Automotive Fuel Tank Market is Growing due to an increase in sales of passenger and commercial vehicles
New York, US, May 16, 2022 (GLOBE NEWSWIRE) -- Automotive Fuel Tank Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Automotive Fuel Tank Market” information by Material, by Capacity, by Vehicle Type and Region – Forecast to 2027” market size to grow at a compound annual growth rate of 5.65% by 2027.
Dominant Key Players in Automotive Fuel Tank Market Covered are:
Plastic Omnium Group (France)
Kautex Textron GmbH & Co. KG. (Germany)
YAPP Automotive Parts Co. Ltd. (China)
TI Automotive Inc. (U.K.)
Magna International (Canada)
Unipres Corporation (Japan)
Lyondell Basell (Netherlands)
Allgaier Automotive (Germany)
Boyd Welding (Florida)
Dali and Samir Engineering (India)
Martinrea International (Canada)
Posco co. Ltd (South Korea)
Baosteel group corporation (China)
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Market USP Exclusively Encompassed:
Automotive Fuel Tank Market Drivers
Soaring preference for lightweight vehicles with higher fuel efficiency, rising vehicle production, and fast-paced urbanization are the top factors elevating the demand for automotive fuel tanks. The market demand is further bolstered by the escalating sales of commercial vehicles, in line with the consistently expanding e-commerce sector, which resulted in the growth of the logistics industry as well as the construction sector.
Manufacturers worldwide are using plastic fuel tanks in place of metal fuel tanks to bring down the total vehicle weight, with the aim to cater to the surging demand and cater to the discerning consumer demands and requirements. Plastic fuel tanks offer several inherent benefits over metal fuel tanks, which elevates their popularity within the automotive fuel tank market. Therefore, plastic is now a more preferrable material than any other material for developing fuel tanks.
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Automotive Fuel Tank Market Restraints
A key restraining factor in the fuel tank market can be the rising popularity and adoption of electric vehicles. The heightened preference for zero emission vehicles has raised the sales of electric vehicles worldwide. Electric vehicles are more affordable today given numerous government bodies encouraging their adoption by offering tax subsidies and various incentives.
A rise in financial backing from governments as tax rebates as well as subsidies and supportive regulations promoting eco-friendly vehicles have encouraged the use of electric vehicles. Other than this, advances in battery as well as charging technology along with the decline in the battery prices have propelled the appeal of electric vehicles. This has ultimately resulted in a major decline in the demand for automotive fuel tanks.
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The automotive fuel tank market has been seeing a major decline since the outbreak of the COVID-19 pandemic. The pandemic has had an adverse effect on various businesses worldwide, particularly in regions like Europe and North America.
The transportation and automotive industry have been seriously impacted by the pandemic, given the adverse circumstances and economic crash. To prevent the virus from spreading further, companies are shutting down operations and production facilities while the government has restricted many of the manufacturing production activities. This has brought down the demand and the consumption rate of vehicles and ultimately, automotive fuel tanks across most of the major end-use industries.
Segmentation of Automotive Fuel Tank Market Covered in the Research:
The automotive fuel tank market has been considered for material, capacity, as well as vehicle type.
Depending on material, the market caters to steel & aluminum and plastic. Aluminum can expect to dominate the worldwide market over the review period, thanks to this material’s lightweight property. Aluminum helps bring down the total vehicular weight, thereby raising fuel efficiency. In developing countries, consumers prefer using vehicles that offer high fuel efficiency.
With respect to capacity, the worldwide market caters to 45L-70L & >70L and <45L. 45L-70L capacity can anticipate the highest growth in the future, given the rising installation of this capacity in fuel tank in every passenger car.
Vehicle types are commercial vehicle and passenger cars. As the disposable income of the consumers in emerging regions continues to mount, the demand and sales of passenger cars have risen considerably.
Automotive Fuel Tank Market Regional Analysis
Asia Pacific can anticipate being the market leader in the years to come, given the large-scale production of commercial and passenger vehicles in the emerging nations. The strong growth is also in response to fast-emerging countries like China, Japan and India, with high production by the OEMs.
North America, divided into Canada, Mexico and the US, will record substantial growth between 2020 and 2027. The market expansion in the region is the result of the surging use of EVs which raises the production rate of automotive horn systems. In the region, attractive incentives by the government to popularize fuel tanks and high investments by auto developers can fuel the market demand. Other than this, strict emission norms, the availability of several hybrid models along with the rising preference for premium cars will mean significant revenue generation in the coming years.
The European automotive horn systems market, especially in Italy, Germany, the UK, and France is will be expanding on the back of the surging production as well as recovering sales of different vehicles. The automotive horn systems market in the UK can rise in line with the booming sales of passenger cars and commercial vehicles. The improving sales of light commercial vehicles could further elevate the revenue generation of the automotive horn systems market. The Western Europe market can note significant growth in the years to come, with solid backing from Italy and Germany, as the demand for automotive fuel tanks continues to mount rapidly in this part of the region.
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