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Automotive Fuel Tank Global Market: Trends and Market Insights | 2024 To 2033 Key Players Baosteel group corporation, Continental AG, Magna International, Kautex Textron GmbH & Co.
Automotive Fuel Tank Global Market Share
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According to The Business Research Company's, The automotive fuel tank market size has grown strongly in recent years. It will grow from $18.97 billion in 2023 to $20.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to fuel efficiency standards, material advancements, emissions regulations, vehicle weight reduction, safety regulations, innovation in tank shapes.
The automotive fuel tank market size is expected to see strong growth in the next few years. It will grow to $27.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to global expansion of automotive industry, cost-efficiency and manufacturing innovations, adaptation to changing automotive architectures, transition towards alternative fuels, innovations for enhanced safety. Major trends in the forecast period include smart fuel management solutions, adaptation to changing automotive architectures, transition to alternative fuel technologies, focus on lightweight designs, integration of advanced materials.
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Market Drivers and Trends:
The increasing demand for passenger cars has contributed to automotive fuel tank growth. 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. For instance, in December 2023, according to Eurostat, a Luxembourg-based statistical office of the European Union, as of 2021 the number of battery-powered electric passenger cars had surged by 75% compared to 2020, approaching nearly 2 million vehicles. Hence, the rise in the demand for passenger cars is driving the automotive fuel tank market.
Technological advancements in fuel-efficient vehicles and alternate fuel vehicles are a key trend gaining popularity in the automotive fuel tank market. 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 they require 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, aluminum (Al) alloys, carbon fiber, and polymer composites. In one-quarter of the US fleet, using lightweight components and high-efficiency engines enabled by new materials may save more than $5 billion gallons annually by 2030. Cars can carry more complex pollution control systems, safety devices, and integrated electrical systems without adding to the total weight of the vehicle by adopting lightweight structural materials.
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Major Key Players of the Market:
Baosteel group corporation, Continental AG, Magna International, Kautex Textron GmbH & Co. KG, Benteler International AG, The Plastic Omnium Group, Compagnie Plastic Omnium SA, Toyoda Gosei Co. Ltd., Martinrea International Inc., Visteon Corporation, FUTABA INDUSTRIAL CO. LTD., Donghee Industrial CO. LTD., TI Fluid Systems, Boyd Welding, Unipres Corporation, Textron - KautexV (US), Dorman Products, Yapp Automotive Parts Co. Ltd, Yachiyo Industries Co. Limited, Inergy Automotive Systems, Allgaier Werke GmbH, Kongsberg Automotive, Spectra Premium Inc., Fuel Total Systems (FTS) Co. Ltd, Unipres Corporation, SMA SERBATOI SPA, FTS INDIA PRIVATE LIMITED, Northside Industries, YFPO North America Inc., Yeedah Composite Material Co. Ltd.
Automotive Fuel Tank Market 2024 Key Insights:
• The automotive fuel tank market size is expected to see strong growth in the next few years. It will grow to $27.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Passenger Car Surge Fuels Growth In Automotive Fuel Tank Industry
• Technological Trends Transforming The Automotive Fuel Tank Market
• Asia-Pacific was the largest region in the automotive fuel tank market in 2023 and is also expected to be the fastest-growing region in the forecast period
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