Automotive Fuel Tank Market worth $27.4 billion by 2027

1. MarketsandMarkets Presents • Automotive Fuel Tank Market worth $27.4 billion by 2027 https://www.marketsandmarkets.com/Market-Reports/automotive-fuel-tank-market-23737735.html

2. The report "Automotive Fuel Tank Market by Capacity (<45 L, 45 L-70 L & >70 L), Material (Aluminium, Plastic & Steel), SCR Technology, CNG Tank Type (Type 1, Type 2, Type 3 & Type 4), Propulsion Type (Hybrid, Hydrogen, ICE & NGV) and Region - Global Forecast to 2027", The automotive fuel tank market is estimated to be USD 20.5 billion in 2020 and projected to reach USD 27.4 billion by 2027, at a CAGR of 4.2%. The market is driven by increasing vehicle production, including passenger and commercial vehicles, demand for lightweight vehicles for achieving a longer driving range, government support for alternate fuels, stringent emission norms that require minimum GHG emissions, and government initiatives pertaining to hydrogen infrastructure. Browse 145 market data Tables and 50 Figures spread through 181 Pages and in-depth TOC on "Automotive Fuel Tank Market” The key players in the market include The Plastic Omnium (France), Textron-Kautex (Germany), Yapp (China), TI Fluid (UK), Yachiyo (Japan), Unipres (Japan), Fuel Total Systems (Japan), Magna International (Canada), and SMA Serbatoi S.P.A. (Italy), and among others.

3. High Density Polyethylene to be the most widely used material for automotive fuel tanks market Plastic fuel tanks are principally produced using High Density Polyethylene (HDPE). These tanks are lightweight and can be easily molded according to the requirements of OEMs. The demand for plastic fuel tanks is higher than metal fuel tanks, resulting in an increased demand for HDPE. Plastic fuel tanks find application in almost every vehicle segment, including passenger cars, LCVs, and HCVs. As of 2020, plastic fuel tanks are estimated to account for the largest share, in terms of both volume and value, of the global automotive fuel tank market. The demand for plastic fuel tanks is primarily driven by increasing vehicle production and the growing trend of vehicle weight reduction, which has been triggered by stringent emission norms. Also, there is an increase in the number of passenger and commercial vehicles in developing countries like India as well as developed countries like Japan. Get The PDF Brochure For This Report@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=23737735

4. 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 liters. The automotive fuel tank market is classified into three main categories in terms of capacity—<45 liters, 45–70 liters, and >70 liters. Many passenger vehicles, including mini cars, hatchbacks, and mid-size sedans, fall under the category with a fuel tank capacity of less than 45 liters. Many SUVs and luxury cars have tank capacities greater than 70 liters. Among all the three segments, the largest market is for fuel tank capacity with 45-70 liters 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. Request FREE Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=23737735 Asia Oceania is projected to be the fastest growing automotive fuel tank market The Asia Oceania region is the largest automobile producer, given the increasing demand for passenger vehicles in countries such as China, India, Japan, and South Korea. China is the biggest manufacturer of vehicles in the world. India’s commercial vehicle market has been growing eminently and contributes a significant share to the national GDP.

5. Moreover, growing industrialization and improving developments in infrastructure in the Asia Oceania region is driving the growth of commercial vehicles. Also, the manufacturing and production of vehicles are growing at a fast pace due to FDIs coming in countries like Thailand, Malaysia, and Vietnam. With this growth in vehicle production, the demand for automotive fuel tanks has increased in Asia Oceania. 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 favorable 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, hydrogen fuel tank is projected to be the fastest growing market during the forecast period.

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