Market Leader - Automotive Fuel Tank Market
The automotive fuel tank market is estimated to be USD 16.6 billion in 2021 and is projected to reach USD 21.3 billion units by 2026, at a CAGR of 5.1%. The key growth drivers for the market are the need for lightweight vehicles for achieving zero greenhouse gas emissions, better fuel efficiency, longer driving range, and continuous investments and R&D activities by OEMs, fuel tank manufacturers, and governments toward the development of lightweight fuel tanks.
Collaborations/joint ventures/supply contracts/partnerships/agreements are the key strategies adopted by major players to gain traction in the automotive fuel tank market. For instance, in October 2020, Plastic Omnium (40% stake) and ElringKlinger (60% stake) agreed to use hydrogen-based fuel cell technology to create EKPO Fuel Cell Technologies, a joint venture dedicated to fuel cell stack development, production, and commercialization. It showcased a broad product portfolio to hydrogen systems integrators.
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The second most widely followed strategy to gain traction in the automotive fuel cell market by major market players is expansion. For instance, in April 2019, Yachiyo enhanced its position with local automakers at its subsidiary in Zhongshan, Guangdong Province, China. The company expanded its development and sales strength in the Chinese market by increasing the number of employees in the fiscal year ending in March 2020.
Plastic Omnium (France) is one of the key players in the automotive fuel tank market. The company offers conventional tanks and pressurized tanks, selective catalytic reduction (SCR) systems and water injection systems, high pressure gas storage tanks, and fuel cells. The company is into development and commercialization of lightweight automotive fuel tanks and is one of the leading suppliers. The company is in partnership with leading automotive manufacturers such as Audi, BMW, Chrysler, Citroen, DS, Maruti Suzuki, Nissan, Peugeot, Renault, Volkswagen, Daimler, Dacia, Ford, Porsche, SEAT, Volvo, Bentley, and Hyundai for the development and sales of fuel tanks.
Another important player in the automotive fuel cell market is Kautex (Germany). The company is a developer and manufacturer of blow-molded plastic fuel systems and advanced fuel systems, including pressurized fuel tanks for hybrid applications for cars, light trucks, and all-terrain vehicles. The company offers products and solutions such as plastic fuel tanks, pressurized fuel tanks for hybrid applications, and plastic fuel tanks. In August 2019, Kautex announced its joint venture with Unipart Manufacturing Group. The joint venture between Unipart and its German partner Kautex Textron Gmbh produces around 640,000 fuel tanks annually for leading automotive manufacturers such as Jaguar Land Rover, BMW, and Honda.
Related Reports:
Automotive Fuel Tank Market by Capacity (<45L, 45L-70L, >70L), Material (Aluminum, Plastic, Steel), CNG Tank Type (1, 2, 3 & 4), Propulsion (Hybrid, Hydrogen, ICE, NGV), 2-Wheeler (Motorcycle, Moped), SCR Technology and Region - Global Forecast to 2026
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