LONDON--(BUSINESS WIRE)--The global commercial vehicle fuel tank market is expected to post a CAGR of nearly 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the growing preference for M&HCVs to transport freight. Over the years, in emerging countries such as China and India, there has been a growing preference for road transport. The subsequent increase in the use of heavy, medium, and light-duty vehicles is likely to result in less share of rail transport. The traffic congestions in China are caused mainly due to large heavy-duty trucks transporting goods from inner Mongolia to Beijing. One of the main reasons for opting roadways for transporting cargo is the limited number of rail services within the country. The lack of sufficient rail freight services is causing companies to choose roadways as a reliable mode of transportation for their products.
This market research report on the global commercial vehicle fuel tank market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing adoption of plastic fuel tanks to reduce vehicle weight as one of the key emerging trends in the global commercial vehicle fuel tank market:
Global commercial vehicle fuel tank market: 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. Since the 1970s, the automobile manufacturers have been introducing innovations to increase fuel economy. They aim at replacing metal parts with lightweight materials. The increasing use of plastics in vehicles has considerably reduced the weight of the vehicles. In the current scenario, plastics comprise almost 50% of the total materials used in vehicles. These materials improve the fuel economy and do not weigh more than 10% of the total weight of the vehicle. Lightweight vehicles provide better fuel economy, improved comfort and braking, better drivability, and low harmful emissions.
“Plastic fuel tanks can be designed in various shapes to utilize available space in the vehicles. These tanks are lightweight and provide relatively better corrosion resistance as compared to fuel tanks made of metal. Plastic fuel tanks used in vehicles are made using POM and HDPE. Moreover, the stringent fuel emission regulations in Europe and North America put enormous pressure on the OEMs to reduce fuel consumption, improve mileage and develop innovative designs,” says a senior analyst at Technavio for research on automotive components.
Global commercial vehicle fuel tank market: Segmentation analysis
This market research report segments the global commercial vehicle fuel tank market by application (LCV and M&HCV) and geographical regions (APAC, EMEA, and the Americas).
The LCV segment held the largest market share in 2018, accounting for nearly 87% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of nearly 56%. This region is expected to dominate the market through 2023.
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- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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