Automobile Fuel Tanks Market Worldwide Demand, Rising Trends, and Forecast, 2023
Rising sales of sports, utility, and luxury vehicles is anticipated to boost market growth over the forecast period. Increasing demand from heavy-duty vehicles that increasingly utilized for farming & building activities coupled with rising population levels across the globe are expected to foster market demand in the near future.
(firmenpresse) - The global automobile fuel tanks market is expected to display higher growth rate in the upcoming years owing to the robust growth automotive industry in North America and Asia pacific region. Rising sales of sports, utility, and luxury vehicles is anticipated to boost market growth over the forecast period. Increasing demand from heavy-duty vehicles that increasingly utilized for farming & building activities coupled with rising population levels across the globe are expected to foster market demand in the near future. Globally, market is predicted to generate massive revenue over the forecast period, providing numerous opportunities for industry participants to invest in research and development of automobile fuel tanks market.
Automobile fuel tanks are used to store flammable fluids including petrol and diesel. Capacity of the automobile fuel tanks varies as per vehicle type, manufacturers and engine requirement. Automobile fuel tanks acts as a safe container for flammable fluids, the fuel is propelled through fuel pumps or released via pressurized gas into an engine. Automobile fuel tanks are manufactured by using metal sheets of steel or aluminum, which are molded as per requirement. Plastic high-density polyethylene (HDPE) fuel tanks are also gaining traction in the global market owing to their cost efficiency and easy raw materials availability.
Furthermore, rising demand for luxury and high-tech vehicles is expected to propel the market growth in the forecast period. The adoption of modern-day electronic techniques and devices to open and close fuel tanks has made the automotive systems more reliable, accurate, and fuel-efficient. Growing competition in automotive sector with substantial increase in the number of automotive original equipment manufacturers (OEMs), dealers, and additional stakeholders inside the supply chain are anticipated to drive market growth in the upcoming years.
The automobile fuel tank market is broadly categorized into two major segments based on the product type such as metal fuel tanks and plastic high-density polyethylene (HDPE) fuel tanks. Metal fuel tanks segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of metal fuel tanks segment is attributed to the increasing product penetration in the global market.
The automobile fuel tank market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in the recent years owing to the rise in implementation of latest technologies in automotive sector, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth over the coming years.
Asia-Pacific region is estimated to hold a major share in the automobile fuel tanks market with massive growth in the forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with robust growth automotive industry, rising personal disposable income, higher demand for luxury vehicles, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the automobile fuel tanks market are Continental Corp., Kautex Textron Co., LyondellBasell Industries N.V., Magna, TI Automotive Inc., Yachiyo Industry Co., Ltd., Aethra, Inc., Allgaier Automotive GmbH, Boyd Welding LLC, and Dali & Samir Engineering Co.
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