Substantial R&D investments in the automotive fuel tanks market
Key stakeholders in the automotive fuel tanks market are investing massive amounts in R&D that should spur the development of innovative technologies. This is anticipated to give rise to demand for advanced plastic and metal fuels among consumers, which will boost the growth of the automotive fuel tanks market during the course of the forecast period. R&D has enabled manufacturers to develop automotive fuel tanks that can withstand harsh climatic conditions and maintain their durability without undergoing much variation. Advanced automotive fuel tanks have features such as self-sealing, corrosion resistance, recyclability, and several layers that increase their appeal among consumers in the automotive fuel tanks market.
Plastic fuel tanks to gain popularity in the automotive fuel tanks market
Manufacturers across the world are replacing metal fuel tanks with plastic fuel tanks to meet the rising demand and satisfy discerning customer requirements. Plastic fuel tanks have several inherent advantages over metal fuel tanks and this is enhancing their popularity in the automotive fuel tanks market. Some of the benefits of plastic tanks over metal include their lightweight build, design flexibility, corrosion resistance, and durability; making them highly sought after in the automotive fuel tanks market.
Growth of the plastic fuel tanks segment in the global automotive fuel tanks market
Consumption of plastic fuel tanks was pegged at 79,054.6 units in 2017 and is expected to reach nearly 128,350.0 units by 2025 end. Sales of plastic fuel tanks is estimated to be valued at US$ 19,503.1 Mn in 2017 and is slated to reach US$ 34,084.8 Mn by 2025. This reflects a CAGR of 7.2% in terms of value over the forecast period. Consumption of metal fuel tanks was pegged at 15,425.5 units in 2016 and is expected to reach nearly 22,414.9 units by 2025 end. Sales of metal fuel tanks is estimated to be valued at US$ 2,992.3 Mn in 2017 and is slated to reach US$ 4,552.4 Mn by 2025. This reflects a CAGR of 5.4% during the forecast period.
High cost of plastic fuel tanks a challenge in the automotive fuel tanks market
The high cost of plastic fuel tanks is quite likely to be the biggest challenge, restraining widespread adoption of plastic fuel tanks in the automotive fuel tanks market. This is especially relevant in regions such as Latin America, APEJ, and MEA, where customers are typically more price-sensitive than their North American and European counterparts. For e.g., in Latin America, buyers actually prefer metal fuel tanks as they are cheaper and this far outweighs any benefits that plastic may have in the automotive fuel tanks market, real or perceived.
Electric vehicles a major threat in the automotive fuel tanks market
The 21st century will be dominated by discussions of the impending fuel crisis and alternate sources of fuel in the automotive industry. The two most mentioned subjects of interest are battery operated and electric cars. Both these technological marvels are expected to pose an existential threat to the automotive fuel tanks market as neither requires a fuel tank. In addition, electric vehicles are more efficient, easy to use, and cost-effective in the long run. Electric vehicles have become very popular in Europe as consumers in European countries seek environmentally friendly vehicles. Consumers have become fairly skeptical of diesel powered vehicles in Europe and this is predicted to negatively impact the global automotive fuel tanks market.
About the Report
The automotive industry is one of the clearest signs of a country’s economic development and emerging markets have created favorable conditions to enable automakers to commit big bucks to the country. Once a particular manufacturer has entered the market, it brings a number of ancillary industries along with it, a key one being automotive fuel tanks. Persistence Market Research in the report titled ‘Automotive Fuel Tanks Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025’ has scrutinized the automotive fuel tanks market for an eight-year period from 2017 to 2025.
In an industry as critical to a nation’s self-sufficiency as the automotive industry, you can expect nothing less than cutthroat competition and this holds true for the automotive fuel tanks market as well. In the competitive dashboard, we have profiled the prominent companies active in the global automotive fuel tanks market. The dashboard includes an overview, important takeaways, key financial ratios, a SWOT examination, and the SIC, NAICS, and NACE codes. Recent developments and the overall strategy adopted give you a complete idea of your immediate competition in the automotive fuel tanks market.
The automotive fuel tanks market has been divided into five geographic regions for the purpose of the report. The regions are North America, Latin America, Europe, APAC, and MEA. Each has a dedicated chapter where we focus on the drivers, restraints, opportunities, and threats that can impact the regional automotive fuel tanks market. The historical market size from 2012 -2016 has been compared with the anticipated growth during the forecast period so you can make critical business decisions with all the information available at your disposal. The current market size and expected future growth of the largest countries in each strategic region has been indicated in terms of fuel and material type, capacity, sales channel, and vehicle type. An impact study of the drivers and restraints coupled with a market attractiveness analysis concludes this vital section of the automotive fuel tanks market report.
The automotive fuel tanks market report begins with executive summary that provides readers with a first glance at the automotive fuel tanks market. This chapter comprises an overview and brief assessment. Our team of dedicated analysts have studied the automotive fuel tanks market in depth and made certain opinions and recommendations. These take the form of an overall approach, segment to target, and country to invest in, with a differentiating strategy to attain success in the automotive fuel tanks market. The Wheel of Fortune can be considered the easiest way to understand the automotive fuel tanks market as it is a graphical representation that clearly mentions the segments that can expect to record highest growth in the automotive fuel tanks market.
The introduction is complementary to the executive summary and can be read in tandem with it. The introduction consists of the taxonomy and the definition of the automotive fuel tanks market. Report readers who wish to understand the automotive fuel tanks market from the very grassroots level are advised to refer to this informative section of the automotive fuel tanks market report.
Automotive Fuel Tanks Market Taxonomy
Fuel and Material Type
The market viewpoint section is extremely crucial for key stakeholders who seek to enter the automotive fuel tanks market. The macroeconomic factors coupled with the opportunity analysis could be quite helpful to our readers. The market analysis and forecast section is where we highlight and contrast the historical automotive fuel tanks market size for the period 2012-2016 with the projected size from 2017-2025. This is with the help of key metrics such as CAGR, absolute dollar opportunity, and Y-o-Y growth rate. The global supply-demand scenario, product cost structure, and a value chain breakdown enable our readers to make their decisions in the automotive fuel tanks market with a strong degree of confidence.