Automotive Fuel Tank Market size is poised to cross USD 29 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of automotive fuel tank was over USD 17 Billion. The growth of the market can primarily be attributed to the growing demand for vehicles along with the rising demand for automotive fuel tanks amongst vehicle manufacturers worldwide. For instance, the global sales of vehicles in 2021 reached more than 82 million.
An automotive fuel tank is an important component of the fuel system in an internal combustion engine. A tank is used to store motor fuel such as petrol, diesel, and gas. The present-day fuel tanks can be made of different advanced materials. With the recent transition in plastic fuel tanks as well as temperature tolerance, the demand for the plastic fuel tank is on the rise amongst automobile users, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global automotive fuel tank market during the forecast period. For instance, the present-day plastic fuel tanks operate in a temperature range from approximately – 60 °C to nearly 80 °C with local and short-duration heating up to 110 °Ð¡.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
5% |
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Base Year Market Size (2022) |
USD 17 Billion |
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Forecast Year Market Size (2033) |
USD 29 Billion |
Material Type (Ferroalloys, Aluminum Alloys, Plastics)
The global automotive fuel tank market is segmented and analyzed for demand and supply by material type segment into ferroalloys, aluminum alloys, and plastics. Amongst these segments, the plastics segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing penetration of plastic fuel tanks in the truck market owing to a variety of forms and configurations and easy installation along with the surge in the sales of trucks worldwide. For instance, in 2020, more than 2.5 million trucks were sold in United States.
Our in-depth analysis of the global automotive fuel tank market includes the following segments:
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By Material Type |
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By Capacity |
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By Vehicle Type |
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Regionally, the global automotive fuel tank market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by the presence of a strong automobile network in the region, increasing sale of vehicles as well as the growing production of vehicles along with a surge in the demand for automotive fuel tanks amongst the vehicle producers. China produced and sold more than 2.6 million vehicles and around 2.6 million vehicles, respectively in September 2022.
Author Credits: Harshita Srivastava, Saima Khursheed
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