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    Automotive Pressure Vessels Market Report

    Automotive Pressure Vessels Market Report
    Report code - SR1456 Published On : Dec,2021 No. of Pages: 135
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    Automotive Pressure Vessels Market Size, Share, Trend, Forecast, Competitive Analysis, and See more...

    Impact of COVID-19 on Automotive Pressure Vessels Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Automotive Pressure Vessels Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Highlights

    Alternative fuel vehicles refer to those vehicles that run on fuel other than gasoline or diesel. The study on automotive pressure vessels includes CNG, LNG, and hydrogen pressure vessels that are used in alternative fuel vehicles. The demand for these vehicles has been constantly growing, due to the inclination towards clean-energy alternatives of diesel-or-gasoline-powered vehicles and the need for reducing carbon dioxide and other vehicle emissions. These pressure vessels are used in a number of vehicles, such as buses, trucks, forklifts, and passenger cars.

    The market with excellent growth potential saw a massive decline in 2020. Implementation of lockdown and postponement of vehicle purchase, and decline in new alternative fuel vehicle registration due to the pandemic negatively impacted the automotive pressure vessels market in 2020.

    Despite being suffered by a huge loss in 2020, the automotive pressure vessel market seems to be brighter with a number of growth opportunities for pressure vessel manufacturers in the years to come. The “clean air” initiatives taken by various governments, the presence of natural gas in abundance, and the increasing demand for FCEVs are likely to accelerate the demand for pressure vessels in the coming years. Considering the past years' trend, NGV statistics, future growth prospects, and extensive primary interviews, the automotive pressure vessels market is projected to grow at a staggering CAGR of 16.6% over the next five years to reach a value of US$ 6.6 billion in 2026.

    Market Segments' Analysis

    Based on the pressure vessel type, the automotive pressure vessels market is segmented as type I, type II, type III, and type IV. Type-I pressure vessels lad the market in 2020 and are expected to maintain their leading position during the forecast period as well.  This is majorly due to the significant use of type-I tanks in CNG-powered vehicles in developing economies. However, Type-IV pressure vessels are likely to offer excellent growth opportunities in the coming years, driven by their various advantageous properties, such as lowest weight, better energy storage density, corrosion and fatigue resistance, and improved fuel economy.

    Based on the fuel type, the market is segmented as CNG, LNG, and Hydrogen. In the coming years, the use of hydrogen pressure vessels is expected to grow at a magnificent rate, driven by the capacity expansion plans of FCEV manufacturers, development of hydrogen refueling infrastructure, continuous increase in investments in the clean energy sector, and supremacy of hydrogen fuel-cell vehicles over battery and diesel vehicles.

    In terms of regions, Asia-Pacific is expected to remain the largest as well as fastest-growing automotive pressure vessels market during the forecast period, driven by countries like China, India, Japan, and South Korea. As per 2019 NGV statistics, Asia-Pacific alone accounted for a 71% share in the global NGV fleet, with China, Iran, and India being the top three countries on the list.

    Europe and North America are also likely to offer favorable growth opportunities in the coming five years, driven by an increased acceptance of alternative fuel-based vehicles in both regions. In terms of market size, Europe is far large than North America. There is a huge dominance of type-I pressure vessels in Europe, whereas, the North American market is highly dominated by type-III and type-IV pressure vessels.  

    Key Players

    The supply chain of this market comprises raw material suppliers, pressure vessel manufacturers, and OEMs. Following are the key players in the automotive pressure vessels market.

    • Beijing Tianhai Industry Co., Ltd.
    • Cylinders Holding Group
    • Everest Kanto Cylinder Ltd.
    • Faber Industrie SpA
    • Hengyang Jinhua High-Pressure Container Co., Ltd
    • Hexagon Composites ASA
    • ILJIN Composites,
    • Luxfer Holdings PLC
    • Sinoma Science & Technology Co., Ltd.
    • Worthington Industries, Inc.

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s automotive pressure vessels market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The automotive pressure vessels market is segmented into the following categories. 

    Automotive Pressure Vessels Market, by Pressure Vessel Type

    • Type I (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Type II (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Type III (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Type IV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Automotive Pressure Vessels Market, by Fuel Type

    • CNG (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • LNG (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Hydrogen (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Automotive Pressure Vessels Market, by Region

    • North America (Country Analysis: USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, the UK, Scandinavia, Russia and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, Australia, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Argentina, Brazil, and Others)

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The automotive pressure vessels market is estimated to grow at a CAGR of 16.6% by 2026.

    Beijing Tianhai Industry Co., Ltd. Cylinders Holding Group, Everest Kanto Cylinder Ltd., Faber Industrie SpA, Hengyang Jinhua High-Pressure Container Co., Ltd., Hexagon Composites ASA, ILJIN Composites, Luxfer Holdings PLC, Sinoma Science & Technology Co., Ltd, and Worthington Industries, Inc. are the leading players in the automotive pressure vessels market.

    Asia-Pacific is estimated to remain dominant in the automotive pressure vessels market in the foreseen future.

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