Automotive Fuel Tank Market 2020, Analysis Report, Growth, Outlook, Size, Share, Key Players and Forecast By 2025
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
The competitive landscape of the market has also been examined, with some of the key players being Plastic Omnium, Kautex Textron GmBH & Co. KG, Yapp USA Automotive Systems, Inc., TI Fluid Systems plc, Yachiyo Industries Co. Limited, Magna International Inc., Martinrea International Inc., Unipres Corporation, Continental AG, Lyondell Basell Industries N.V., Allgaier WERKE GmbH, Boyd Welding LLC, Dali and Samir Engineering Pvt. Ltd., POSCO Co., Ltd. and Baosteel Group Corporation.
Global Automotive Fuel Tank Market Trends:
A significant increase in the sales of passenger and commercial vehicles has provided a boost to the demand for automotive fuel tanks. Besides this, due to the rising environmental concerns, the sales of electric cars have escalated, which help in reducing carbon emissions generated by traditional vehicles. This trend has led to the development of high-quality plastic fuel tanks in hybrid electric vehicles, which help in reducing the overall weight of the automobile so that it can travel for longer distances. Besides this, advancements in technology have led to the manufacturing of self-sealing fuel tanks that can automatically seal in case of damage or leak. Moreover, the leading manufacturers are investing in research and development (R&D) to design a multi-layered high-density polyethylene fuel tank using blow molding technology. This process is environment-friendly and meets the highest federal government requirements, ensuring safety and efficiency. Furthermore, the installation of steel-based tanks in various premium-category vehicles, which in turn will further drive the growth of the market. Looking forward, the market value is projected to reach US$ 21.25 Billion by 2025, expanding at a CAGR of 5.3% during 2020-2025.
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Key Market Segmentation:
Market Breakup by Material Type:
Based on the material type, the report finds that plastic dominates the market. Other major material types are aluminum and steel.
Market Breakup by Capacity:
1. Less Than 45 Liter
2. 45 - 70 Liter
3. Above 70 Liter
On the basis of the capacity, the market has been categorized into less than 45 liters, 45-70 liters and above 70 liters. Amongst these, fuel tanks with 45-70 liters capacity hold the leading position in the market.
Market Breakup by Vehicle Type:
1. Passenger Vehicles
The market has been classified based on the vehicle type into passenger vehicles, light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs). Passenger vehicles currently represent the most popular vehicle type.
Market Breakup by Distribution Channel:
Based on the distribution channel, the market has been divided into OEM and aftermarket. Presently, OEM is the largest distribution channel across the globe.
Market Breakup by Region:
1. Asia Pacific
2. North America
4. Middle East and Africa
5. Latin America
Region-wise, Asia Pacific exhibits a clear dominance in the market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
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