Automotive Fuel Tank Market: Future Demand, Industry Analysis & Outlook To 2027
The Automotive Fuel Tank Market is estimated to be $20.5 billion in 2020 and is projected to reach $27.4 billion by 2027, at a CAGR of 4.2%.
The key growth drivers for the market are growing vehicle production, increasing demand and growing investments for the development of lightweight vehicles, longer driving range, and more fuel efficiency, and increasing use of lightweight fuel tanks in the transportation sector.
The Plastic Omnium Group (France)
TI Fluid Systems (UK)
Unipres Corporation (Japan)
Magna International (Canada)
SMA Serbatoi S.P.A. (Italy)
SRD Holdings LTD (Japan)
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The 45L–70L capacity segment is estimated to lead the market during the forecast period
The average capacity of an automobile fuel tank is 40–70 liters. The automotive fuel tank market is segmented by capacity into three categories: 70 liters. Many passenger vehicles, including mini cars, hatchbacks, and mid-sized sedans, have a fuel tank capacity of 70 liters capacity is estimated to be the fastest-growing market during the forecast period. The growing demand for SUVs and commercial vehicles in the US, China, and Germany is expected to drive the >70 liters capacity segment. In the US, about 3.6 million heavy-duty vehicles are required to move 10.5 billion tons of freight annually, which in turn would drive the growth of the >70 liters segment.
Hydrogen tank to be the fastest-growing segment of the automotive fuel tank market, by propulsion
The increasing stringency of emission and fuel efficiency norms has shifted the focus of automotive manufacturers toward alternative fuel vehicles such as compressed natural gas (CNG), liquefied natural gas (LNG), and fuel cell vehicles. Under the efficiency standards adopted in 2012, the US passenger vehicle fleet needs to achieve an average fuel economy of 49.1 miles per gallon (mpg) by 2025, or 54.5 mpg as measured in terms of CO2 emissions with various credits for additional climate benefits factored in. For the year 2020, the CAFE standards have set the limit at 49 mpg for cars and 25 mpg for trucks. Several governments have set renewable energy targets and implemented favorable policies such as the Kyoto Protocol. Japan has set a target of setting up 900 hydrogen refueling stations and 800,000 hydrogen fuel cars by 2028, which will boost the market for hydrogen fuel tanks. Thus, the hydrogen fuel tank is projected to be the fastest-growing market during the forecast period.
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Lightweight Type 4 CNG tanks are expected to be the fastest-growing segment during the forecast period
According to the NGV Journal, almost 85 countries across the globe use CNG-powered vehicles, with more than 22.4 million vehicles and 25,000 fueling stations spread across 2,900 cities worldwide. CNG cylinders are designed based on the type of material (metal, glass fiber, and carbon fiber) used. These tanks can be classified into four types—Type 1, Type 2, Type 3, and Type 4—and come in different sizes, depending on the specific requirements of the vehicle. Type 4 tanks are lightweight and predominantly used in HDVs. Thus, vehicles equipped with Type 4 tanks offer better fuel efficiency.
Asia Oceania is expected to be the largest market during the forecast period
Asia Oceania is estimated to be the largest market for automotive fuel tanks. Vehicle production has grown at a significant rate in countries such as India and China in recent years. According to the Society of Indian Automobile Manufacturers, the Indian automobile industry registered a growth of 6.26% in 2019 compared to 2018. The increasing demand for mini and medium segment cars such as Suzuki Swift, Hyundai i20, Renault Duster, and Hyundai Creta is expected to drive the market for ICE fuel tanks.
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