The Global Automotive Fuel Tank Market Growth, COVID-19 impact and Forecast (2021-2025)
Global automotive fuel tank market is segmented based on capacity type as less than 45 litres, 45 to 70 litres and more than 70 litres; based on material type as metal and plastic; based on vehicle type as passenger cars, light commercial vehicles and heavy commercial vehicle; based on geography as APAC, Europe, North America, and ROW.
Introduction
Automotive fuel tank is a part of an engine system where the fuel is stored in a given quantity, and released in the form of pressurized gas into the engine of a car. Fuel tanks are made up of materials such as plastic, and steel, where plastic fuel tanks are constructed by means of blow molding, and aluminum or steel fuel tanks are made by stamped sheets.
Fuel tank is put to various uses such as fuel storage, fuel level detection, secured filling, and venting.
Manufacturers around the world are substituting metal fuel tanks with plastic fuel tanks, to fulfill the growing demand and satisfy the discerning customer requirements. Plastic fuel tanks have many inherent advantages over metal fuel tanks, and this is augmenting their popularity in the automotive fuel tank market.
Table of Contents
Market Overview
The global automotive fuel tank market is expected to have incremental growth of $25.18 billion during 2020-2025
Growth momentum is expected to accelerate during the forecast period with a 4.2% CAGR.
The expansion of vehicle production, increase in living standards, and disposable income, particularly in the BRICS region, further propelled the future growth in this automotive fuel tank market.
Europe and North America have announced inflexible evaporative emission standards, which increases the demand for plastic fuel tanks in those regions.
Key Trends
Various new features of fuel tanks such as anti corrosive, self sealing, several layers for protection and others are expected to fuel the growth of automotive fuel tank market.
The new BS-VI emission norms imposed by the government on the automotive manufacturing companies to control the rising fuel emission is expected to boost the production and sales of vehicles in the forecasted period
Key Market Players
The global automotive relay market is dominated by global vendors like Compagnie Plastic Omnium, Kautex Textron GmbH & Co, YAPP Automotive Parts, TI Fluid Systems, Yachiyo Industry and Magna International.
Growth Drivers and Challenges
One of the major factors driving the growth of the market is increasing demand for and sales of commercial vehicles, owing to the rise in the e-commerce sector and resulting in the growth of the logistics industry and construction sector.
Factors such as the rise in the number of cars and demand for vehicles with less weight are driving the market growth.
The high cost of plastic fuel tanks is quite likely to be the biggest challenge, restraining the widespread adoption of plastic fuel tanks in the automotive fuel tanks market.
Factors such as growing penetration and demand for electric vehicles and rise in prices of base metal, like aluminum, may hinder the growth of the market studied.
The COVID-19 pandemic has created intense pressure on the globally integrated automotive industry, especially due to disruptions in the supply of automotive parts exported by China, the closure of assembly plants in the United States, and large-scale manufacturing interruptions across Europe.
From the economic depths experienced in spring 2020, it has rebounded to deliver year-over-year growth in new-vehicle sales over the last few months across China, Europe, and the US.