Press release
Fuel Tank Market Valued $40.86 Bn by 2026 | A report by Plastic Omnium, Westport Fuel Systems Inc., Martinrea International Inc., Kautex; TI Automotive, TOYODA GOSEI Co., Ltd. And
Market Analysis:
Global Fuel Tank Market is expected to rise from its initial estimated value of USD 24.08 billion in 2018, to a projected value of USD 40.86 billion by 2026, registering a CAGR of 6.83% in the forecast period of 2019-2026. This rise in market value can be attributed to the growth in demand for vehicles and increase in production of various types of automotive vehicles.
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Key Market Competitors:
•Plastic Omnium
•Westport Fuel Systems Inc.
•Martinrea International Inc.
•Kautex
•TI Automotive
•TOYODA GOSEI Co., Ltd.
•Magna International Inc.
•Kongsberg Automotive
•ALLGAIER WERKE GmbH
•Yachiyo Industry Co.,Ltd.
•Unipres Corporation
•Continental AG
•FTS CO.,LTD.
•SMA Serbatoi S.p.A.
•POSCO
•Baosteel Group Hu and Spectra Premium
Key Developments in the Market:
•In January 2019, TI Automotive announced the launch of an innovative blow-molded plastic based fuel tank for Karma Automotive’s electric vehicles. The technology on which the product is based allows for the product to survive the high pressure created in extended range electric vehicles (EREVs).
•In December 2018, TI Automotive announced the launch of high-performance capable fuel systems products at the “31st Annual Performance Racing Industry Trade Show” held in Indianapolis, United States from December 6-8, 2018. The various products exhibited at the show are expected to increase the overall performance of the vehicles.
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Market Drivers & Restraint:
•Increasing innovations in technology and development of sustainable and durable materials used in the production of fuel tanks is expected to act as a driver for the market growth
•Increase in the demand and overall production of automotive vehicles have resulted in growth of demand for fuel tanks; this factor is expected to act as a driver for the growth of the market
•Increasing concerns regarding the environment and stringent regulations have resulted in adoption of electric vehicles; this factor is expected to act as a restraint to the market growth
Segmentation:
Material
•Plastic
•Metals
By Capacity
•Less than 15L
•15-45L
•45-70L
•Greater Than 70L
By Fuel Type
•Conventional Fuel
•Alternative Fuel
By Vehicle Type
•Passenger Cars
•Commercial Vehicles
•Sales Channel
Geography
•North America
•South America
•Europe
•Asia-Pacific
•Middle East & Africa
Competitive Analysis:
Global fuel tank market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of fuel tank market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
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