Press release
Fuel Tank Market to Exhibit a Remarkable CAGR of 11.06% Size, Share, Trends, Key Drivers, Demand, Opportunity Analysis and Competitive Outlook
Global Fuel Tank Market was valued at USD 16.80 billion in 2021 and is expected to reach USD 25.20 billion by 2029, registering a CAGR of 5.20% during the forecast period of 2022-2029.Market Overview
Automotive manufacturers prefer automotive plastics in their tank owing to stringent regulations regarding carbon emissions and price-sensitiveness of some of the end users. Carbon emission in passenger cars can be reduced by using greenhouse gas (GHG) reduction technologies. This factor will drive the demand for fuel tank.
Explore Further Details about This Research Fuel Tank Market Report
https://www.databridgemarketresearch.com/reports/global-fuel-tank-market
Drivers
• Growth in the Automotive Industry
The rise in automotive industry across the globe acts as one of the major factor driving the growth of fuel tank market. The increase in demand for passenger cars and growing awareness regarding energy conumption has a positive impact on the market.
• Increased Vehicle Production
The increase in the demand for high performance and reliability of automobiles among consumers accelerate the market growth. The rise in demand for these enhanced vehicles escalate vehicle production.
• Increase in demand for diesel engines
The surge in inclination towards diesel engines over gasoline engines owing to their superior fuel economy, durability, and reliability, associated with a favourable fuel tax situation further influence the market.
Additionally, expansion of the automotive sector, surge in investments and increased disposable income positively affect the fuel tank market.
Opportunities
Furthermore, increase in initiatives to build economical fuel tanks using lightweight materials extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, latest research and development initiatives will further expand the market.
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