Global Fuel Tank Market Segmentation, By Tank Capacity (Less Than 45 L, 45L -70L, and More Than 70L), 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 2031.
Fuel Tank Market Analysis
Automotive fuel tanks are considered an essential component of various automotive vehicles including light commercial vehicles, heavy commercial vehicles and passenger cars. These tanks are effective in storing fuel to reduce the need to refilling the tank.
Fuel Tank Market Size
Global fuel tank market size was valued at USD 18.59 billion in 2023 and is projected to reach USD 27.89 billion by 2031, with a CAGR of 5.20% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Fuel Tank Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa
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Key Market Players
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TI Fluid Systems (UK), Yachiyo Industry Co., Ltd. (Japan), Magna International Inc. (Canada), Plastic Omnium (France), Unipres Corporation (US), Kautex (Germany), ContiTech AG (Germany), SMA Serbatoi SpA (Italy), FTS CO.,LTD. (Japan), Crefact Corporation (US), Boyd Welding LLC (US), Elkamet Kunststofftechnik GmbH (Germany), Salzburger Aluminium Group (Austria), Central Precision Limited (UK), Arrow Radiators (Melksham) Ltd (UK), A. KAYSER AUTOMOTIVE SYSTEMS GmbH (Germany), and PIOLAX, Inc (Japan), among others
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Market Opportunities
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Fuel Tank Market Definition
Automotive manufacturers prefer automotive plastics in their tank owing to stringent regulations regarding carbon emissions and price-sensitiveness of some of the end users. Carbon emission in passenger cars can be reduced by using greenhouse gas (GHG) reduction technologies. This factor will drive the demand for fuel tank.
Fuel Tank Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Growth in the Automotive Industry
The rise in automotive industry across the globe acts as one of the major factor driving the growth of fuel tank market. The increase in demand for passenger cars and growing awareness regarding energy conumption has a positive impact on the market.
- Increased Vehicle Production
The increase in the demand for high performance and reliability of automobiles among consumers accelerate the market growth. The rise in demand for these enhanced vehicles escalate vehicle production.
- Increase in demand for diesel engines
The surge in inclination towards diesel engines over gasoline engines owing to their superior fuel economy, durability, and reliability, associated with a favourable fuel tax situation further influence the market.
Additionally, expansion of the automotive sector, surge in investments and increased disposable income positively affect the fuel tank market.
Opportunities
Furthermore, increase in initiatives to build economical fuel tanks using lightweight materials extend profitable opportunities to the market players in the forecast period of 2024 to 2031. Also, latest research and development initiatives will further expand the market.
Restraints/Challenges
On the other hand, surge in electric vehicle production and stringent evaporative emission standards are expected to obstruct market growth. Also, high cost associated with the composite tanks and regulatory approvals are projected to challenge the fuel tank market in the forecast period of 2024-2031.
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 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.
COVID-19 Impact on Fuel Tank Market
The COVID-19 pandemic had a moderate impact on the fuel tank market owing to the global lockdowns. Due to the incentives from governments, the demand for compact vehicles and related markets increased in 2021. Government and market key players adopted new safety measures for developing the manufacturing practices. The advancements in the technology escalated the sales rate of the SUV as it targeted the right audience. The increase in passenger vehicles and commercial vehicles across the globe is expected to further drive the market growth in the post-pandemic scenario.
Fuel Tank Market Scope
The fuel tank market is segmented on the basis of tank capacity, 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
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
Fuel Tank Market Regional Analysis
The fuel tank market is analyzed and market size insights and trends are provided by country, tank capacity, material type, weight, fuel type, propulsion type, sales channel and vehicle type.
The countries covered in the fuel tank market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Asia-Pacific (APAC) dominates the fuel tank market because of the increased manufacturing the passenger vehicles within the region.
Europe is expected to witness significant growth during the forecast period of 2024 to 2031 due to the growing concern of automakers towards less weight fuel tank that result in reducing in overall weight of the vehicle.
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 such as 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.
Fuel Tank Market Share
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.
Fuel Tank Market Leaders Operating in the Market Are:
- TI Fluid Systems (UK)
- Yachiyo Industry Co., Ltd. (Japan)
- Magna International Inc. (Canada)
- Plastic Omnium (France)
- Unipres Corporation (US)
- Kautex (Germany)
- ContiTech AG (Germany)
- SMA Serbatoi SpA (Italy)
- FTS CO.,LTD. (Japan)
- Crefact Corporation (US)
- Boyd Welding LLC (US)
- Elkamet Kunststofftechnik GmbH (Germany)
- Salzburger Aluminium Group (Austria)
- Central Precision Limited (UK)
- Arrow Radiators (Melksham) Ltd (UK)
- KAYSER AUTOMOTIVE SYSTEMS GmbH (Germany)
- PIOLAX, Inc (Japan)
Latest Developments in Fuel Tank Market
- In November 2019, Plastic Omnium involved the supply of equipment for buses and it was said to be the largest project in Europe for this type of vehicle. This contract has helped the company to gain more revenue.
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