The increasing development of science and technology is providing new opportunities for engineers to enhance the automobile industry
The size of the global market for Automotive Fuel Tank is expected to reach US$ 53.8 Bn by 2032, expanding at a compound annual growth rate (CAGR) of 6%.
Covid-19 Impact & Market Status
Due to lockdown, all the companies had to pause their work. The COVID-19 had a severe impact on the progress and growth rate of the global automotive fuel tank market. Before COVID-19 all the transportation was going on properly and people were interested in buying new vehicles. But due to the imposing of lockdown, all the services, majorly transportation, had to stop. This resulted in a decline in the rate of potential customers and the usage of fuel. This impacted the fuel tanks because the lack of transport usage resulted in a decline in the consumption of fuel. As all the transportation facilities stopped so there was no need of using the fuel for automobiles. Hence, the global automotive fuel tank market had to face a downward trend. Also, the potential companies had to pause the manufacturing and transportation of fuel tanks during the lockdown. Hence, both sides were facing loss. In this way, the fuel tank market declined. The unavailability of services caused trouble to the people but there was no other alternative at that time.
After lockdown, everything resumed slowly and the potential companies tried to pick up their pace.
The automotive fuel tanks made of plastics are driving the global automotive fuel tanks market at a higher pace
Plastic is one of the cheapest and lightweight materials that is found to be more convenient for marking automotive fuel tanks. The fuel tanks made of plastic are durable, strong enough, and hold the fuel properly. This makes sure that the fuel won’t spill and can be stored for a longer duration. Also, plastic fuel tanks are easy to carry and transport, this makes them a favorable choice over other materials like steel or aluminum.
Due to CNG supportive mechanism, passenger cars and other lightweight vehicles hold a greater share of the automotive fuel tank market
There is a rising demand for vehicles that would operate on CNG and other eco-friendly fuels. This is safe for the health of passengers and the environment also. Most of the lightweight vehicles, majorly passenger cars and 2-wheelers operate on CNG and other such fuel. This increases their demand and makes them favorable for a wide section of automobiles. Hence, many companies are focusing on these fuels as they have a wide scope for the future market. They also promise a high return on investment as the latest technology promotes their growth.
Due to an increase in the population, there is an increase in the demand for vehicles that drives the automotive fuel tank market.
These days every individual prefers to have his vehicle, this is increasing the number of commercial vehicles, mostly 2-wheelers. This rise in vehicles demands fuel to operate them. Hence, the automotive fuel tank market is expanding at a higher pace. With all the technical developments and advancements the automotive fuel tank system has been redesigned with more convenient features that are compatible and effective. This increases the overall sales of the automotive fuel tank market.
The limitation to this market includes the rise of electric vehicles. Electric vehicles are in high demand currently because they save fuel and hence cost. Though they are expensive, they promise a huge return on investment by saving fuel and avoiding pollution. As burning fuel leads to pollution, therefore, various organizations that support sustainable development and environment conservation promote the use of electric vehicles. Hence, it affects the growth of the automotive fuel market because when there will be a decline in the number of vehicles using fuel, there would be a decline in the purchase of fuel.
To avoid this decline, there is high demand for less pollution-causing fuel, e.g., CNG, LNG, etc. They support most lightweight automobiles and burn less. Hence, the problem of environmental conservation is solved as these fuels promote sustainable development. They provide high energy and efficiency to the vehicles, Hence, the quality of driving is not compromised by switching to environment-friendly alternatives. In this way, fuel can be saved for emergency purposes and also for future generations. The fuel saved here can be used for more essential purposes or any urgent use.
The extraction, filtration, and other procedures involved to obtain the final product, is very expensive. This results in inflation of petrol or diesel price. Hence, a person with an average salary will not be able to afford it on regular basis. This increases the usage of passenger vehicles. They also operate on fuel but the fuel market faces a small degree of downfall due to a reduction in the usage of commercial vehicles. Overall, the reduction is not much busy in today’s busy life, everyone requires his vehicle to maintain their schedule. This increases the overall usage of automotive fuel tanks.
One of the major driving factors of the global automotive fuel tank market is the increasing demand for lightweight and 2-wheeler vehicles. Many customers demand lightweight vehicles because they are compatible with personal use and they operate on CNG and other eco-friendly fuel options, This helps them to save money and use the resource efficiently and in a sustainable manner that will protect the environment. Apart from this, these vehicles are very comfortable because the smell of petrol or diesel causes nausea to some people. Hence, CNG is a better alternative for people and the environment.
The major players of the global automotive fuel tank market are Unipres Corporation, TI Fluid Systems, Lyondell Basell,Kautex Textron GmbH,Yachiyo, Allgaier Automotive, Compagnie Plastic Omnium, Fuel Total Systems, TI Automotive Inc. Yapp Automotive Parts Co. Ltd. Among others.
These companies try to provide the end-user with lightweight, durable, compatible, and convenient automotive fuel tanks that will hold the fuel safely.
Latest Innovations in the Global Automotive Fuel Tank Market: a Snapshot
- In a recent development, according to the latest announcement by TI Fluid Systems, the company would initiate plastic-based automotive fuel tanks to support hybrid electric vehicle production.
Automotive Fuel Tank Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||US$ 53.8 Bn|
|Growth Rate||CAGR of 6 % during 2022-2032|
|Segment Covered||By Material Type, By Capacity, By Sales Channel, By Vehicle Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||U.S, Canada, Brazil, Mexico, Argentina, Germany, U.K., France, Spain, Italy, Nordic, China, India, Thailand, Malaysia, Singapore, Australia, South Africa, GCC Countries, Nigeria, Israel|
Key Segments of the Global Automotive Fuel Tank Market
Capacity Overview, (USD Billion)
Material Overview, (USD Billion)
CNG Tank Type Overview, (USD Billion)
Propulsion Overview, (USD Billion)
2-Wheeler Overview, (USD Billion)
Vehicle Type Overview, (USD Billion)
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa