The Automotive Fuel Tank Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Fuel Tank Global Market Report 2024, 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.
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.
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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
Major companies operating in the automotive fuel tank market are concentrating their focus on developing innovative products such as plastic fuel tanks. Plastic fuel tanks refer to fuel storage containers in vehicles that are constructed using plastic materials. These tanks are integral components of the vehicle’s fuel system, serving the purpose of storing and supplying fuel to the engine. For instance, in January 2021, TI Fluid Systems, a US-based automotive fluid storage manufacturing company announced the launch of ‘Plastic Fuel Tank Technology’. The technology offers a lightweight plastic solution for Hybrid Electric Vehicles (HEVs), addressing the drawbacks associated with internal tank welded structures. A new generation of plastic fuel tank design is capable of meeting the rigorous pressure requirements within a hybrid electric vehicle.
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