Press release
Automotive Fuel Tank Market Assessment and Trends Forecast, 2017-2022
Fact.MR
Robust increase in production of vehicles, to cater surging demand from ever-growing middle-class population owing to their rising disposable income, has driven the demand for automotive fuel tanks across the globe. Available in varying capacity, size, and design, automotive fuel tanks eliminate fuel leakage, and reduce the emissions. Stringent regulations imposed by legal authorities on hazards of materials used in fuel tanks, have compelled the manufacturers in focusing on production of eco-friendly fuel tanks. This is expected to propel growth of the market.
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.
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Plastic Fuel Tanks to Remain Sought-After in the Market
By material type, plastic fuel tanks will remain sought-after in the market, owing to increasing adoption in multi-purpose vehicles (MPV), sedans, and sports-utility vehicles (SUV). Revenues from sales of plastic fuel tanks are expected to reach nearly US$ 28,000 Mn by 2022-end. Sales of plastic fuel tanks are estimated to exhibit the highest CAGR through 2022, followed by aluminum fuel tanks. In contrast, the sales of steel fuel tanks in the market will register the lowest CAGR through 2022.
Based on capacity, although 45-75 L fuel tanks will continue to be preferred in the market, sales of above 75 L fuel tanks will register the fastest expansion through 2022. Over one-half revenue share of the global automotive fuel tank market is expected to be accounted by sales of 45-75 L fuel tank in 2017. Revenue from sales of above 75 L fuel tanks will remain comparatively lower than other fuel tank capacity segments during the forecast period. Sale of less than 45 L fuel tanks will account for revenues worth US$ 9,939.2 Mn by 2022-end.
OEM will Continue to be the Largest Sales Channel for Automotive Fuel Tanks
OEM is expected to remain the largest sales channel for automotive fuel tanks, with sales estimated to surpass revenues worth US$ 30,000 Mn by 2022-end. Sales of fuel tanks in aftermarket are projected to register a comparatively faster expansion at a high single-digit CAGR through 2022. However, aftermarket will account for a very low revenue share as compared to OEM, which is expected to hold over three-fourth share of the market in 2017.
By vehicle type, passenger cars will remain dominant in the global automotive fuel tank market, accounting for nearly three-fourth revenue share in 2017. Sales of fuel tanks passenger cars are expected to create an incremental opportunity of US$ 7,987.6 Mn between 2017 and 2022. Sales of fuel tanks in HCVs are expected to register the highest CAGR in the market through 2022. However, demand for fuel tanks in LCVs will remain comparatively higher than HCVs in the market during the forecast period.
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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.
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 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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