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Technavio’s market research report predicts that the global automotive fuel tank market will grow at a CAGR of above 4% during the forecast period. Rising demand for ultra-luxury vehicles is one of the primary factors for this market’s growth. The growth in the number of ultra-high-net-worth individuals has led to a significant increase in the sales numbers of ultra-luxury vehicles. The ultra-luxury vehicle manufacturers like Porsche, Bentley, Rolls-Royce, and Jaguar have also introduced new SUVs to enter the segment and raise their sales numbers. Moreover, the luxury cars entering China and Germany are growing in number, and the automotive sector in China witnessed a rapid growth, particularly in the luxury car segment. For instance, the sales of Mercedes in China rose in 2016 with an increase of about 52% from 2015 and this rise in the sales can be attributed to the solid demand for Mercedes-Benz S-class Saloon.
One of the latest trends that will gain traction in the global automotive fuel tank market is the weight reduction in cars. The manufacturers are compelled by the fuel emission regulations in Europe and North America to come up with innovative and efficient designs to lower fuel consumption and improve the fuel efficiency. One of the effective ways is by lessening the overall weight of the vehicle as it takes about two-thirds of the energy needed to move the vehicle. Materials like composites, lightweight steel, aluminum, reinforced steel, and carbon fiber are widely used to increase the fuel economy. Moreover, the manufacturers are adopting advanced materials to cut down on the weight of the trucks and vehicles.
The global automotive fuel tank market comprises of numerous well-known and small-scale vendors who offer products that can be used in different applications. The key vendors in the market offer customizable steel, aluminum, and plastic fuel tanks to meet customer needs further increasing the competition. Moreover, the rise in the requirement for plastic fuel tanks globally has led to manufacturers substituting the steel fuel tanks with plastic and aluminum fuel tanks to lessen the overall weight of the vehicles.
Key vendors in the market are:
Other prominent vendors include AETHRA GROUP AUTOMOTIVE SYSTEMS, Allgaier Werke, Boyd Welding, Donghee, and FTS.
During 2016, the passenger cars dominated the product segment in the global automotive fuel tank market and is expected to continue its dominance over the next four years. Factors like increasing purchasing power and social recognition associated with owning cars, improving economy, lower interest rates, and a decline in fuel prices drives the growth of the segment.
In terms of geography, APAC led the global automotive fuel tank market during 2016 and is anticipated to continue the dominion during the forecast period. The increasing sales of SUVs and crossovers in countries like China and Europe drive the growth of the region globally.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Geographical segmentation
PART 08: Key leading countries
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape
PART 15: Key vendor analysis
PART 16: Appendix
Tags: electric fuel pump, oil tanker, car maintenance, vehicle parts, auto manufacturers, automotive industry reports,
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