Home > Automotive > Automotive Parts > Exterior Parts > Automotive Fuel Tank Market

Automotive Fuel Tank Market Size

Report ID: GMI11914
Published Date: Oct 2024
Report Format: PDF

Download Free Sample

Automotive Fuel Tank Market Size

The global automotive fuel tank market size was valued at USD 17.6 billion in 2023 and is projected to grow at a CAGR of 4.7% between 2024 and 2032. The global automotive industry is experiencing significant growth, particularly in emerging markets. Increased vehicle production is driving higher demand for fuel tanks, spurred by rising disposable incomes, urbanization, and improved road infrastructure in developing countries. The expansion of ride-sharing services and fleet operations further boosts vehicle production.

To get key market trends

Download Free Sample

For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), in the year 2023, total passenger car production amounted to 67.1 million units and commercial vehicle production reached 26.4 million units. Manufacturers are scaling up and establishing new production facilities in high-growth regions, leading to greater demand for fuel tanks and innovation in design and materials to meet diverse specifications and regional regulations. This trend benefits the automotive fuel tank industry, creating opportunities for OEM and aftermarket segments.

Automotive Fuel Tank Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive Fuel Tank Market Size in 2023:	USD 17.6 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.7%
2032 Value Projection:	USD 26.3 Billion
Historical Data for:	2021 - 2023
No. of Pages:	180
Tables, Charts & Figures:	200
Segments covered:	Capacity, Material, Propulsion, Vehicle
Growth Drivers:	Increasing global vehicle production Growing focus on vehicle weight reduction Increasing adoption of alternate fuel vehicles Advancements in fuel tank design
Pitfalls & Challenges:	Growing shift towards electric vehicles Fuel compatibility issues

Learn more about the key segments shaping this market

Download Free Sample

Governments worldwide are enforcing stricter emissions standards to combat air pollution and climate change, impacting fuel tank design and manufacturing. Fuel tanks play a crucial role in controlling evaporative emissions, prompting manufacturers to develop advanced tanks with improved sealing systems, integrated vapor management, and enhanced materials to minimize fuel vapor emissions. Regulatory pressure drives investment in R&D for low-emission fuel tank solutions and encourages adopting advanced systems in emerging markets to align with global environmental standards. The tightening of emissions regulations continues to shape the automotive fuel tank industry, fostering innovation and opportunities for suppliers of cutting-edge, low-emission technologies.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The global market for automotive fuel tank was reached USD 17.6 billion in 2023 and is projected to grow at a 4.7% CAGR from 2024 to 2032, driven by increased vehicle production in emerging markets.

The 45-70 liters fuel tank segment accounted for over 55% of the market share in 2023 and is expected to cross USD 13 billion by 2032, as consumers prioritize vehicle range in their purchasing decisions.

The plastic segment in the automotive fuel tank market is projected to exceed USD 18 billion by 2032, driven by automakers' focus on vehicle weight reduction to enhance fuel efficiency and meet emissions regulations.

China accounted for over 40% of the automotive fuel tank market in 2023, with manufacturers developing lightweight fuel tanks to improve fuel efficiency and comply with strict emissions standards.

Key players in the industry include Donghee, Fuel Total Systems, Kautex (Textron), Magna International, Motherson Yachiyo Automotive Systems, OPmobility, SRD Holdings, TI Fluid Systems, Unipres Corporation, and YAPP Automotive Systems (SDIC Group).