Opportunities in Automotive Fuel Tank Market
Research Reports
Jan 08, 2021
The Automotive Fuel Tank Market is estimated to be USD 20.5 billion in 2020 and is projected to reach USD 27.4 billion by 2027, at a CAGR of 4.2%.
The key growth drivers for the market are the need for lightweight vehicles for achieving zero greenhouse gas emissions, better fuel efficiency, longer driving range, and continuous investments and R&D activities by OEMs, fuel tank manufacturers, and governments toward the development of lightweight fuel tanks.
Some of the key players operating in the market are Plastic Omnium (France), Textron – Kautex (Germany), YAPP (China), TI Fluid Systems (UK), Yachiyo (Japan), Unipres (Japan), Fuel Total Systems (Japan), Magna International (Canada), and SMA Serbatoi S.p.A. (Italy).
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The 45–70L capacity segment is projected to be the largest automotive fuel tank market, by capacity
The average size of an automobile fuel tank is between 40 and 70 litres. The automotive fuel tank market is classified into three main categories in terms of capacity—70 litres. Many passenger vehicles, including mini cars, hatchbacks, and mid-size sedans, fall under the category with a fuel tank capacity of fewer than 45 litres. Many SUVs and luxury cars have tank capacities greater than 70 litres. Among all the three segments, the largest market is for fuel tank capacity with 45-70 litres as the vehicle production for sedans and mini SUVs is growing at a fast rate in Asian and European countries like Japan, China, India, Germany, France, and Spain.
Hydrogen tank to be the fastest-growing segment of the automotive fuel tank market, by propulsion
The increasing stringency of emission and fuel efficiency norms has shifted the focus of automotive manufacturers toward alternative fuel vehicles such as compressed natural gas (CNG), liquefied natural gas (LNG), and fuel cell vehicles. Under the efficiency standards adopted in 2012, the US passenger vehicle fleet needs to achieve an average fuel economy of 49.1 miles per gallon (mpg) by 2025, or 54.5 mpg as measured in terms of CO2 emissions with various credits for additional climate benefits factored in. For the year 2020, the CAFE standards have set the limit at 49 mpg for cars and 25 mpg for trucks. Several governments have set renewable energy targets and implemented favourable policies such as the Kyoto Protocol. Japan has set a target of setting up 900 hydrogen refuelling stations and 800,000 hydrogen fuel cars by 2028, which will boost the market for hydrogen fuel tanks. Thus, the hydrogen fuel tank is projected to be the fastest-growing market during the forecast period.
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Lightweight Type 4 CNG tanks are expected to be the fastest-growing segment during the forecast period
According to the NGV Journal, almost 85 countries across the globe use CNG-powered vehicles, with more than 22.4 million vehicles and 25,000 fueling stations spread across 2,900 cities worldwide. CNG cylinders are designed based on the type of material (metal, glass fibre, and carbon fibre) used. These tanks can be classified into four types—Type 1, Type 2, Type 3, and Type 4—and come in different sizes, depending on specific requirements of the vehicle. Type 4 tanks are lightweight and predominantly used in HDVs. Thus, vehicles equipped with Type 4 tanks offer better fuel efficiency.
Critical Questions:
- How will the rising demand for electric vehicles impact the automotive fuel tank market in the long term?
- How will government regulations and emission norms impact the automotive fuel tank market?
- What are the upcoming trends in the automotive fuel tank market? What impact would they make post-2025?
- What are the key strategies adopted by leading market players to increase their revenue?
- Which regions and countries are expected to be the key markets for lightweight automotive fuel tank over the next decade?
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