Global Automotive Fuel Filler Cap Market 2019-2023
About this market
Fuel filler caps in flexible fuel vehicles to drive market growth. The global automotive industry is witnessing an increasing uptake of bio-fuel and flexible fuel vehicles. This stems from growing environmental concerns and depleting sources of conventional fuel, which is pushing government agencies, councils, and automakers to look for other sources of fuel and new energy vehicles such as fuel cell vehicle, battery electric vehicle. Technavio’s analysts have predicted that the automotive fuel filler cap market will register a CAGR of over 2% by 2023.
Greater use of advanced manufacturing, testing methods, and techniques
The global automotive fuel filler cap market is growing from advances in designing and manufacturing processes. Automotive testing involves checks of the entire vehicle, including its components and parts, to ensure the vehicle conforms to the minimum level of safety requirements.
Faulty fuel filler caps leading to safety concerns, vehicle recalls
The global automotive fuel filler cap market is growing in sync with sales of automobiles. Fuel filler caps play an important role in determining vehicular safety and crashworthiness in the event of a collision as fuel leakage can lead to life-threatening situations. Faulty fuel filler caps or insecure/improper seals in caps with fuel filler nozzles can lead to serious safety concerns. There have been occurrences of such issues and led to vehicle recalls, which challenge market growth.
For the detailed list of factors that will drive and challenge the growth of the automotive fuel filler cap market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including VELVAC and Wisco Products the competitive environment is quite intense. Factors such as the greater use of advanced manufacturing, testing methods, and techniques and the fuel filler caps in flexible fuel vehicles, will provide considerable growth opportunities to automotive fuel filler cap manufactures. Newton Equipment, Reutter, Stant, Toyoda Gosei, VELVAC, and Wisco Products are some of the major companies covered in this report.
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