Owing to the rising preference from automotive buyers for lightweight vehicles and to achieve a better fuel efficiency, the adoption of new technologies in terms of automotive manufacturing and its components, especially in the case of automotive fuel tanks, has incremented. Manufacturing firms in the automotive fuel tank industry are continuously adopting the new technologies including the launch of plastic tanks to reduce weight of fuel tanks and attain maximum fuel efficiency. In addition to that, the stringent fuel emission regulations to reduce fuel consumption, improve mileage, and develop innovative designs are driving the growth in the global automotive fuel tank market.
The automotive fuel tank market is categorized into the passenger cars, LCVs, and M&HCV segments. Out of these the passenger cars segment holds the maximum market share in the global automotive fuel tank market. As per the analysts at Technavio, the market is expected to reach nearly 100 million units while growing at a steady rate over the forecast period from 2017 to 2021.
Challenges galore- Urbanization clogging up the tank?
The automotive industry has evolved a new surge of environment friendly technologies to reduce carbon emissions including Electrical vehicles (EVs) and Hybrid Electric Vehicles (HEVs). These vehicles are widely adopted in many countries to reduce pollution levels and exposure to harmful chemicals that adversely affect human life. Thus, increasing adoption of these vehicles impact the growth of the automotive fuel tank industry.
Over the past few years, the preference for car sharing services has been increasing owing to the rising private car usage costs and cheap car sharing services. These changing preferences act as a deterrent for the sale of new vehicles which would proves to be a major challenge for the global automotive fuel tank market.
Additionally, owing to improved convenience and comfort for the users, reduced traffic congestion, parking cost savings, air and noise pollution reduction, and energy conservation, the usage of public transport has rapidly increased. The increasing fuel prices, urbanization, rising health and environmental concerns increase the demand for public transport. Thus, it directly impacts the sale of new vehicles thereby denting the fuel tank market.
Prominent Vendors in the Global Automotive Fuel Tank Market
- Continental
- TI Automotive
- Yachiyo Industry
- Magna
Technavio Says- Insights Fuel Success
We have compiled a comprehensive research study on the global automotive fuel tanks market based on an in-depth market analysis. Our report contains detailed insights into the industry including key drivers, emerging trends, as well as the challenges that the domain is currently experiencing.
