LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive plastic fuel tank market to grow at a CAGR of more than 4% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive plastic fuel tank market into the following applications (passenger vehicles and commercial vehicles) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
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In this report, Technavio analysts highlight the increasing demand for automobile as a key factor contributing to the growth of the global automotive plastic fuel tank market:
Increasing demand for automobile
The increase in automobile sales will increase the sales of automotive plastic fuel tanks because most of the vehicles these days come equipped with plastic fuel tanks. The demand for passenger cars is increasing in emerging economies such as Brazil, China, and India because of an elevated purchasing power of consumers and substantial economic growth. The growth in emerging markets has been vigorous, in step with ongoing industrialization, and global trade activity, particularly in Brazil, Russia, India, and China (BRIC).
China's massive fiscal stimulus packages in recent years made it the leader in emerging markets. Over the past few years, China has maintained its position as the world's largest automotive market. The automotive market in India is dynamic in nature and is growing rapidly. Consequently, many auto OEMs are entering the market to tap the huge potential. The economic growth in BRIC nations has fueled the growth rates in the automotive industry.
According to a senior analyst at Technavio for automotive components, “The economic growth in BRIC nations has propelled the growth of the auto industry in the recent years. Intense vendor competition and saturated markets have encouraged most global vehicle manufacturers to shift their focus to these countries. This creates an opportunity for various automotive vendors to promote their products and solutions across emerging markets. Many global auto manufacturers have partnered with automakers of emerging market nations to gain access to their markets.”
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Global automotive plastic fuel tank market segmentation
Of the two major applications, the passenger vehicles segment held the largest market share in 2017, accounting for nearly 84% of the market. However, the market share for this application is expected to decrease by nearly 2% by 2022.
APAC was the leading region for the global automotive plastic fuel tank market in 2017, accounting for a market share of approximately 52%. This market is anticipated to witness tremendous growth during the forecast period.
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