LONDON, Aug. 2, 2016 /PRNewswire/ -- "Changing environmental norms and regulations and increasing vehicle production to fuel the demand for automotive fuel tanks across the globe"
The global automotive fuel tank market is projected to grow at a CAGR of 5.58% from 2016 to 2021, to reach a market size of USD 17.38 billion by 2021. The key factors responsible for the growth of this market include the rising vehicle production and norms pertaining to evaporative emissions.
"45 L–70 L fuel tanks: Fastest-growing market"
The 45 L–70 L segment of the automotive fuel tank market is estimated to account for the largest market share, in terms of value, in 2016. This growth can be mainly attributed to the growing demand for sports utility vehicles and multi-utility vehicles in the global passenger car market. Moreover, the recent trends of crossovers and compact SUVs have accelerated the demand for fuel tanks in the 45 L–70 L capacity range. Asia-Oceania is estimated to be the largest market for 45 L–70 L fuel tanks, owing to the high demand for mid-segment passenger cars in the region.
"Asia-Oceania: Market with high growth potential"
Asia-Oceania offers more growth opportunities for the automotive fuel tank market than the matured markets of Europe and North America, owing to the cost advantages and sizable population in the region. The Government of India is attempting to boost its economy through the Make in India campaign. The automotive sector plays a crucial role in the Indian economy, as it contributes 7% of the country's GDP (volume). India has allowed 100% foreign direct investment (FDI) with no minimum investment criteria for the automotive sector. China is another major contributor to the automobile production in Asia-Oceania. The country accounts for approximately 26% of the global automobile production. Other countries in Asia-Oceania, such as South Korea and Japan, have strong technological capabilities, prompting OEMs to invest in the region. These factors make the Asia-Oceania region an attractive market for automotive fuel tanks.
The study contains insights provided by various industry experts, ranging from material suppliers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type - OEM 44%, Tier-1 - 38 %, Tier-2 - 13%, and Others - 6%
- By Designation - C level - 38%, D level - 31%, and Others - 31%
- By Region - North America - 25%, Europe - 31%, and Asia-Oceania - 44%
The global automotive fuel tank market is dominated by established players such as The Plastic Omnium Group (France), Kautex Textron GmbH & Co. KG (Germany), YAPP Automotive Parts Co. Ltd. (China), and TI Automotive Inc. (U.K.). Key growth strategies adopted by these players include expansion and joint ventures.
The report provides detailed profiles of the following companies:
- The Plastic Omnium Group (Auto Inergy Division)
- Kautex Textron GmbH & Co. KG
- YAPP Automotive Parts Co. Ltd.
- TI Automotive Inc.
- Yachiyo Industries Co. Ltd.
- FTS Co. Ltd.
- Magna International Inc.
- Martinrea International Inc.
- Unipress Corporation
- SMA Serbatoi S.p.A.
Reasons to Buy the Report:
This report contains various levels of analysis, including industry analysis (industry trends, Porter's Five Forces, and PEST analysis), supply chain analysis, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the automotive fuel tank market, competitive landscape, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
The report enables new entrants/smaller firms as well as established firms to understand the market better, and thereby helps them acquire a larger market share. Firms purchasing the report could use any one or a combination of the below-mentioned four strategies (market development, product development/innovation, market diversification, and competitive assessment) to strengthen their position in the market.
The report provides insights with reference to the following points:
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for automotive fuel tanks across regions
- Product Development/Innovation: Detailed insights into R&D activities, upcoming technologies, and new product launches in the automotive fuel tank market
- Market Diversification: Detailed information about untapped markets, investments, new products, and recent developments in the automotive fuel tank market
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the automotive fuel tank market
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