The global automotive fuel tank market to grow at a CAGR of 4.04% during the period 2017-2021.
The report, Global Automotive Fuel Tank Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is increasing adoption of plastic fuel tanks to reduce vehicle weight. Fuel tanks were conventionally made of steel. However, there is an increase in the use of plastic fuel tanks in recent times. These tanks use lightweight materials, reduce vehicle weight, and increase fuel efficiency.
According to the report, one driver in the market is low penetration of cars in emerging countries. In 2015, there were approximately 800 cars for every 1,000 people in the US. In the emerging countries, such as China, the ratio declines to 50 cars for 1,000 people. In India, there are 20 cars for every 1,000 people. In the same year, the automotive industry recorded a growth in emerging countries like China, India, Brazil, South Korea, Indonesia, and parts of eastern Europe.