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.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
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.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
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.
Technavio’s best deals of the month!
Mark the beginning of spring with Technavio. Get 30% discount on all energy reports.
Offer valid from 12th March for a limited period.
Get 20% off on all media and entertainment services reports. Offer valid only till the 31st of March.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.