LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global automotive fuel tank market is expected to reach 97.67 million units by 2021, growing at a CAGR of more than 4%.
This research report titled ‘Global Automotive Fuel Tank Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The key vendor selection criteria are based on product portfolio and geographical presence of the vendors.
The increasing demand for SUVs and crossovers in China and Europe will increase the sales of passenger cars and drive the global automotive fuel tank market during the forecast period. The light weighting of passenger cars to achieve better fuel economy will lead to an increase in adoption of plastic fuel tanks, which will help in reducing vehicle weight.
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Technavio’s analysts categorize the global automotive fuel tank market into three major segments by product. They are:
- Passenger cars
- LCVs
- M&HCVs
Global automotive fuel tank market in passenger cars
In 2016, the passenger cars segment held 84% share in the global automotive fuel tank market, which will decrease marginally to 82% by 2021. APAC is the biggest market for automotive fuel tank as it has the largest market for passenger cars. The increasing purchasing power and social recognition associated with owning cars drive the passenger cars segment in APAC.
According to Praveen Kumar, a lead automotive components research analyst from Technavio, “The recovering economy, decrease in unemployment, lower interest rates, and decline in fuel prices drive the passenger cars market in the Americas. In 2015, the sales of SUVs and crossovers increased by about 10% in the passenger cars market in the US.”
Global automotive fuel tank market in LCVs
In 2016, the LCVs segment accounted for 11% share in the global automotive fuel tank market, which will increase up to 13% by 2021 mainly due to an increase in demand for pickup trucks for last-mile connectivity and transportation in cities.
“The growth in construction and inter-city activities involving transportation of man and materials drive the LCVs market. The Canadian government initiated plans in its 2016 annual budget to invest about USD 120 billion for the development of infrastructure by 2026,” says Praveen.
Global automotive fuel tank market in M&HCVs
In 2016, the M&HCVs segment accounted for 5% share in the global automotive fuel tank market, which will increase marginally by 2021, growing at a CAGR of more than 4% during the forecast period.
The rise in the preference for transporting freight through roads drives the sales of M&HCVs. The increase in the sales of M&HCVs directly leads to an increase in the demand for automotive fuel tanks for M&HCVs. Freight companies in countries, such as China and India, prefer road for transporting freight due to irregular freight services offered by rail.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Continental
- TI Automotive
- Yachiyo Industry
- Magna International
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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