Automotive Fuel Tank Market Trends 2023, Leading Companies Share, Size and Forecast Report By 2028

How Big is the Automotive Fuel Tank Market ? :

According to the latest report by IMARC Group"Automotive Fuel Tank Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global automotive fuel tank market size reached US$ 19.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.4% during 2023-2028.

The automotive fuel tank is a critical component of a vehicle's fuel system, designed to store and supply gasoline, diesel, or alternative fuels to the engine. Typically made of durable materials like steel or plastic, fuel tanks are engineered to withstand varying temperatures and pressures. These tanks come in various shapes and sizes, depending on the vehicle's design and fuel capacity requirements. They incorporate safety features, such as venting systems, to prevent overpressure and minimize the risk of explosions. They are strategically positioned within the vehicle, often beneath the rear or in the vehicle's undercarriage, to maximize space and safety. Additionally, modern fuel tanks incorporate sensors to monitor fuel levels accurately, ensuring efficient fuel consumption and contributing to vehicle performance and emissions control.

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Competitive Landscape with Key Players:

• 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
• Baosteel Group Corporation

Automotive Fuel Tank Market Growth and Development:

The global market is majorly driven by the expansion of the automotive industry. In line with this, as more vehicles hit the roads, the demand for fuel tanks rises proportionally. Moreover, the growing market for electric and hybrid vehicles, which still incorporate smaller fuel tanks for range-extending purposes, contributes to this growth. Besides, the stringent emissions regulations are another key factor. Fuel tanks are evolving to accommodate cleaner fuel systems, like those in hydrogen-powered vehicles, and advanced emission-control technologies. This drives innovation and investments in fuel tank development. Additionally, there's a growing focus on lightweight materials in automotive manufacturing to improve fuel efficiency and reduce emissions.

Manufacturers are investing in lightweight fuel tank materials like plastic and composites, which also resist corrosion. Furthermore, the increasing demand for more advanced fuel tanks in commercial vehicles, including trucks and buses, is bolstering market growth. These vehicles require bigger tanks to cover longer distances and support cleaner fuel options like natural gas.

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Key Market Segmentation:

Breakup by Material Type:

• Aluminium
• Steel

Breakup by Capacity:

• Less Than 45 Liter
• 45 - 70 Liter
• Above 70 Liter

Breakup by Vehicle Type:

• Passenger Vehicles
• LCVs
• HCVs

Breakup by Distribution Channel:

• OEM
• Aftermarket

Breakup by Region:

• North America
• Europe
• Middle East and Africa
• Latin America

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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