Automotive Fuel Tank Market Analysis By Material (Plastic, Steel & Aluminum), Capacity (<45L, 45L-70L & >70L), Vehicle Type (Passenger Car, and Commercial Vehicle), and region (North America, Europe, Asia Pacific, and ROW) From 2018 To 2023.
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The key players in automotive fuel tank market are Plastic Omnium Group (France), Kautex Textron GmbH & Co. KG. (Germany), YAPP Automotive Parts Co. Ltd. (China), TI Automotive Inc. (U.K.), Magna International (Canada), Unipres Corporation (Japan), Continental (Germany), Lyondell Basell (Netherlands), Yachiyo (Japan), Allgaier Automotive (Germany), Boyd Welding (Florida), Dali and Samir Engineering (India), Martinrea International (Canada), Posco co. Ltd (South Korea), Baosteel group corporation (China).
Global Automotive Fuel Tank Market Highlights:
The factors that are responsible for the growth of automotive fuel tank market are growth in the automotive industry, innovation in fuel tank technology, an increase in sales of passenger and commercial vehicles in emerging economies, increase safety, and others. The increase in sales of passenger and commercial vehicles will result in growing demand for fuel tanks in vehicles. The Passenger car segment is expected to dominate the market as compared to the commercial vehicle, due to which there will be an increase in demand for fuel tank capacity ranging from 45L to 70L. The manufacturers of fuel tanks, make use of materials that are sustainable and provide durability, and will result in increased safety of the passenger. The increased safety of fuel tank will result in the growth of the market in future.
By region, the market is segmented based on North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific is expected to dominate the market during the forecast period because OEM in emerging economies are majorly focusing on the production of lightweight component which will increase the efficiency of the vehicle. Many manufacturers are using aluminum in the production of fuel tank to reduce the overall weight of the vehicle. The increase in demand for lightweight fuel tank in emerging economies will result in the growth of the market. North America is expected to be the second largest market due to growing concern for safety among the customers. People are more inclined towards buying vehicle with advanced safety features. The growing demand for advanced safety technology will result in the growth of the market. The Europe region is expected to be the third largest market due to increase in production of commercial vehicles. In Europe, Germany is expected to dominate the market during the forecast period.
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