Selbyville, Delaware, Dec. 03, 2024 (GLOBE NEWSWIRE) --
The automotive fuel tank market valuation is predicted to reach USD 26.3 billion by 2032, reported in a research analysis by Global Market Insights Inc.
The automotive industry's growth, especially in emerging markets, is driving demand for fuel tanks fueled by increased vehicle production. Factors such as rising disposable incomes, urbanization, and improved infrastructure in developing countries are contributing to this growth. Additionally, the expansion of ride-sharing services and fleet operations is further elevating vehicle production, boosting the need for fuel tanks.
Stricter global emissions standards aimed at reducing air pollution and combating climate change are significantly influencing fuel tank design and manufacturing processes. Modern fuel tanks are being developed with advanced sealing systems and vapor management technologies to control evaporative emissions. This regulatory push is leading manufacturers to invest in research and development for low-emission fuel tanks. Emerging markets are also seeing a growing adoption of these advanced systems, aligning with international environmental standards. As emissions regulations become more stringent, the automotive fuel tank market is evolving with new opportunities for innovation in low-emission technology.
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The automotive fuel tank market from the 45-70 liter segment dominated the market, holding over 55% of the share in 2023, is projected to surpass USD 13 billion by 2032. Consumers continue to prioritize vehicle range when purchasing vehicles, with this fuel tank capacity offering a balance between extended range and vehicle size. This segment provides enough fuel for long highway trips without significantly affecting the vehicle's weight or interior space. As fuel efficiency improves, tanks within this size range are expected to offer an even greater driving range, making them more appealing to consumers.
On the material front, plastic fuel tanks are set to exceed USD 18 billion by 2032. Automakers are increasingly focused on reducing vehicle weight to improve fuel efficiency and meet emissions standards. Plastic fuel tanks, which are lighter than metal alternatives, contribute significantly to this goal. This trend is particularly prominent in vehicle segments such as compact cars, SUVs, and commercial vehicles. Additionally, plastic allows for more flexible design options, enabling the integration of complex shapes and components into fuel tank designs.
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China accounted for more than 40% of the automotive fuel tank market in 2023. Despite the rise of electric vehicles, internal combustion engine vehicles remain a key segment in China. Manufacturers are developing advanced fuel tanks using high-density polyethylene (HDPE) and metal-plastic hybrids to meet stringent fuel economy and emissions regulations, further driving market growth.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Automotive fuel tank market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2032
Chapter 3 Automotive Fuel Tank Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material suppliers
3.2.2 Automotive OEM
3.2.3 Fuel tank manufacturers
3.2.4 Technology integrators
3.2.5 End users
3.3 Profit margin analysis
3.4 Technology differentiators
3.4.1 AI in fuel tank design
3.4.2 Noise reduction technologies
3.4.3 Multi-layer fuel tank designs
3.4.4 Advanced manufacturing technologies
3.4.5 Others
3.5 Key news & initiatives
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Increasing global vehicle production
3.7.1.2 Growing focus on vehicle weight reduction
3.7.1.3 Increasing adoption of alternate fuel vehicles
3.7.1.4 Advancements in fuel tank design
3.7.2 Industry pitfalls & challenges
3.7.2.1 Growing shift towards electric vehicles
3.7.2.2 Fuel compatibility issues
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
