The global Fuel tank market is expected to witness significant demand over the forecast period. Fuel tanks are containers that are installed in a vehicle to store fuel and keep it safe. Fuel tanks are of categorized into two major segments as plastic and metal. Metal fuel tanks are made up of either aluminum or steel whereas plastic fuel tanks majorly consist of High Density Polyethylene (HDPE). The report has segmented the global automotive fuel tank market by fuel tank type (Plastic, Steel), by region (Asia-Oceania, North America, Europe, and RoW), automotive fuel tank material market by type (HDPE, Aluminum, Steel) and by Capacity (<45L, 45L-70L, >70L), two-wheelers (mopeds & motorcycles).
Asia-Pacific region, with several developing countries such as India, Japan and China is expected to be the largest market for fuel tank. Key factors influencing market growth include growing population, improving standard of living and rise in per capita income. Additionally, China has overpowered the U.S. and become the largest car-producing nation at the global level. India, China and South Korea are the main contributors to the market growth of fuel tank market in Asia. Many OEMs have been expanding in this region to cater the huge demand of the Asia-Pacific region. The North American market has emerged strong and is growing at a moderate pace. Besides, the European market, is projected to spur the automotive industry in technological advancements.
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Two wheeler vehicles are another attractive segment which is booming around the globe, and particularly dominated in the emerging economies. Metal segment is primarily dominated by the fuel tanks for the two-wheelers, however, in the recent times, lightweight materials is expected to grow at a considerable CAGR with penetration in this market over the next eight years. Currently, the lightweight fuel tanks can be seen in high-end premium motorcycles. On the other hand, reduction in the overall per unit price and advancements in the manufacturing technologies, the same is anticipated to penetrate the usual commuter two-wheeler segment in the foreseeable future.
The market for automotive fuel tank is primarily driven by increasing vehicle demand across the globe. The Asia-Pacific region has emerged as the most dominant market for fuel tank industry. Fuel tank manufacturers including Unipres Corporation (Japan), Yachiyo Industry Co., Ltd. (Japan), Magna International Inc. (Canada), Bellsonica Corporation (Japan), Textron Inc. (U.S.) and FTS Co. Ltd. (Japan) have their presence in this region. Asia-Pacific is estimated to contribute approximately 47% of the overall fuel tank market share in terms of revenue
This report defines and classifies the global fuel tank market size by volume and revenue sales in the fuel tank industry. Market value is provided in terms of $Million whereas market size is in terms of volume is provided in thousand units (000 units) from 2016 to 2024. Besides, the report also includes competitive intelligence and qualitative research regarding the market drivers, restraints, opportunities, and challenges existent in the fuel tank market.
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