Automotive Fuel Tank Market worth $21.3 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 9, 2021 /PRNewswire/ -- According to the new market research report "Automotive Fuel Tank Market by Capacity (<45L, 45L-70L, >70L), Material (Aluminum, Plastic, Steel), CNG Tank Type (1, 2, 3 & 4), Propulsion (Hybrid, Hydrogen, ICE, NGV), 2-Wheeler (Motorcycle, Moped), SCR Technology and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Automotive Fuel Tank Market is projected to reach USD 21.3 billion by 2026 from an estimated USD 16.6 billion in 2021, at a CAGR of 5.1% during the forecast period.

The growth of the Automotive Fuel Tank Market is influenced by a major factor such as the growing demand, increase in vehicle production, rapid urbanization, and growing investments for the development of lightweight vehicles with higher fuel efficiency, longer driving range, improved two-wheeler sales and increasing use of lightweight fuel tanks in the transportation sector. Therefore, the Fuel Tank Market for Automotive is expected to witness significant growth in the coming years.

Browse in-depth TOC on "Automotive Fuel Tank Market"

371 – Tables
54 – Figures
281 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=23737735

The Hydrogen tank segment is expected to be the fastest market in propulsion type during the forecast period.

The increasing stringency of emission and fuel efficiency norms has shifted the focus of automotive manufacturers toward alternative fuel vehicles, such as compressed natural gas (CNG), liquefied natural gas (LNG), and fuel cell vehicles. China has played a significant role in manufacturing and deploying hydrogen fuel cell technologies with a plan of 1,500 FCEVs buses to be included in the Lianyungang Haitong public Transport by 2020 to achieve CO2 emission reduction goal. Germany has set a target of 1 million hydrogen-powered vehicles on the roads by the end of 2020. Under the efficiency standards adopted in 2012, the US passenger vehicle fleet needs to achieve an average fuel economy of 49.1 miles per gallon (mpg) by 2025, or 54.5 mpg as measured in terms of CO2 emissions with various credits for additional climate benefits factored in. For the year 2020, the CAFE standards have set the limit at 49 mpg for cars and 25 mpg for trucks. Several governments have set renewable energy targets and implemented favorable policies such as the Kyoto Protocol. Thus, the hydrogen fuel tank is projected to be the fastest-growing segment in the automotive fuel tank market during the forecast period.

The 45L – 70L tank segment is expected to be the largest growing market during the forecast period.

The automotive fuel tank market is segmented by capacity into three categories: <45 liters, 45 – 70 liters, and >70 liters. Most of passenger vehicles, including mini cars, hatchbacks, and mid-sized sedans, have a fuel tank capacity of <45 liters. Many SUVs and luxury cars have tank capacities greater than 70 liters. The sedans, mini-SUVs are commonly equipped with fuel tanks of 45 - 70 liters capacity. The growing demand and increased production of sedans and mini-SUVs in countries like Japan, China, India, Germany, France, and Spain has estimated the 45 – 70 liters fuel tank segment to be the largest growing market in the coming years. In the US, customers prefer using SUVs as they are suitable for long distances. Also, the growing demand for commercial vehicles in countries like China and Germany is responsible for the fast growth of the >70 liters segment. About 3.6 million heavy-duty vehicles are required to move 10.5 billion tons of freight annually, which in turn would drive the growth of the >70 liters segment.

Request FREE Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=23737735               

Asia Pacific is expected to lead the market during the forecast period.

In Asia Pacific, China, and Japan account for the largest share of Fuel Tank Market for Automotive. The growth of the market in this region can be attributed to the high vehicle production and increased demand of passenger vehicles in countries such as China, India, Japan, and South Korea. The per capita income of Asian countries has been rising at a steady rate and the governments of these countries have recognized the growth potential of the automotive industry and have consequently taken various initiatives to encourage major OEMs to enter their domestic markets. Several European and American automobile manufacturers such as Volkswagen (Germany), Mercedes Benz (Germany) have shifted their production plants to developing countries in the region. The manufacturing and production of vehicles are growing at a fast pace due to FDIs coming in countries like Thailand, Indonesia, and India. The Chinese market is likely to increase adoption of HDPE plastic fuel tanks due to lightweight and reduced emission features soon marking the largest share in the Asia Pacific region followed by Japan and South Korea. Countries like China and India being the leading two-wheeler manufacturers in the world drive the demand for fuel tanks.

The Automotive Fuel Tank Market is dominated by globally established players such as The Plastic Omnium Group (France), Textron – Kautex (US), Yapp (China), TI Fluid Systems (UK) and Yachiyo (Japan).

Browse Related Reports:

Diesel Exhaust Fluid Market by Component (SCR Catalyst, DEF Tank, Injector, Supply Module, Sensor), OHV Market by Application (Construction & Agriculture), Aftermarket by Vehicle Type, Supply Mode (Cans, IBC, Bulk & Pump), and Region - Forecast to 2027

CNG, RNG, and Hydrogen Tanks Market by Gas Type (CNG, RNG, Hydrogen), Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application (Fuel, Transportation), and Region - Global Forecast to 2026

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automotive-fuel-tank-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com 
Content Source: https://www.marketsandmarkets.com/PressReleases/automotive-fuel-tank.asp

SOURCE MarketsandMarkets