Overview and Scope
The automotive fuel tank is a tank used to store, propel and release pressurized gas or fluid into automobile engine systems.
Sizing and Forecast
The automotive fuel tank market size has grown strongly in recent years. It will grow from $18.97 billion in 2023 to $20.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to fuel efficiency standards, material advancements, emissions regulations, vehicle weight reduction, safety regulations, innovation in tank shapes.
The automotive fuel tank market size is expected to see strong growth in the next few years. It will grow to $27.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to global expansion of automotive industry, cost-efficiency and manufacturing innovations, adaptation to changing automotive architectures, transition towards alternative fuels, innovations for enhanced safety. Major trends in the forecast period include smart fuel management solutions, adaptation to changing automotive architectures, transition to alternative fuel technologies, focus on lightweight designs, integration of advanced materials.
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Segmentation & Regional Insights
The automotive fuel tank market covered in this report is segmented –
1) By Capacity: Less than 45 Liters, 45-70 Liters, Above 70 Liters
2) By Material Type: Aluminum, Plastic, Steel
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
Asia-Pacific was the largest region in the automotive fuel tank market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive fuel tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for passenger cars has contributed to automotive fuel tank growth. In addition to the driver’s seat, passenger cars are vehicles having at least four wheels that are intended to transport passengers and have no more than eight seats. There has been quite a remarkable growth in the passenger car industry, and it has made steady progress in production, domestic sales, and exports. For instance, in December 2023, according to Eurostat, a Luxembourg-based statistical office of the European Union, as of 2021 the number of battery-powered electric passenger cars had surged by 75% compared to 2020, approaching nearly 2 million vehicles. Hence, the rise in the demand for passenger cars is driving the automotive fuel tank market.
Key Industry Players
Major companies operating in the automotive fuel tank market report are Baosteel group corporation, Continental AG, Magna International, Kautex Textron GmbH & Co. KG, Benteler International AG, The Plastic Omnium Group, Compagnie Plastic Omnium SA, Toyoda Gosei Co. Ltd., Martinrea International Inc., Visteon Corporation, FUTABA INDUSTRIAL CO. LTD., Donghee Industrial CO. LTD., TI Fluid Systems, Boyd Welding, Unipres Corporation, Textron – KautexV (US), Dorman Products, Yapp Automotive Parts Co. Ltd, Yachiyo Industries Co. Limited, Inergy Automotive Systems, Allgaier Werke GmbH, Kongsberg Automotive, Spectra Premium Inc., Fuel Total Systems (FTS) Co. Ltd, Unipres Corporation, SMA SERBATOI SPA, FTS INDIA PRIVATE LIMITED, Northside Industries, YFPO North America Inc., Yeedah Composite Material Co. Ltd.
The automotive fuel tank market report table of contents includes:
1. Executive Summary
2. Automotive Fuel Tank Market Characteristics
3. Automotive Fuel Tank Market Trends And Strategies
4. Automotive Fuel Tank Market – Macro Economic Scenario
5. Global Automotive Fuel Tank Market Size and Growth
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32. Global Automotive Fuel Tank Market Competitive Benchmarking
33. Global Automotive Fuel Tank Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Fuel Tank Market
35. Automotive Fuel Tank Market Future Outlook and Potential Analysis
36. Appendix
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