Automotive Fuel Tank Market: Current Analysis and Forecast (2023-2030)

Report Description

The automotive fuel tank market is expected to grow at a strong CAGR of around 5.2 % during the forecast period (2023-2030). The market’s growth is driven by several factors, including increasing vehicle production and sales, rising urbanization, infrastructure development, and the demand for energy-efficient vehicles. One of the major drivers of the automotive fuel pump market is the steady growth in vehicle production and sales worldwide. As the number of vehicles on the road increases, the demand for automotive fuel pumps also escalates, driving the market growth. Another significant driver is the increasing urbanization and infrastructure development in emerging economies. Developing countries, such as India and China, are witnessing rapid urbanization, resulting in the expansion of road networks and improved transportation services. This, in turn, boosts the demand for automotive fuel tanks for various vehicles, including cars, buses, and motorcycles. For instance, in 2022, TI Fluid Systems announced that it is developing a new type of fuel tank that can be used with both gasoline and hydrogen fuel cells.

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Some of the major players operating in the market are Yachiyo Industry Co, Ltd., Continental AG, Kautex, Magna International Inc., YAPP Automotive Systems Co., Ltd., TI Fluid Systems plc, SMA Serbatoi S.p.A., Compagnie Plastic Omnium SE, Martinrea International Inc., and Unipres Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst size, the above 75L segment will hold significant growth in the market.”

Based on size, the market is segmented into 45L, 45-75L, and Above 75L. Amongst these, the above 75L segment will hold significant growth in the market. This growth is because of the demand for heavy commercial vehicles, such as trucks, buses, and vans which have fuel tanks generally above 75L as they must travel longer distances to carry logistics for E-commerce and industries. The growing E-commerce market is boosting demand for heavy commercial vehicle which further increases the growth of 75L segment.

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“Amongst applications, the heavy commercial vehicles segment will experience the significant growth of the market.”

Based on vehicle type, the market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Among these, the demand for heavy commercial vehicles has been growing due to the expansion of e-commerce, logistic services, and urbanization. This growth in commercial vehicle usage has led to an increased demand for automotive fuel pumps.

Automotive Fuel Tank Market Report Coverage

“Europe will be experiencing a significant growth in the automotive fuel tank market in 2022.”

Europe has some of the strictest emission regulations in the world, which are driving automakers to develop more fuel-efficient vehicles. This is leading to an increased demand for lighter and more efficient fuel tanks, which are a key factor in improving fuel economy. Safety is a top priority for European automakers, and they are constantly developing new technologies to improve the safety of their vehicles. This includes the development of safer fuel tanks that can withstand impacts and prevent leaks. Additionally, Fuel cell vehicles (FCVs) are an emerging technology that offers a promising alternative to traditional gasoline-powered vehicles. Fuel tank manufacturers are developing specialized fuel tanks for FCVs that can store and dispense hydrogen safely and efficiently. The European automotive industry is expected to continue to grow in the coming years, which will drive demand for fuel tanks. Fuel tank manufacturers are expanding their production capacity in Europe to meet the growing demand from automakers.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global automotive fuel tank market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Automotive Fuel Tank Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive fuel tank market were the three major steps undertaken to create and analyze the adoption of automotive fuel tanks in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automotive fuel tank market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the automotive fuel tank market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the automotive fuel tank market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as material type, vehicle type and size. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive fuel tank market. Further, we conducted factor analysis using dependent and independent variables such as material type, vehicle type and size of the automotive fuel tank market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive fuel tank market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive fuel tank market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive fuel tank market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global automotive fuel tank market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive fuel tank market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the vehicle type and technology in the global automotive fuel tank market.

The main objective of the Global Automotive Fuel Tank Market Study

The current & future market trends of the global automotive fuel tank market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the automotive fuel tank market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the material type, vehicle type and size.
• Define and analyze the regulatory framework for the automotive fuel tank
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the automotive fuel tank market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the automotive fuel tank market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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