The Automotive Fuel Cell Market is estimated to be USD 1628 million in 2020 and projected to reach USD 11585.33 million by 2027, at a CAGR of 29.9 %. The automotive fuel tank is a part of an engine system of an automotive which is used for storing the fuel or releasing the automotive fuel in the engine. The automotive fuel tank comes in a wide range of sizes and complexity and is used for secured filling, detecting fuel level, and to prevent the fuel leakages. The tank capacity and fuel efficiency are analyzed by the maximum distance covered by the automotive in a filled tank. The fuel tank of automobiles is generally made up of plastic and metal, which can be steel or aluminium.
The major factors driving the growth of the global automotive fuel tank market include the increase in the production volume of the vehicles owing to the rising demand of the vehicles among the customers across several regions.
In addition to this, the increasing number of innovations and research & development activities such as the production of plastic fuel tanks, along with the growing awareness regarding the exceptional features of the fuel tank such as corrosion resistance, self-sealing, durability, and the ability to endure harsh climatic conditions are some other key reasons fuelling the growth of the global automotive fuel tank market during the forecast period.
The increasing industrialization, economic growth, rise in the disposable and per capita income, followed by the increasing middle-class population, is also leading to an increase in the sales of automobiles, especially passenger cars, across the developing economies. The combination of these factors is thriving in various growth opportunities for the autonomous fuel tank in the market.
Several government regulations for the development of light-weight components and vehicles having enhanced fuel efficiency and reduced consumption of fuel are also proliferating the growth of the global autonomous fuel tank in the market worldwide. The factors that are restraining the growth of the global automotive fuel tank market include the rising government initiatives and efforts for encouraging the adoption of electric vehicles as a result of the rising environmental concerns.
The automotive fuel tank market is dominated by a few global players and comprises several regional players. 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 SerbatoiS.p.A. (Italy).
On the basis of geography, the global automotive fuel tank market is subdivided into Europe, North-America, Asia-Pacific, and Rest of the world. Europe and North America have announced inflexible evaporative emission standards which increases the demand for plastic fuel tanks in those regions. Asia- Pacific region holds the largest market share in the automotive fuel market and the leading contributor is China (the major consumer and producer of automobiles in global market) and others contributors belong from Japan, South-Korea, and India. India appears to be an emerging country for automotive fuel tank market whereas Japan and South-Korea ensure well-established markets in this sector.
Report : Automotive Fuel Tank Market - By Material (Steel, Plastic, Aluminium), By Capacity (<45 Litres, 45-70 Litres, >70 Litres), By Propulsion (Natural Gas Vehicle (NGV), ICE, Hybrid, Hydrogen) And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027