Automotive Pressure Vessels Market is Forecasted to Reach US$ 6.9 billion in 2031, Says Stratview Research

The global automotive pressure vessels market is projected to witness a growth rate of 7.5% annually from 2024 to 2031, with an anticipated size of US$ 6.9 billion by 2031, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global automotive pressure vessels market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2031: US$ 6.9 billion
Growth (CAGR): 7.5% during 2024-2031
Forecast Period: 2024-2031
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 4
Number of Tables & Graphs: 100+

Segment Insights on the Automotive Pressure Vessels Market:
The global automotive pressure vessels market is segmented based on pressure vessel type, vehicle type, fuel type, and region.

Based on pressure vessel type - In the automotive pressure vessels market, the pressure vessel type is segmented into Type I, Type II, Type III, and Type IV. Type I vessels are likely to lead in demand due to their low cost, durability, and widespread use in CNG and LNG vehicles especially in developing economies. However, Type IV vessels are expected to grow at the fastest pace during the forecast period, driven by their lightweight design, higher pressure capacity, and increasing adoption in hydrogen fuel cell vehicles. As the industry shifts towards efficient, high-performance fuel storage solutions, Type IV will gain traction, whereas Type I is likely to remain dominant for its affordability and established use.

Based on the vehicle type - In the automotive pressure vessels market, the vehicle type is segmented into Car, Bus, Trucks, Fuel Cell Vehicles, and Others. The car category is expected to be the key demand generator in the automotive pressure vessels market, fueled by the rising adoption of CNG due to stricter emission norms and increasing fuel costs. Government incentives, advancements in lightweight composite pressure vessels, and the expanding logistics industry are accelerating this shift. As OEMs seek cost-effective, fuel-efficient alternatives, the demand for high-pressure storage solutions is surging, making fuel cell vehicles the fastest-growing segment in this market.

Based on the fuel type - In the automotive pressure vessels market, the fuel type is segmented into CNG, LNG, and Hydrogen. Hydrogen is set to be the key driver in the automotive pressure vessels market, driven by the increasing adoption of fuel cell vehicles (FCVs) and government policies promoting clean energy. Advances in high-pressure storage technology, along with lightweight composite materials, make hydrogen storage more efficient and viable. Expanding hydrogen refueling infrastructure, particularly in public transport, logistics, and heavy-duty vehicles, is further fueling the demand. As the shift toward zero-emission transportation accelerates, hydrogen-powered vehicles and the need for high-pressure storage solutions are expected to grow significantly.

To know the most attractive segments, visit:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia Pacific is projected to maintain its dominance throughout the forecast period, while North America is anticipated to be the fastest-growing region during this time. This growth outlook is majorly attributed to the following-
- Key contributors including China, India, Japan, and South Korea. Asia-Pacific led the global natural gas vehicle (NGV) fleet, with China, Iran, and India ranking among the top three countries.
- Additionally, Europe and North America are expected to present significant growth opportunities in the coming years as the adoption of alternative fuel vehicles continues to rise.
- In terms of market size, Europe surpasses North America, with a strong presence of Type-I pressure vessels, whereas North America predominantly uses Type-III and Type-IV vessels due to advancements in composite material technology.

Automotive Pressure Vessels Market Drivers:

Some of the key drivers listed in the report are given below.
- The automotive pressure vessels market is growing as the demand for alternative fuel vehicles, particularly those running on hydrogen and compressed natural gas (CNG), continues to rise.
- Governments worldwide are enforcing stricter emission regulations, pushing automakers to adopt lightweight and high-strength pressure vessels that improve fuel efficiency.
- The increasing popularity of hydrogen fuel cell vehicles, especially in Asia-Pacific and Europe.

Top Companies in the Automotive Pressure Vessels Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Hexagon Composites ASA
• Beijing Tianhai Industry Co., Ltd.
• Cylinders Holding Group
• Worthington Industries, Inc.
• Everest Kanto Cylinder Ltd.
• Sinoma Science & Technology Co., Ltd.
• Luxfer Holdings PLC
• ILJIN Composites Co., Ltd.
• CIMC ENRIC Holdings Limited
• Forvia SE
• Quantum Fuel Systems LLC

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Automotive Pressure Vessels Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.