As per the latest report by IMARC Group, titled “Automotive Fuel Tank Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global automotive fuel tank market size reached a value of US$ 18.5 Billion in 2021. Looking forward, IMARC Group expects the market to grow at a CAGR of 3.8% during 2022-2027.
A fuel tank refers to a part in automobiles that is used to store the automotive fuel. Some of the essential components of automotive fuel tanks are filters, pumps, lines, fuel gauge, tanks and pumps. Most vehicles are insotalled withk a single tank in the rear; however, the location and design of the fuel tank depend on the space available in the automobile. Modern tanks are more complex and are made up of fluoroelastomer and emissions control components, which include diaphragms, couplings, vibration isolators, hose, O-rings and other seals.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally-our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Global Automotive Fuel Tank Market Trends:
A significant increase in the sales of passenger and commercial vehicles has provided a boost to the demand for automotive fuel tanks. Besides this, due to the rising environmental concerns, the sales of electric cars have escalated, which help in reducing carbon emissions generated by traditional vehicles. This trend has led to the development of high-quality plastic fuel tanks in hybrid electric vehicles, which help in reducing the overall weight of the automobile so that it can travel for longer distances. Besides this, advancements in technology have led to the manufacturing of self-sealing fuel tanks that can automatically seal in case of damage or leak.
Moreover, the leading manufacturers are investing in research and development (R&D) to design a multi-layered high-density polyethylene fuel tank using blow molding technology. This process is environment-friendly and meets the highest federal government requirements, ensuring safety and efficiency. Furthermore, the installation of steel-based tanks in various premium-category vehicles, which in turn will further drive the growth of the market.
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Competitive Landscape with Key Players
Market Breakup by Material Type:
Market Breakup by Vehicle Type:
Market Breakup by Distribution Channel
Key Highlights of the Report:
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