Automotive Fuel Tank Market Overview
Automotive fuel tanks are safe containers installed in vehicles which are used to store liquid fuels. Further, engine draws its fuel from the fuel tank. There are mainly two types of fuel tanks including plastic fuel and metal one. Automotive fuel tanks are highly used in automobile such as passenger cars, buses & coaches, heavy trucks and commercial vehicles.
Market Size & Forecast
Global automotive fuel market is anticipated to grow at significant compound annual growth rate (CAGR) of 5.5% during the forecast period i.e. 2017-2024. The global market for automotive fuel tank is likely to reach at a valuation of USD 17.6 Billion by the end of forecast period. Additionally, rising number of automobiles and growing automotive aftermarket are major factors which are expected to propel the growth of global automotive fuel tank market.
On the basis of regional platform, global automotive fuel tank market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific region is representing the largest market in automotive fuel tanks all across the globe.
Factors such as rising per capita income of the consumers, changing life style of middle class families and blooming population are some of the major factors which are anticipated to bolster the growth of automotive fuel tank market during the forecast period. India and China are the major contributors towards the growth of automotive fuel tank market in Asia Pacific region owing to factors such as growing economy and presence of large number of consumers in these countries. Moreover, China is the leading producer of the automobiles and likely to contribute significantly in the growth of Asia Pacific automotive fuel tank market.
Furthermore, North America region has been the second leading market for automotive fuel tanks and predicted to grow at a satisfactory growth rate during the forecast period. Additionally, inflexible evaporative emission standards and high growth of aftermarket in this region are some of key factors which are envisioned to fuel the growth of North America automotive fuel tank market.
Additionally, Europe region is also anticipated to witness high growth rate during the forecast period. Rising demand for plastic fuel tanks due to strict inflexible evaporative emission standards are envisioned to escalate the growth of automotive fuel tank in this region. Moreover, rising number of automobiles and growing disposable income of the consumers are some of the factors which are expected to foster the growth of automotive radiator market in Middle East & Africa region over the forecast period.
By material, the global market has been segmented into metal and plastic fuel tanks. Further, this segment is dominated by plastic fuel tanks and is expected to continue its dominance during the forecast period.
Market Segmentation
Our-in depth analysis of the global automotive fuel tank market includes the following segments:
By Vehicle Type
By Material
By Technology
By Region
Global automotive fuel tank market is further classified on the basis of region as follows:
Growth Drivers & Challenges
The consumer’s demand for vehicle is increasing at a massive pace. The rise in production of vehicles is also fostering the production of fuel tanks. Further, growing number of vehicles is a major factor fueling the demand for automotive fuel tanks. Further, rising demand for automotive fuel tank is also likely to fuel the growth of global automotive fuel tank market.
Furthermore, global market of automotive fuel tanks is driven by some of other factors including changing life style of consumers and rising disposable income especially in emerging countries which will increase the demand for passenger cars is increasing and thus fueling the demand for plastic fuel tanks in passenger cars. This rise in production of passenger cars is fueling the demand for automotive fuel tanks.
Moreover, popularity of plastic fuel tanks due to its light weight, smooth operation and compact designing is increasing. Further, rise in demand for plastic fuel tanks is a major factor which is driving the growth of global automotive fuel market.
However, high cost of plastic fuel tanks is a major challenge to the growth of automotive fuel tank. Further, high preference of metal fuel tank over plastic fuel tank in Latin America is also hampering the growth of global market of automotive fuel tank market. Besides this, development of solar and electric cars is anticipated to challenge the growth of automotive fuel tank market over the period 2017-2024.
Key Players
Scope & Context
Overview of the Parent Market
Analyst View
Segmentation
The global automotive fuel tank market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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