Press release
6 Key Takeaways On Automotive Fuel Tank Market: Revenue Surpass US$ 30,000 Mn By 2022-End.
Fact.MR
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Automotive fuel tanks can be defined as safe tanks to contain flammable fluids. These tanks contain multiple chambers for storing fuel, and outlets for pumping fuel into the engine. A typical automotive fuel tank will have a standby storage chamber to reserve fuel. In addition to this, fuel tanks also come with built-in pumping apparatus that put pressure on the fuel while releasing it into the engine.
The global fuel tank market is projected to register an impressive expansion at robust CAGR during the forecast period 2017 to 2022, according to a report by Fact.MR. The report estimates the market to increase from revenues worth US$ 24,019.8 Mn in 2017 to surpass US$ 30,000 Mn by 2022-end.
6 Projections by Fact.MR’s Report
1- Sports-utility vehicles (SUV), sedans, and multi-purpose vehicles (MPV) have been adopting plastic fuel tanks on a large scale. This has led plastic fuel tanks to remain preferred among material type, with sales estimated to account for nearly US$ 28,000 Mn in revenues by 2022-end. In terms of sales, plastic fuel tanks are anticipated to register the highest CAGR through 2022. In addition, aluminum fuel tanks will register the second-highest CAGR in the market through 2022.
2- By capacity, 45-75 L fuel tanks are expected to remain sought-after in the global automotive fuel tank market. However sales of above 75 L fuel tanks will register the fastest expansion through 2022. More than half of the market is estimated to be held by 45-75 L fuel tanks in 2017, in terms of revenues. Less than 45 L fuel tank sales are expected to account for comparatively lower revenues than plastic fuel tanks, but higher than aluminum fuel tanks in the market.
3- OEM will continue to remain dominant in the global automotive fuel tank market. Sales of fuel tanks in OEM are expected to surpass US$ 30,000 Mn in revenues by 2022-end. Fuel tank sales in aftermarket are projected to register the fastest expansion through 2022. However, sales of fuel tanks in aftermarket will account for comparatively lower revenue share than OEM, which will hold more than three-fourth revenue share of the global automotive fuel tank market in 2017.
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4- Sales of fuel tanks will remain highest in passenger cars based on vehicle type, and will account for around three-fourth share of the market in 2017. Fuel tank sales in passenger cars are estimated to create an absolute $ opportunity of nearly US$ 8,000 Mn between 2017 and 2022. In addition, fuel tanks sales in HCVs will exhibit the Highest CAGR through 2022. In LCVs, demand for fuel tanks will remain relatively higher than in HCVs throughout the forecast period.
5- Asia Pacific excluding Japan (APEJ) will remain dominant in the market. Fuel tank sales in North America and Europe will collectively reach US$ 7885.2 Mn in revenues by 2022-end. However, demand for fuel tanks in Japan and Middle East and Africa (MEA) will continue to be sluggish in the market.
6-Key market players in the global automotive fuel tank market include Spectra Premium Industries Inc., Martinrea International Inc., YAPP Automotive Parts Co., Ltd., TI Automotive Ltd., Kautex Textron GmbH & Co. KG, Yachiyo Industry Co., Ltd., Magna International Inc., and Compagnie Plastic Omnium SA.
Competition Tracking
Key market players identified in Fact.MR’s report include Compagnie Plastic Omnium SA, Magna International Inc., Yachiyo Industry Co., Ltd., Kautex Textron GmbH & Co. KG, TI Automotive Ltd., YAPP Automotive Parts Co., Ltd., Martinrea International Inc., and Spectra Premium Industries Inc.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized automotive market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.
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