The automotive fuel tank is a vital part of the vehicle to store gasoline & light oil. It is used to store flammable fluid in the vehicle. It is majorly applied to the part of an engine where it is a store, propelled, and released into the engine. Its size varies depending on the vehicle type. Its range can be in different sizes from a small plastic tank to a multi-chambered tank. Its major uses are filling, storage of fuel, venting, feeding in the engine, and others. The size or capacity of the fuel tank determines the efficiency of the vehicle. A larger fuel tank will increase the travel distance but occupy more space and enhances the overall weight of the vehicle. Owing to this, the design of the fuel tank is made considering the trade-off design of the vehicle.
According to the study, “Global Automotive Fuel Tank Market to reach USD 26.24 billion by 2026” the key companies operating in the global automotive fuel tank market are The Plastic Omnium Group, TI Fluid Systems, The Plastic Omnium Group, Unipres Corporation, YAPP, FTS, Yachiyo, SMA Serbatoi S.P.A., Magna International, and SRD Holdings LTD. Key stakeholders in the automotive fuel tanks market are investing massively amounts in research & development (R&D) that should spur the development of innovative technologies. This is expected to give rise to the demand for advanced plastic & metal fuels among consumers, which will increase the growth of the automotive fuel tanks market during the forecast period.
Based on material type, the automotive fuel tank market is segmented as plastic, aluminum, and steel. The aluminum material segment dominates the market owing to the lightweight property of the material. Based on tank capacity, the market is segmented as <45L, 45L to 70L, and >70L. 45L to 70L capacity is estimated to witness a higher growth rate due to the increase in the installation of a 45L-70L capacity fuel tank in the passenger cars during the forecast period. In addition, based on propulsion type, the market is segmented as hydrogen, hybrid, natural gas vehicle NGV and internal combustion engine ICE.
The automotive fuel tank market is driven by growth in vehicle production volume, followed by a reduction in vehicle weight leading to the advancement of materials. However, stringent evaporative emission standards and the impact of electric vehicle production may impact the market. Moreover, the increase in efforts to build economical fuel tanks using lightweight material is a key opportunity for the market.
Based on geography, the North-American region holds a major share in the global market owing to the presence of large market players in the region. Whereas, the Asian-Pacific and European regions are anticipated to exhibit a higher growth rate due to the rise in production of automotive over the forecast period. In upcoming years, it is expected that the future of the global market will be optimistic on account of growth in the production of automotive vehicles such as passenger & commercial vehicles during the forecast period. The global automotive fuel tank market is valued approximately US $18.88 billion in 2018 and is projected to grow with a growth rate of more than 4.2% over the forecast period 2019 to 2026.
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