Press release
Automotive Fuel Tank Market Outlook: From USD 16.7 Billion in 2023 to USD 25.3 Billion by 2034 - TMR Forecast
Automotive Fuel Tank Market Outlook 2034
The global automotive fuel tank market is set for steady growth over the coming decade, underpinned by sustained production of internal combustion engine (ICE) vehicles, rising demand for commercial transportation, and innovations in lightweight materials. In 2023, the market was valued at US$ 16.7 billion, and it is projected to expand at a CAGR of 3.9% between 2024 and 2034, reaching US$ 25.3 billion by the end of the forecast period.
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While global electrification trends are influencing the automotive landscape, fuel tanks remain a critical component in hybrid and ICE-powered vehicles-especially in regions where the transition to electric mobility is slower.
Market Overview
Automotive fuel tanks are essential components designed to store and supply fuel to the engine. They are used across a wide range of vehicles, including passenger cars, light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and two-wheelers. Modern tanks are engineered to meet stringent emission and safety standards while offering lightweight construction and enhanced durability.
Key innovations-such as multi-layer plastic fuel tanks, advanced leak detection systems, and intelligent fuel management-are driving product evolution. Moreover, the continued demand for hybrid vehicles, which still require fuel tanks alongside battery systems, supports market resilience.
Key Players in the Automotive Fuel Tank Market
The automotive fuel tank market is marked by significant innovation, with leading players introducing new products to strengthen their market position. In particular, companies are developing advanced fuel tanks, including those suited for alternative fuel technologies such as hydrogen, as part of the shift towards greener automotive solutions.
Key players in the market include:
• Asno Horie Indonesia
• Bellsonica Auto Component
• Boyd Welding LLC
• Crefact Corporation
• Dali & Samir Engineering Pvt. Ltd.
• Donghee Industrial Co. Ltd.
HWASHIN CO., Ltd., Kongsberg Automotive, Magna International Inc., Metaltech Pvt. Ltd., SMA Serbatoi SpA, SRD Holdings Limited, Kautex Textron GmbH & Co. KG, The Plastic Omnium Group, TI Fluid Systems, Unipres Corporation, Westport Fuel Systems, and Yachiyo Industry Co., Ltd.
These companies are profiled in the automotive fuel tank market report based on criteria such as company overview, business strategies, financial performance, product offerings, and market segments.
Key Developments in the Automotive Fuel Tank Industry
• November 2023 - Toyoda Gosei Co. Ltd. launched a high-pressure hydrogen fuel tank in Japan, designed for use in new Toyota Crown Sedans. This innovative tank is part of the push toward hydrogen-based mobility solutions and underscores Toyota's commitment to sustainable technology.
• May 2021 - TI Fluid Systems introduced the Integrated Thermal Manifold assembly (ITMa), a lightweight, one-piece, blow-molded plastic manifold. This development streamlines the design of fuel tank systems by eliminating multiple line bundles, while simultaneously improving the thermal management of electric vehicles (EVs).
• October 2020 - ElringKlinger and Plastic Omnium formed a joint venture, EKPO Fuel Cell Technologies, focused on the development, production, and commercialization of hydrogen fuel cell stacks. This collaboration is expected to boost the integration of hydrogen technologies in future automotive designs.
These developments indicate a growing trend toward more sustainable, efficient, and alternative fuel-based solutions in the automotive fuel tank market. Companies are focusing on advancing hydrogen storage systems, optimizing plastic components for EVs, and forming strategic partnerships to capitalize on emerging technologies.
Key Market Drivers
✅ Growth of Commercial Transportation
The rising demand for goods transportation globally-particularly in logistics, e-commerce, and construction-is boosting the need for heavy-duty and long-haul trucks, thereby fueling demand for high-capacity and durable fuel tanks.
✅ Slow but Steady Electrification in Emerging Markets
Although electric vehicles (EVs) are growing rapidly in developed nations, many emerging markets in Asia-Pacific, Africa, and Latin America still rely heavily on ICE vehicles due to infrastructure and affordability concerns, ensuring consistent demand for fuel tanks.
✅ Rising Adoption of Lightweight Materials
Automakers are increasingly opting for plastic fuel tanks over traditional metal ones to reduce vehicle weight, improve fuel efficiency, and meet environmental standards. Multi-layer plastic tanks also offer enhanced safety and are resistant to corrosion and leakage.
✅ Fuel Efficiency and Emission Norms
To comply with international fuel economy standards such as CAFE and Euro 6/7, manufacturers are integrating fuel tanks with evaporative emission control systems and optimized ventilation designs, driving demand for technologically advanced tanks.
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Market Segmentation
By Material Type
• Plastic Fuel Tanks (HDPE, multi-layer)
• Metal Fuel Tanks (Aluminum, Steel)
Plastic tanks dominate due to their corrosion resistance, design flexibility, and lighter weight-contributing to improved fuel efficiency.
By Capacity
• 70 Liters
The 45-70 liters segment holds a significant share due to its suitability for passenger cars and light commercial vehicles.
By Vehicle Type
• Passenger Cars
• Light Commercial Vehicles (LCVs)
• Heavy Commercial Vehicles (HCVs)
• Two-Wheelers
• Hybrid Vehicles
Commercial vehicles and hybrids offer long-term growth potential, with hybrids creating a niche space requiring dual-function fuel tanks compatible with both engines and batteries.
Regional Insights
🌏 Asia-Pacific
Leads the global market owing to the high production and sale of automobiles in China, India, Japan, and South Korea. The region benefits from expanding industrialization, a robust automotive supply chain, and cost-effective manufacturing.
🌍 Europe
Adoption of hybrid vehicles is driving demand for compact and efficient fuel tanks in this region. Stringent emission norms also encourage innovation in fuel containment and emission control systems.
🌎 North America
A mature automotive market with continued demand for pickup trucks and SUVs-vehicles that require large, durable fuel tanks.
🌍 Latin America, Middle East & Africa
Emerging markets with growing vehicle ownership, increasing freight activity, and slower EV adoption, providing ongoing opportunities for fuel tank suppliers.
Challenges
• EV Disruption: Long-term shift to full battery electric vehicles may gradually reduce the total addressable market.
• Regulatory Compliance Costs: Meeting strict emission and fuel containment regulations increases R&D and production costs.
• Raw Material Fluctuation: Price volatility in polymers and metals can impact manufacturing margins.
Opportunities
• Smart Tanks for Hybrid Vehicles: Rising hybrid adoption creates demand for dual-compatible and electronically monitored tanks.
• Aftermarket Sales: As vehicle lifespan increases, aftermarket replacement of fuel tanks-especially in commercial and heavy-use vehicles-offers growth.
• Regional Expansion: Suppliers can tap into growth markets in Africa, Southeast Asia, and Latin America, where ICE vehicle usage is expected to remain strong.
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Why Buy This Report?
• Comprehensive forecast analysis through 2034 for strategic planning.
• Detailed insights into technology trends, material innovations, and regulatory impacts.
• Coverage of top players, their market strategies, and recent developments.
• Regional outlook to identify high-growth markets and tailor market entry or expansion strategies.
• Unmatched clarity on market segmentation, opportunities, and challenges that define the future of the fuel tank industry.
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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