Asia-Pacific Fuel Tank Market, By Tank Capacity (Less Than 45 L, 45L -70L, and More Than 70L), CNG Tank Type (Type 1, Type 2, Type 3, Type 4), Material Type (Plastic, Aluminum, Steel, Others), Weight (Less Than 7KG, 7KG to 10 KG, More Than 70KG), Fuel Type (LPG/CNG, Diesel, Gasoline), Propulsion Type (Natural Gas, Hydrogen, Internal Combustion Engine (ICE), Hybrid), Sales Channel (OEM, Aftermarket), Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle, Hybrid Vehicle) – Industry Trends and Forecast to 2030.
Asia-Pacific Fuel Tank Market Analysis and Size
The increasing sales of vehicles are demanding more fuel tanks for storage fuels with better safety features. The government regulations for reducing the vehicle's weight and a minimum cost of fuel tank maintenance enhance the market growth. In the current scenario, the growth in the purchasing power of the mid-level population has improved spending habits towards the better standard features of the vehicles. This factor is likely to impact more on the growth of the fuel tank market more.
Data Bridge Market Research analyses that the fuel tank market is expected to reach USD 3,847.73 million by 2030, which was USD 2,726.46 million in 2022, at a CAGR of 4.40% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Asia-Pacific Fuel Tank Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015- 2020)
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Quantitative Units
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Revenue in USD million, Volumes in Units, Pricing in USD
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Segments Covered
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Tank Capacity (Less Than 45 L, 45L -70L, and More Than 70L), CNG Tank Type (Type 1, Type 2, Type 3, Type 4), Material Type (Plastic, Aluminum, Steel, Others), Weight (Less Than 7KG, 7KG to 10 KG, More Than 70KG), Fuel Type (LPG/CNG, Diesel, Gasoline), Propulsion Type (Natural Gas, Hydrogen, Internal Combustion Engine (ICE), Hybrid), Sales Channel (OEM, Aftermarket), Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle, Hybrid Vehicle)
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Countries Covered
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China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC)
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Market Players Covered
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TI Fluid Systems (U.K.), Yachiyo Industry Co., Ltd. (Japan), Magna International Inc. (Canada), Plastic Omnium (France), Unipres Corporation (U.S.), Kautex (Germany), ContiTech AG (Germany), SMA Serbatoi SpA (Italy), FTS CO.,LTD. (Japan), Crefact Corporation (U.S.), Boyd Welding LLC (U.S.), Elkamet Kunststofftechnik GmbH (Germany), Salzburger Aluminium Group (Austria), Central Precision Limited (U.K.), Arrow Radiators (Melksham) Ltd (U.K.), A. KAYSER AUTOMOTIVE SYSTEMS GmbH (Germany), PIOLAX, Inc (Japan)
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Market Opportunities
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Market Definition
A fuel tank is part of an engine system where the fuel is released and stored in the form of pressurized gas in a car's engine. Fuel tanks avoid fuel leakage and evaporate emissions in a limited manner. Fuel tanks vary in capacity, design, and size depending on the types of automobiles. Fuel tanks are made up of different materials, such as plastic, steel, and aluminum. Fuel tanks help to store fuel to decrease the need to refill the tank.
Asia-Pacific Fuel Tank Market Dynamics
Drivers
- Growing demand and sale for passenger cars increases the market scope
The rising demand for passenger cars in Asia-Pacific has contributed to fuel tank growth. For instance, as per the report of the Society of Indian Automobile Manufacturers (SIAM), passenger car sales in India increased by 8.36 percent in December 2020 compared to December 2019. Hence, the increase in the demand and sales for passenger cars is expected to drive the growth of the fuel tank market during the forecast period.
- Increasing usage of 45 to 70-liter capacity fuel tanks in automobile
Growing usage of 45 to 70-liter capacity fuel tanks in the automobile is anticipated to propel the growth of the fuel tank market in the forecast period. Most of the new models launched by manufacturers over the last few years had a minimum tank capacity of 45 to 70 liters because they have a greater mileage range and are appropriate for long journeys. As a result of this, it boosts the market growth.
Opportunities
- Growth and expansion of the e-commerce sector
Increasing demand for commercial vehicles because of the growth of the e-commerce sector contributes to the growth of the fuel tank market during the forecast period. The construction and logistics sectors need increased infrastructure and transportation development which will result in the growth of the fuel tank market. Therefore, the growth and expansion of the e-commerce sector will likely create lucrative market growth opportunities.
- Increasing demand for selective catalytic reduction (SCR) tanks in the automotive industry
Asia-Pacific is expected to be the largest market for automotive SCR tanks due to the increasing production of LCVs. The SCR system controls the emission of NOx from diesel engines while allowing engine manufacturers to reduce PM emissions and improve fuel consumption. Per the Diesel Technology Forum report, SCR is one of the most fuel-efficient and cost-effective technologies available for emission reduction. It can lessen NOx emissions by up to 90%, CO and hydrocarbon emissions by 50 to 90%, and PM emissions by 30-50%. Therefore, increasing demand for selective catalytic reduction (SCR) tanks in the automotive market will likely create immense market growth opportunities.
Restraints/ Challenges
- High cost associated with composite fuel tanks
The high cost of composite fuel tanks, such as carbon fiber composite-based fuel tanks, will likely hamper the market's growth. Carbon fiber composite-based fuel tanks are relatively more expensive than other fuel tanks because of the cost of carbon fiber, which accounts for about 40 percent of the overall tank cost.
- Growing usage of an advanced technological system
The growing penetration of electric vehicles day-by-day in the market is a major factor restraining the fuel tank market growth. The sales of electric vehicles are also likely to increase in upcoming years because of the growing demand for zero-emission vehicles. As a result, this reduces the demand for the fuel tank factor and hampers the growth of the fuel tank market in the forecast period.
This fuel tank market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the fuel tank market, contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In 2021, TI Fluid Systems, the supplier of automotive fluid systems technology, introduced fluid handling products for fuel systems in Hyundai Santa FE SUV hybrid electric vehicle. This Hyundai HEV application demonstrates the ability of the company to improve systems with lightweight solutions for enhanced electric vehicle mode efficiency.
- In 2021, TI Fluid Systems declared to launch a new generation of plastic fuel tanks capable of managing high-pressure demand in hybrid electric vehicles. This plastic fuel tank launched in volume production on Magotan and Passat plug-in hybrid electric vehicle models, with a planned adoption across a wide range of global platforms.
Fuel Tank Market Scope
The fuel tank market is segmented on the basis of tank capacity, CNG tank type, material type, weight, fuel type, propulsion type, sales channel, and vehicle type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Tank Capacity
- Less Than 45 L
- 45L -70L
- More Than 70L
CNG Tank Type
- Type 1
- Type 2
- Type 3
- Type 4
Material Type
- Plastic
- Aluminum
- Steel
- Others
Weight
- Less Than 7KG
- 7KG to 10 KG
- More Than 70 KG
Fuel Type
- LPG/CNG
- Diesel
- Gasoline
Propulsion Type
- Natural Gas
- Hydrogen
- Internal Combustion Engine (ICE)
- Hybrid
Sales Channel
- OEM
- Aftermarket
Vehicle Type
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Hybrid Vehicle
Fuel Tank Market Regional Analysis/Insights
The fuel tank market is analysed and market size insights and trends are provided by country, tank capacity, CNG tank type, material type, weight, fuel type, propulsion type, sales channel, and vehicle type as referenced above.
The countries covered in the fuel tank market report China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
China dominates the Asia-Pacific fuel tank market because of increasing vehicle production in the country and the growing population in the region. Furthermore, increasing sales of mini and medium cars will further boost the growth of the fuel tank market.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Fuel Tank Market Share Analysis
The fuel tank market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to fuel tank market.
Some of the major players operating in the fuel tank market are:
- TI Fluid Systems (U.K.)
- Yachiyo Industry Co., Ltd. (Japan)
- Magna International Inc. (Canada)
- Plastic Omnium (France)
- Unipres Corporation (U.S.)
- Kautex (Germany)
- ContiTech AG (Germany)
- SMA Serbatoi SpA (Italy)
- FTS CO., LTD. (Japan)
- Crefact Corporation (U.S.)
- Boyd Welding LLC (U.S.)
- Elkamet Kunststofftechnik GmbH (Germany)
- Salzburger Aluminium Group (Austria)
- Central Precision Limited (U.K.)
- Arrow Radiators (Melksham) Ltd (U.K.)
- A. KAYSER AUTOMOTIVE SYSTEMS GmbH (Germany)
- PIOLAX, Inc (Japan)
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