Automotive Fuel Tank Market Worth will cross USD 16.55 billion by 2023

The automotive fuel tank market is expected to grow at a CAGR of 7.8% during forecast period, to a market size of USD 16.55 billion by the year 2023. The 2016 Grand Cherokee features a 93-liter fuel tank that has a potential range of over 1200 km. Most consumers, in addition to higher fuel-efficiency figures, are now demanding bigger fuel tanks in order to increase the range. The maximum rate of growth will be seen in the 45l-70l capacity tanks, on account of upsizing of the fuel tank capacities in 4-wheelers. The up to 45 l capacity fuel tanks cover the 2-wheeler market and the budget hatchbacks, especially in the emerging markets. In the developing nations, small hatchbacks feature small engines and fuel tanks with a capacity below 45 liters.

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Volatile Raw Material Prices Hampering the Market Growth

Usage of metals as raw materials always involves the risk of its price instability in the metal commodity market. Fluctuations in the global economy, along with influx in exchange rates, make the cost of raw materials volatile. The economy rebounds and fall decides the cost for raw materials fluctuation in the global market. Market speculation usually makes the magnesium price more volatile, which in turn affects the fuel tank industry. For instance, speculators drove the prices up in 2006 through 2008.
Overall, the raw materials price fluctuations pose a serious threat to the growth of automotive fuel tank market, as it puts pressure on the supply side resulting in increased production cost. Shortage of raw material supply and increasing demand from automobile industry would adversely affect the market sentiments.

Asia-Pacific is dominating the market growth

The Asia-Pacific region, despite sluggish growth in the Chinese market, (the largest automobile market in the world), is expected to lead the growth in the automotive fuel tank market. Europe is forecasted to be one of the fastest growing markets in the above 70-liter fuel tank capacity, as all the heavy commercial vehicles feature fuel tanks above 70 liters and their sales are expected to grow significantly over the forecast period.

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Key Developments in the Market
• January 2018: The Clarity model of 2018,is the latest Honda to use a fuel cell powered by compressed hydrogen
• October 2017: Toyota has announced that Mirai, the auto company’s fuel cell electric vehicles frequently seen refueling at hydrogen stations in California
• January 2018: Hyundai Nexo launched at CES 2018: A fuel cell EV that will be Hyundai’s flagship eco-vehicle

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