Market Size of Automotive Fuel Tank Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 19.23 Billion |
| Market Size (2029) | USD 24.31 Billion |
| CAGR (2024 - 2029) | 4.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Fuel Tank Market Analysis
The Automotive Fuel Tank Market size is estimated at USD 19.23 billion in 2024, and is expected to reach USD 24.31 billion by 2029, growing at a CAGR of 4.80% during the forecast period (2024-2029).
Over the medium term, factors such as growing demand for lightweight vehicles due to fuel efficiency, increasing vehicle production, and rapid urbanization are expected to drive market growth. The market is experiencing growth due to the increasing demand for commercial vehicles, particularly in the logistics and construction sectors. The rise of the e-commerce industry has driven this demand.
The automotive fuel tank market has been experiencing a surge in demand due to the increasing penetration and popularity of electric vehicles. However, the growth of this market may be hindered by the rising prices of base metals like aluminum.
To reduce vehicle weight and cater to the growing demand, manufacturers worldwide are replacing metal fuel tanks with plastic ones. Plastic fuel tanks offer several advantages over metal fuel tanks, making them popular among automakers and customers. Consequently, plastic has become the most preferred material for building fuel tanks.
Automotive Fuel Tank Industry Segmentation
A fuel tank is a safe storage solution for flammable and hazardous liquids such as diesel, gasoline, and petrol.
The automotive fuel tank market is segmented by capacity, material type, vehicle type, and geography. By capacity, the market is segmented into less than 45 liters, 45-70 liters, and above 70 liters. By material type, the market is segmented into plastic, aluminum, and steel. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. For each segment, the market sizing has been done based on the value (USD).
| By Capacity | |
| Less than 45 liters | |
| 45-70 liters | |
| Above 70 liters |
| By Material Type | |
| Plastic | |
| Aluminum | |
| Steel |
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Geography | |||||||
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Automotive Fuel Tank Market Size Summary
The automotive fuel tank market is poised for significant growth over the forecast period, driven by the increasing demand for lightweight vehicles and the rising production of vehicles globally. Factors such as rapid urbanization and the burgeoning e-commerce sector are contributing to the heightened demand for commercial vehicles, particularly in logistics and construction. The market is also witnessing a shift towards plastic fuel tanks, which offer advantages like reduced weight and improved fuel efficiency over traditional metal tanks. This transition is supported by the growing popularity of electric vehicles, although challenges such as rising base metal prices could impact market dynamics. The demand for larger fuel tanks is increasing, particularly in regions like Japan, China, India, Germany, France, and Spain, where sedans and SUVs are gaining popularity.
The Asia-Pacific region, with China and India at the forefront, is experiencing a robust expansion in the automotive industry, driven by rising passenger car demand and significant vehicle sales. China leads in auto industry throughput and component production, while India is emerging as a major player in the global automobile export market. The region's growth is further supported by advancements in low-emissions and fuel-efficient internal combustion engines. Key players in the automotive fuel tank market, such as Compagnie Plastic Omnium SA and Kautex Textron GmbH & Co. KG, are leveraging new material and design developments to maintain their market share. Innovations like high-pressure hydrogen tanks and new resin materials for fuel-cell vehicles are indicative of the ongoing technological advancements shaping the market's future.
Automotive Fuel Tank Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Driver
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1.1.1 Rising Demand for Fuel-efficient Vehicles
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1.2 Market Restraint
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1.2.1 Rapid Adoption of Electric Vehicles
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD)
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2.1 By Capacity
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2.1.1 Less than 45 liters
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2.1.2 45-70 liters
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2.1.3 Above 70 liters
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2.2 By Material Type
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2.2.1 Plastic
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2.2.2 Aluminum
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2.2.3 Steel
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2.3 By Vehicle Type
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2.3.1 Passenger Cars
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2.3.2 Commercial Vehicles
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 India
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Rest of the World
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2.4.4.1 South America
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2.4.4.2 Middle East and Africa
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Automotive Fuel Tank Market Size FAQs
How big is the Automotive Fuel Tank Market?
The Automotive Fuel Tank Market size is expected to reach USD 19.23 billion in 2024 and grow at a CAGR of 4.80% to reach USD 24.31 billion by 2029.
What is the current Automotive Fuel Tank Market size?
In 2024, the Automotive Fuel Tank Market size is expected to reach USD 19.23 billion.
