Global Study on Automotive Fuel Tank Market Estimated Increase Revenues Surpass US$ 30,000 Mn Till the End of 2022

Surging vehicle production, soaring demand for passenger vehicles, and surging demand for environment-friendly fuel tanks are expected to fuel growth of the global automotive fuel tank market. Fact.MR’s report offers detailed analysis about the global Automotive Fuel Tank Market, and offers actionable insights on future market direction.

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Robust increase in production of vehicles, to cater surging demand from ever-growing middle-class population owing to their rising disposable income, has driven the demand for automotive fuel tanks across the globe. Available in varying capacity, size, and design, automotive fuel tanks eliminate fuel leakage, and reduce the emissions. Stringent regulations imposed by legal authorities on hazards of materials used in fuel tanks, have compelled the manufacturers in focusing on production of eco-friendly fuel tanks. This is expected to propel growth of the market.

Automotive fuel tanks can be defined as safe tanks to contain flammable fluids. These tanks contain multiple chambers for storing fuel, and outlets for pumping fuel into the engine. A typical automotive fuel tank will have a standby storage chamber to reserve fuel. In addition to this, fuel tanks also come with built-in pumping apparatus that put pressure on the fuel while releasing it into the engine.

The global fuel tank market is projected to register an impressive expansion at robust CAGR during the forecast period 2017 to 2022, according to a report by Fact.MR. The report estimates the market to increase from revenues worth US$ 24,019.8 Mn in 2017 to surpass US$ 30,000 Mn by 2022-end.

Plastic Fuel Tanks to Remain Sought-After in the Market

By material type, plastic fuel tanks will remain sought-after in the market, owing to increasing adoption in multi-purpose vehicles (MPV), sedans, and sports-utility vehicles (SUV). Revenues from sales of plastic fuel tanks are expected to reach nearly US$ 28,000 Mn by 2022-end. Sales of plastic fuel tanks are estimated to exhibit the highest CAGR through 2022, followed by aluminum fuel tanks. In contrast, the sales of steel fuel tanks in the market will register the lowest CAGR through 2022.

Based on capacity, although 45-75 L fuel tanks will continue to be preferred in the market, sales of above 75 L fuel tanks will register the fastest expansion through 2022. Over one-half revenue share of the global automotive fuel tank market is expected to be accounted by sales of 45-75 L fuel tank in 2017. Revenue from sales of above 75 L fuel tanks will remain comparatively lower than other fuel tank capacity segments during the forecast period. Sale of less than 45 L fuel tanks will account for revenues worth US$ 9,939.2 Mn by 2022-end.

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OEM will Continue to be the Largest Sales Channel for Automotive Fuel Tanks

OEM is expected to remain the largest sales channel for automotive fuel tanks, with sales estimated to surpass revenues worth US$ 30,000 Mn by 2022-end. Sales of fuel tanks in aftermarket are projected to register a comparatively faster expansion at a high single-digit CAGR through 2022. However, aftermarket will account for a very low revenue share as compared to OEM, which is expected to hold over three-fourth share of the market in 2017.

By vehicle type, passenger cars will remain dominant in the global automotive fuel tank market, accounting for nearly three-fourth revenue share in 2017. Sales of fuel tanks passenger cars are expected to create an incremental opportunity of US$ 7,987.6 Mn between 2017 and 2022. Sales of fuel tanks in HCVs are expected to register the highest CAGR in the market through 2022. However, demand for fuel tanks in LCVs will remain comparatively higher than HCVs in the market during the forecast period.

Competition Tracking

Key market players identified in Fact.MR’s report include Compagnie Plastic Omnium SA, Magna International Inc., Yachiyo Industry Co., Ltd., Kautex Textron GmbH & Co. KG, TI Automotive Ltd., YAPP Automotive Parts Co., Ltd., Martinrea International Inc., and Spectra Premium Industries Inc.

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This release was published on openPR.