28th April 2020 – 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.
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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.
Key Players Analysis covered in these report:
- TI Automotive
- Luzhou North Chemical
- Chengdu Lingchuan
- Wanxiang Tongd
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Geographically, this report is segmented into several key Regions, with production, consumption, revenue (M USD), market share and growth rate of Automobile Fuel Tanks in these regions, from 2012 to 2023 (forecast), covering
- North America (United States, Canada and Mexico)
- Europe (Germany, France, UK, Russia and Italy)
- Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
- South America (Brazil, Argentina, Columbia)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)