AUTOMOTIVE FUEL TANKS MARKET ANALYSIS

Automotive Fuel Tanks MarketSize and Trends

The global automotive fuel tanks market size was valued at USD 21,120 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 4.47% from 2023 to 2030. The growing demand for automobiles, along with the growing number of vehicle owners, are driving the market growth of the automotive fuel tanks market. The demand for fuel tanks is expected to rise over the next few years, driven by a range of factors, such as increased vehicle production and urbanization. Growing vehicle production and stringent emission norms are the major factors driving the market.

Global Automotive Fuel Tanks Market Trends:

The 45-70 liter fuel tanks segment is gaining traction in the global automotive fuel tanks market. Automobile manufacturers for the past five years have mostly been launching vehicles with minimum 45 liters tank capacity, in order to cater the increasing demand for vehicles suitable for long journeys having greater range of mileage. Moreover, with the use of large capacity fuel tanks, the dead space in the chassis get occupied and it adds stability to the car dynamics. Thus, this trend is expected to continue in the global automotive fuel tanks market in the near future.

Rise in industrialization and development of road infrastructure is another growing trend in the global automotive fuel tanks market, which is likely to fuel the market growth over the forecast period. Due to rise in development of road infrastructure and industrialization, the automotive industry is growing all over the world. This in turn is driving the demand for fuel tanks across the globe. As this trend is likely to continue, the market is expected to witness strong growth in during the forecast period.