Pune, India, May 05, 2021 (GLOBE NEWSWIRE) -- According to the report, Automotive Fuel Tank Market size is projected to reach 20.09 Billion value by 2026, exhibiting a CAGR of 2.38%. The Automotive Fuel Tank Industry was valued at USD 16.64 billion in 2019. Stringent Norms for Co2 Emissions in Vehicles Will Spur Sales Openings for the Market.
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
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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.
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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.
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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.
- 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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Global Automotive Fuel Tank Market Segmentation:
By Capacity Type:
- Less than 45L
- 45L-75L
- Greater than 75L
By Material Type:
- Plastic
- Metal
By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle,
- Heavy Commercial Vehicle
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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