Automotive Pressure Vessels Market Forecast | 2024-2031

Market Insights

“The automotive pressure vessels market size was US$ 4.2 billion in 2024 and is likely to grow at an impressive CAGR of 7.5 % in the long run to reach US$ 6.9 billion in 2031.”

Want to get a free sample? Register Here

Market Dynamics

Introduction

The automotive pressure vessels market is growing as the demand for alternative fuel vehicles, particularly those running on hydrogen and compressed natural gas (CNG), continues to rise. These vessels are essential for safely storing and transporting fuel, making them critical in clean mobility solutions. Governments worldwide are enforcing stricter emission regulations, pushing automakers to adopt lightweight and high-strength pressure vessels that improve fuel efficiency. Innovations in composite materials, such as carbon fiber-reinforced polymers, are helping reduce weight while maintaining durability. The increasing popularity of hydrogen fuel cell vehicles, especially in Asia-Pacific and Europe, further drives market expansion. However, challenges such as high production costs, strict safety regulations, and supply chain disruptions for raw materials pose hurdles for manufacturers. Despite these obstacles, ongoing research and development efforts are expected to enhance cost efficiency and safety, making advanced pressure vessels more widely adopted in the automotive industry.

Segment Analysis

By Pressure Vessels Type

“Type I is projected to drive demand for the pressure vessels in the automotive industry, whereas Type IV is expected to experience the fastest growth in the coming years.

In the automotive pressure vessels market, the pressure vessel type is segmented into Type I, Type II, Type III, and Type IV.  Type I vessels are likely to lead in demand due to their low cost, durability, and widespread use in CNG and LNG vehicles especially in developing economies. However, Type IV vessels are expected to grow at the fastest pace during the forecast period, driven by their lightweight design, higher pressure capacity, and increasing adoption in hydrogen fuel cell vehicles. As the industry shifts towards efficient, high-performance fuel storage solutions, Type IV will gain traction, whereas Type I is likely to remain dominant for its affordability and established use.

By Vehicle Type

“Car is anticipated to drive demand in the automotive pressure vessels market, and fuel cell vehicles are expected to grow at the fastest rate in the coming years.”

In the automotive pressure vessels market, the vehicle type is segmented into Car, Bus, Trucks, Fuel Cell Vehicles, and Others

The car category is expected to be the key demand generator in the automotive pressure vessels market, fueled by the rising adoption of CNG due to stricter emission norms and increasing fuel costs. Government incentives, advancements in lightweight composite pressure vessels, and the expanding logistics industry are accelerating this shift. As OEMs seek cost-effective, fuel-efficient alternatives, the demand for high-pressure storage solutions is surging, making fuel cell vehicles the fastest-growing segment in this market.

By Fuel Type

“Hydrogen is projected to drive demand in the automotive pressure vessels market and is expected to experience the fastest growth in the coming years.”

In the automotive pressure vessels market, the fuel type is segmented into CNG, LNG, and Hydrogen. Hydrogen is set to be the key driver in the automotive pressure vessels market, driven by the increasing adoption of fuel cell vehicles (FCVs) and government policies promoting clean energy. Advances in high-pressure storage technology, along with lightweight composite materials, make hydrogen storage more efficient and viable. Expanding hydrogen refueling infrastructure, particularly in public transport, logistics, and heavy-duty vehicles, is further fueling the demand. As the shift toward zero-emission transportation accelerates, hydrogen-powered vehicles and the need for high-pressure storage solutions are expected to grow significantly.

Regional Analysis

“Asia Pacific is projected to maintain its dominance throughout the forecast period, while North America is anticipated to be the fastest-growing region during this time.”

In the automotive pressure vessels market, the regional analysis is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is projected to remain the largest market for automotive pressure vessels throughout the forecast period, with key contributors including China, India, Japan, and South Korea. Asia-Pacific led the global natural gas vehicle (NGV) fleet, with China, Iran, and India ranking among the top three countries.

Additionally, Europe and North America are expected to present significant growth opportunities in the coming years as the adoption of alternative fuel vehicles continues to rise. In terms of market size, Europe surpasses North America, with a strong presence of Type-I pressure vessels, whereas North America predominantly uses Type-III and Type-IV vessels due to advancements in composite material technology.

Want to get a free sample? Register Here

Key Players

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

Here is the list of the Top Players (Based on Dominance)

• Hexagon Composites ASA
• Beijing Tianhai Industry Co., Ltd. 
• Cylinders Holding Group
• Worthington Industries, Inc.
• Everest Kanto Cylinder Ltd.
• Sinoma Science & Technology Co., Ltd.
• Luxfer Holdings PLC
• ILJIN Composites Co., Ltd.
• CIMC ENRIC Holdings Limited
• Forvia SE
• Quantum Fuel Systems LLC

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Please write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for 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, Service 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 Rest of the World)
• Type II (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Type III (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Type IV (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Automotive Pressure Vessels Market, by Vehicle Type

• Car (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Bus (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Fuel cell Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Automotive Pressure Vessels Market, by Fuel Type

• CNG (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• LNG (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Hydrogen (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Automotive Pressure Vessels Market, by Region

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

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.
• 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 market participants and investors in identifying the low-hanging fruits available in the market and formulating 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 market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across industries. 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