Automotive Fuel Tank Market by Capacity (Less than 15 liter, 15 liter-45 liter, 45 liter-75 liter, and Above 70 liter); Material Type (Plastic, Aluminum, and Steel); Vehicle Type (Passenger Cars, Two-Wheelers, and Commercial Vehicles); Sales Channel (OEM and Aftermarket): Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 16.7 billion mark in 2022 and is expected to hit US$ 22.0 billion by 2030, recording a CAGR of 5.1% during the forecast period.

Automotive Fuel Tank Market is rising with Surging vehicle production volume

The automotive industry has witnessed steady vehicle production and sales growth in the past few years. According to the Organization Internationale des Constructeurs d'Automobiles (OICA), global vehicle production was estimated to be 92.2 million in 2019. The growth in vehicle production can be attributed to increasing population, improved socio-economic conditions, economic growth, and infrastructure development. An increase in disposable income of the middle class, particularly in developing nations such as India and Mexico, has also contributed to the increase in vehicle production and demand. Along with this, the demand for two-wheelers is increasing due to preference for individual mobility and two-wheelers being a cost-effective mode of transport.

The Automotive Fuel Tank Market is experiencing a rise in Lightweight Type 4 CNG tanks

According to the NGV Journal, almost 85 countries use CNG-powered vehicles, with more than 22.4 million cars and 25,000 fueling stations spread across 2,900 cities worldwide. CNG cylinders are designed based on the type of fabric used. These tanks can be classified into four types—Type 1, Type 2, Type 3, and Type 4—and come in various sizes, relying on the vehicle's specific requirements. Type 4 tanks are lightweight and predominantly used in HDVs. Thus, vehicles equipped with Type 4 tanks offer better fuel efficiency..

To build economical fuel tanks using lightweight materials is one of the Major Factors Accelerating Automotive Fuel Tank Market growth.

Alternate fuel vehicles that use gaseous materials such as CNG, LNG, and hydrogen require strong, safe, and lightweight tanks to maintain normal vehicle size, weight, and driving range. Traditional alternative fuel tanks are made of common grade steel; over time, the gas can migrate into the metal, making the metal brittle and causing leakage from the tank. The HDPE plastic fuel tanks are light in weight and are safe to use in vehicles which majorly contribute to reducing the overall weight of the vehicle. Fuel cell technology is an efficient solution to achieve a high driving range of about 500 km and a lesser refueling time compared to battery electric vehicles. It is estimated that by 2035, about 5 million vehicles equipped with fuel cell technology could be in production..

Recent strategic developments in the Automotive Fuel Tank Market

The Automotive Fuel Tank market has undergone several significant developments, and a few of these have been mentioned below:

• In October 2020, Plastic Omnium (40% stake) and ElringKlinger (60% stake) decided to use hydrogen-based fuel cell technology to make EKPO Fuel Cell Technologies, a collective experience dedicated to fuel cell stack product, production, and commercialization. It showcased a wide product portfolio to hydrogen systems integrators.
• In July 2021, BluE Nexus Corporation (a joint venture between Aisin Seiki Co., Ltd. and DENSO Corporation) and Toyota Motor Corporation announced a collaboration wherein both companies utilize their core competencies to increase their competitiveness in products related to vehicle electrification..

Several players drive the Automotive Fuel Tank market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. ALLGAIER AUTOMOTIVE; BENTELER International ; FUTABA INDUSTRIAL CO., LTD; KAUTEX TEXTRON GMBH & CO. KG; Magna International Inc. ; Martinrea International Inc.; Plastic Omnium; SMA SERBATOI S.p.A.; TI Automotive; Westport Fuel Systems Inc. are among the prominent players operating in the Automotive Fuel Tank Market.

The target audience for the report:

• Raw material providers
• Automotive Fuel Tank Manufacturers
• Automotive Fuel Tank service providers
• Lawn Mowe-related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities and policymakers
• Venture capitalists, private equity firms, and start-up companies
• Automotive Fuel Tank component suppliers
• Automotive Fuel Tank and components distributors and sales firms
• End users of Electric Vehicle
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the Automotive Fuel Tank market has been segmented based on:

• By Capacity:

• Less than 15 liter
• 15 liter-45 liter
•  45 liter-75 liter
• Above 70 liter.

• By Maerial Type :

• Plastic
• Aluminum
• Steel

• By Vehicle Type :

• Passenger Cars
• Two-Wheelers
• Commercial Vehicles.

• By Sales Channel :

• OEM
• Aftermarket

 5-Way Valve

• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World
• Companies profiled
  • ALLGAIER AUTOMOTIVE
  • BENTELER International
  • FUTABA INDUSTRIAL CO., LTD.
  • KAUTEX TEXTRON GMBH & CO. KG
  • Magna International Inc.
  • Martinrea International Inc.
  • Plastic Omnium
  • SMA SERBATOI S.p.A.
  • TI Automotive
  • Westport Fuel Systems Inc.

The List of Companies
- ALLGAIER AUTOMOTIVE
- BENTELER International
- FUTABA INDUSTRIAL CO., LTD.
- KAUTEX TEXTRON GMBH & CO. KG
- Magna International Inc.
- Martinrea International Inc.
- Plastic Omnium
- SMA SERBATOI S.p.A.
- TI Automotive
- Westport Fuel Systems Inc.