Global Automotive Fuel Tank Market 2017-2021
About Automotive Fuel Tank
A fuel tank refers to a storage tank containing inflammable fluids. The fuel is stored and released in the form of pressurized gas into the engine. The global automotive fuel tank market is categorized according to the type of vehicles. The market is primarily divided into passenger cars (PCs), light commercial vehicles (LCVs), and medium and heavy commercial vehicles (M&HCVs) segments.
Technavio’s analysts forecast the global automotive fuel tank market to grow at a CAGR of 4.04% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive fuel tank market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Fuel Tank Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive fuel tank market: Continental, TI Automotive, Yachiyo Industry and Magna International.
Other Prominent Vendors in the market are: AETHRA GROUP AUTOMOTIVE SYSTEMS, Allgaier Werke, Boyd Welding, Donghee and FTS.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing adoption of plastic fuel tanks to reduce vehicle weight. Fuel tanks were conventionally made of steel. However, there is an increase in the use of plastic fuel tanks in recent times. These tanks use lightweight materials, reduce vehicle weight, and increase fuel efficiency.”
According to the report, one driver in the market is low penetration of cars in emerging countries. In 2015, there were approximately 800 cars for every 1,000 people in the US. In the emerging countries, such as China, the ratio declines to 50 cars for 1,000 people. In India, there are 20 cars for every 1,000 people. In the same year, the automotive industry recorded a growth in emerging countries like China, India, Brazil, South Korea, Indonesia, and parts of eastern Europe.
Further, the report states that one challenge in the market is increasing preference for car-sharing services in China, India, and Brazil. The increasing private car usage costs and cheap car-sharing services (cheaper than taxis) have led to an increase in demand for car sharing in emerging countries such as China, India, and Brazil. Since 2012, there has been a steady growth in the number of car-sharing operators, which has grown from 9 operators in 2012 to 22 operators by mid-2015. In China, a private car is estimated to spend about 93% of its time parked and unused. A car used for car-sharing service has a utilization rate of up to 60%.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit- https://www.technavio.com/report/global-automotive-components-global-automotive-fuel-tank-market-2017-2021
Continental, TI Automotive, Yachiyo Industry, Magna International, AETHRA GROUP AUTOMOTIVE SYSTEMS, Allgaier Werke, Boyd Welding, Donghee and FTS.