Press release
Automotive Fuel Tank Market Overview-Forecast Market Size, Top Segments And Largest Region
Automotive Fuel Tank Market
The Business Research Company's Automotive Fuel Tank Global Market Report 2023 identifies increasing demand for passenger cars as the major driver for the Automotive Fuel Tank market's growth in the forecast period. In addition to the driver's seat, passenger cars are vehicles having at least four wheels that are intended to transport passengers and have no more than eight seats. There has been quite a remarkable growth in the passenger car industry, and it has made steady progress in production, domestic sales and exports.
The global automotive fuel tank market size will grow from $17.62 billion in 2022 to $19.17 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of automotive fuel tank market is expected to grow to $26.92 billion in 2027 at a CAGR of 8.9%.
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Major competitors in the Automotive Fuel Tank market are The Plastic Omnium Group; Yapp Automotive Parts Co. Ltd; TI Fluid Systems; Yachiyo Industries Co. Limited; Unipres Corporation; Magna International.
A key trend in the Automotive Fuel Tank market includes technological advancements. Modern automobiles require advanced materials to improve fuel economy while retaining safety and performance. Lightweight materials have a lot of potential for improving vehicle efficiency because it requires less energy to accelerate a lighter item than a heavy one. A 10% reduction in vehicle weight might result in a 6% to 8% increase in fuel economy. A vehicle's body and chassis can be decreased by up to 50% by replacing cast iron and traditional steel components with lightweight materials such as high-strength steel, magnesium (Mg) alloys, aluminium (Al) alloys, carbon fibre, and polymer composites.
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The Automotive Fuel Tank market is segmented -
• By Capacity: Less than 45 Liters, 45-70 Liters, Above 70 Liters
• By Material Type: Aluminum, Plastic, Steel
• By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Automotive Fuel Tank market.
The Business Research Company's "Global Automotive Fuel Tank Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Automotive Fuel Tank Market Include:
1. Executive Summary
2. Automotive Fuel Tank Market Characteristics
3. Automotive Fuel Tank Market Trends And Strategies
4. Automotive Fuel Tank Market - Macro Economic Scenario
5. Automotive Fuel Tank Market Size And Growth
……………………………………………………………………………
26. Africa Automotive Fuel Tank Market
27. Automotive Fuel Tank Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Fuel Tank Market
29. Automotive Fuel Tank Market Future Outlook and Potential Analysis
30. Appendix
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