Automotive Fuel Tank Market Growth Potential, Trends, Company Profiles and Forecasts to 2023

February 18, 2021
Ajitb567

Automotive Fuel Tank Market:

The global automotive fuel tank market is witnessing steady growth. The market growth attributes to the growth in the automotive industry worldwide. Besides, innovation in fuel tank technology and the increase in passenger and commercial vehicle sales drive the growth of the market. Moreover, increasing vehicle production across the globe escalates market demand.

According to Market Research Future (MRFR), the global automotive fuel tank market is poised to grow at approximately 5.65% CAGR during the forecast period (2017 – 2023).

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Increase in the demand for fuel tank capacity ranging from 45L to 70L and rising uses of sustainable and durable materials boost the market growth, resulting in increased safety of the passengers.

Additionally, the overall growth in transport infrastructure and fuel consumption regulations in well-developed regions influences the market growth. Major transporting of goods and equipment depends on the transport system with effective and efficient fuel consumption to reduce the transport charge and curb down inflation rates. The market is progressing rapidly due to increased fuel prices and stringent regulations to curb oil & gas wastage.

On the other hand, the additional cost and complexity involved with the installation of fuel tanks are the major factors projected to obstruct the market growth. Nevertheless, the substantial increase in the overall global fuel consumption and volatility in fuel prices would support market growth throughout the assessment period. Also, the demand to increase the fuel system’s efficiency to monitor and control fuel consumption would foster the growth of the market.

Automotive Fuel Tank Market – Segments

The report is segmented into four dynamics;

By Material         : Plastic, Steel, and Aluminium.

By Capacity :<45L, 45L-70L, and >70L.

By Vehicle Type: Passenger Car and Commercial Vehicle.

By Regions          : North America, Europe, APAC, and the Rest-of-the-World.

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