What Transformation Has the Automotive Fuel Tank Market Undergone?
The automotive fuel tank market has seen considerable growth due to a variety of factors.
• The automotive fuel tank industry has seen a robust expansion in recent years. The market, which is predicted to increase from $20.19 billion in 2024 to $21.67 billion in 2025, is expected to experience a compound annual growth rate (CAGR) of 7.3%.
This historical growth can be ascribed to factors such as fuel efficiency standards, material innovations, emissions rules, the need for vehicle weight reduction, safety regulations, and developments in tank shapes.
What Does Future Hold for The Automotive Fuel Tank Market Size?
The automotive fuel tank market is expected to maintain its strong growth trajectory in upcoming years.
• The market for automotive fuel tanks is projected to witness significant growth in the upcoming years, with an expected value of $28.94 billion by 2029, at a compound annual growth rate (CAGR) of 7.5%.
The expansion in the forecast period can be credited to the worldwide growth of automotive industry, cost-effectiveness and innovative manufacturing methods, adjustment to evolving automotive structures, shift towards alternative fuels, and innovations for improved safety. Noteworthy trends during this projection period include intelligent fuel management systems, adjustment to evolving automotive structures, transition towards alternative fuel technologies, emphasis on lightweight designs, and integration of high-tech materials.
What Are The Leading Drivers Of Growth In The Automotive Fuel Tank Market?
Rising passenger vehicle requirements have been instrumental in the growth and prosperity of the automotive fuel tank sector. Passenger vehicles, beyond the driver's seat, refer to the category of four-wheeled automobiles created specifically for passenger transport and having no more than eight seats. There has been a noteworthy progression in the sector of passenger vehicles, reflecting constant improvements in manufacturing, local sales, and overseas shipments. The European Automobile Manufacturers Association (ACEA), a Belgium-based commercial organization, noted in a report in March 2024 that global new car sales saw an increase of almost 10% after maintaining stability in 2022. EU new car sales swelled by close to 14%, summing up to 10.5 million units. The sale of battery-electric cars increased by 37%, grasping a market share of 14.6%. Furthermore, global production of cars reached 76 million units, marking a substantial growth of 10.2%. Essentially, the increased demands for passenger vehicles are fuelling the growth of the automotive fuel tank market.
What Is The Segmentation Of The Global Automotive Fuel Tank Market?
The automotive fuel tank market covered in this report is segmented –
1) By Capacity: Less Than 45 Liters, 45-70 Liters, Above 70 Liters
2) By Material Type: Aluminum, Plastic, Steel
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
Subsegments:
1) By Less Than 45 Liters: Compact Cars, Motorcycles, Small SUVs
2) By 45-70 Liters: Mid-Sized Sedans, SUVs, Light Commercial Vehicles
3) By Above 70 Liters: Full-Size SUVs, Trucks, Buses, Specialty Vehicles
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What Emerging Trends Are Shaping The Automotive Fuel Tank Market Landscape?
Advancements in technology that promote more fuel-efficient and alternate fuel vehicles are becoming a prominent trend in the automotive fuel tank industry. The need for modern cars to have improved fuel economy while maintaining performance and safety necessitates the use of advanced materials. Lightweight materials can greatly improve vehicle efficiency due to the less energy required to accelerate a lighter object compared to a heavier one. A reduction in vehicle weight by 10% could potentially lead to a fuel economy improvement of 6% to 8%. By substituting traditional steel and cast iron components with lightweight materials like high-strength steel, magnesium alloys, aluminum alloys, carbon fiber, and polymer composites, the weight of a vehicle's body and chassis can be reduced by up to 50%. By leveraging these lightweight components and high-efficiency engines, over $5 billion gallons could be saved annually by 2030 in one-fourth of the US fleet. Through the adoption of lightweight structural materials, cars can have more sophisticated pollution control systems, safety mechanisms, and integrated electrical systems without contributing to the overall weight of the vehicle.
Who Are the Key Players in the Automotive Fuel Tank Market?
Major companies operating in the automotive fuel tank market include:
• Continental AG
• Magna International
• Kautex Textron GmbH & Co. KG
• Benteler International AG
• The Plastic Omnium Group
• Compagnie Plastic Omnium SA
• Toyoda Gosei Co. Ltd.
• Martinrea International Inc.
• FUTABA INDUSTRIAL CO. LTD.
• Donghee Industrial CO. LTD.
• TI Fluid Systems
• Boyd Welding
• Unipres Corporation
• Textron – KautexV (US)
• Yapp Automotive Parts Co. Ltd
• Yachiyo Industries Co. Limited
• Inergy Automotive Systems
• Spectra Premium Inc.
• Fuel Total Systems (FTS) Co. Ltd
• Unipres Corporation
• SMA SERBATOI SPA
• FTS INDIA PRIVATE LIMITED
• Yeedah Composite Material Co. Ltd.
What are the Regional Insights into the Automotive Fuel Tank Market?
Asia-Pacific was the largest region in the automotive fuel tank market in 2024 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive fuel tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
