LONDON--(BUSINESS WIRE)--The global commercial vehicle fuel tank is expected to post a CAGR of nearly 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Factors such as lack of efficient rail freight services and the unavailability of adequate freight trains in several countries have caused companies to choose roadways as a reliable mode of transportation for their products. For instance, in India, road transportation is widely chosen by companies for container transport. This can be attributed to poor last-mile connectivity and the lack of adequate freight trains in the country. Also, the congestion caused by the high adoption of passenger trains has forced several manufacturers to rely on road transportation for freight deliveries. This has increased the demand for M&HCVs which is fueling the growth of the global commercial vehicle fuel tank market.
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As per Technavio, the increasing adoption of plastic fuel tank to reduce vehicle weight will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Commercial Vehicle Fuel Tank Market: Increasing Adoption of Plastic Fuel Tanks to Reduce Vehicle Weight
Automobile manufacturers are adopting plastic fuel tanks as they offer better corrosion resistance compared to fuel tanks made of metal. Moreover, they help in improving fuel efficiency by reducing the overall weight of the vehicle. Plastic fuel tanks can also be designed in various shapes to ensure efficient space utilization in vehicles. With the growing stringency of regulations pertaining to vehicle emissions, the adoption of plastic fuel tanks will gain momentum during the forecast period.
“Increasing fuel tank capacities due to rising penetration of SUVs and crossovers and the adoption of hybrid electric vehicles will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Commercial Vehicle Fuel Tank Market: Segmentation Analysis
This market report segments the global commercial vehicle fuel tank market by application (LCV and M&HCV) and geography (Americas, APAC, and EMEA).
The Americas region led the market in 2018, followed by APAC and EMEA respectively. During the forecast period, the Americas region is expected to maintain its dominance over the market. This is due to the growing demand for heavy-duty trucks in the construction and mining industries in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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