Vehicle Fuel Tank Market Worth Hexagon composite ASA, Yachiyo Industries Co. Limited, Owens Corning Million at CAGR; Industry Giants Like IBM and Cisco to Upgrade up Investments to Develop Advanced Latest Key Technology: Straits Research
The global need to reduce harmful emissions and changes in fuel formulations have triggered the demand for alternative fuels. Since the last few years, the energy sector has been moving towards clean energy sources such as CNG and hydrogen, which is expected to drive the growth of hydrogen as well as CNG vehicle fuel tank markets. In the coming years, hydrogen and CNG fuel tank manufacturers are predictable to partner with R&D institutes to introduce innovative and cost-efficient ways for the production of hydrogen and CNG (compressed natural gas) in a bid to accelerate the adoption of these gases as an alternative fuel.
Fossil fuel markets are oligopolistic where prices are controlled to a great degree; for instance, the Organization of Petroleum Exporting Countries controls gasoline prices. CNG and hydrogen fuel, thus, offer viable alternatives since they are cost-effective, eco-friendly, and non-carbon emitting fuel sources. As these technologies gain awareness and traction, the CNG and hydrogen vehicle fuel tank markets are expected to grow
CNG is gaining attention as a fuel source, and CNG vehicle tank manufacturers are marketing their products as eco-friendly alternatives. The target-based goals for reducing greenhouse emissions have accelerated the adoption of alternative and cleaner fuels. For example, the U.S. government’s Vehicle Technologies Office has set a target to reduce petroleum use in transportation by 2.5 billion gallons a year by 2025, which highlights the importance of alternative fuels in the country.
Several market players are significantly investing in the development of EVs that can match CNG and hydrogen fuel vehicles in terms of performance, owing to their low emission and ability to harness solar energy. Additionally, numerous efforts are being taken by governments around the globe to increase the penetration of charging stations, which is currently higher than that of CNG fueling stations.
The existing infrastructure does not have the capacity for the efficient transportation of compressed hydrogen. Pipelines and storage trucks and tanks will have to be laced with metal hydrides to enable the transportation and storage of hydrogen gas. CNG also requires similar storage requirements, which makes the refitting of cars with CNG tanks cost-intensive. For instance, a CNG car costs around 7–10% more than a petrol-powered car. Filling stations of CNG and hydrogen cost higher than charging stations. For instance, a 240-volt charger, including installation charges, costs approximately USD 2,000, and the cost for residential CNG fueling stations is 50% higher than electric charging points. The high price deters consumers from purchasing CNG fueled vehicles for personal use. Furthermore, hydrogen element separation is a time-consuming process and requires high precision, which increases the overall cost of manufacturing a hydrogen fuel tank.
Automotive OEMs predominantly manufacture gasoline-powered vehicles, owing to the slow pace of developments in mobile hydrogen storage and fuel systems. Honda Civic GX is the only car that was indigenously developed with a CNG fuel tank, but it is majorly manufactured as a fleet vehicle and rarely used as a private car. Attributing to the high mileage provided by CNG, a majority of commercial fleet owners are focusing on fitting and buying trucks with CNG fuel tanks. This is evident by the 43% rise in the sales of U.S. and Canadian Class 8 natural gas truck retail sales in the first five months of 2019, as per Alternative Fuels Quarterly. In addition to this, fuel tank manufacturers can also partner with passenger service providers in various tourist spots in North America to provide refitting and maintenance services.
The Asia-Pacific automotive market is undergoing a transition where manufacturers are moving towards cleaner fuels such as CNG. Maruti Suzuki, one of the largest automotive manufacturers in Asia, announced plans to discontinue the production of diesel engines by 2020 and introduce CNG as an option on its most of the small cars. Asia-Pacific is the largest market for CNG powered vehicles and comprises approximately 20,000 CNG fuel stations. India, Pakistan, China, and Indonesia are the key countries with the highest sales of CNG vehicles.
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The Major Prominent Players Covered in this Report:
Hexagon composite ASA, Yachiyo Industries Co. Limited, Owens Corning, Cobham PLC, Luxfer Gas Cylinders, Andy-Tec, Mobile Energy Solution, CNG United, We R CNG, TI Automotive, and Magna International. & More.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
Type 4 CNG tank
Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2019 to 2026, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
View this report with a detailed description and TOC @ https://straitsresearch.com/report/vehicle-fuel-tank-market/toc
Key Vehicle Fuel Tank Market Trends:
- The report identifies, determines, and forecasts the Global Vehicle Fuel Tank Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Vehicle Fuel Tank Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Vehicle Fuel Tank Market.
Key Questions Answered in The Report:
What will the Vehicle Fuel Tank market growth rate?
What are the key factors driving the global Vehicle Fuel Tank market?
Who are the key manufacturers in the Vehicle Fuel Tank market space?
What are the market opportunities, market risk, and market overview of the Vehicle Fuel Tank market?
What are sales, revenue, and price analysis of top manufacturers of the Vehicle Fuel Tank market?
Who are the distributors, traders, and dealers of the Vehicle Fuel Tank market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Vehicle Fuel Tank Industry?
What are sales, revenue, and price analysis by regions of Vehicle Fuel Tank industry?
What are the driving factors contributing to market growth during the short, medium, and long term?
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