure Vessels Market
The market with excellent growth potential saw a massive decline in 2020. Implementation of lockdown and postponement of vehicle purchase, and decline in new alternative fuel vehicle registration due to the pandemic negatively impacted the automotive pressure vessels market in 2020. Despite being suffered by a huge loss in 2020, the automotive pressure vessel market seems to be brighter with a number of growth opportunities for pressure vessel manufacturers in the years to come.
To know more about the covid-19 impact, get a free sample report, here:
https://www.stratviewresearch.com/Request-Sample/2303/automotive-pressure-vessels-market.html#form
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed the company profiles of the below-given players -
- Beijing Tianhai Industry Co., Ltd.
- Cylinders Holding Group
- Everest Kanto Cylinder Ltd.
- Faber Industrie SpA
- Hengyang Jinhua High-Pressure Container Co., Ltd
- Hexagon Composites ASA
- ILJIN Composites,
- Luxfer Holdings PLC
- Sinoma Science & Technology Co., Ltd.
- Worthington Industries, Inc.
What deliverables will you get in this report?
- In-depth analysis of the Automotive Pressure Vessels Market
- Detailed market segmentation.
- Competitive-landscape analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- The geographical presence of the key players.
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