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Automotive Fuel Systems Market Report
Automotive Fuel Systems Market is Segmented by Vehicle Type (Passenger Car, LCV, and M&HCV), by Component Type (Fuel Pump, Fuel Tank, Fuel Pressure Regulator, and Others), by Fuel Type (Gasoline, Diesel, and Hybrid), and by Region...
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.
Automotive is among the industries which are adversely affected by economic conditions and consumer behavior. The year 2019 had brought a downturn in new vehicle production in various parts of the world including key markets such as Germany, China, and India. The industry was hoping a revive in the year 2020 to fulfill the gap of 2019, but the outbreak of COVID-19 shattered the hopes of the industry and is creating a worrisome situation for the industry stakeholders with its prolonged impact across regions. The automotive fuel systems market is on exception and is likely to register an almost a similar pattern with new vehicle production.
The downturn of COVID-19 pandemic has created a lot of distressed in the automotive industry, graver than that caused by The Great Recession (2008-2009) (Automotive production’s plummet during the Great Recession: -12.1% YoY 2008-2009 and The Great Lockdown: -22% YoY 2019-2020). Across the world, the economy is shrinking, leading to mass cutoffs in jobs across industry verticals, affecting the purchasing power of consumers, a clear sign of lower demand for new vehicles. Loss of confidence of households and businesses amid the COVD-19 crisis are already witnessed in various countries, resulting in the change in consumer behavior for new vehicle purchases, devitalizing the automotive industry consequentially.
Currently, assessing the real impact of the pandemic on the automotive fuel systems market in the short-term as well as the long-term is a challenging endeavor. The pandemic has taken all major economies in its grip, deteriorating the market conditions with the automotive industry being one of the biggest victims of it. It is difficult to state that when the pandemic would start to fade away. However, based on interviews conducted with the leading market stakeholders coupled with the past industry trends (The Great Recession) suggest that the automotive fuel systems market is likely to witness recovery from 2021 onwards, with automotive fuel systems sales reaching close to US$ 16-billion-mark in 2025.
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Stratview Research has firstly segmented the automotive fuel systems market based on the vehicle type as passenger car, LCV, and M&HCV. Passenger car is expected to remain the largest segment of the market over the next five years. Increasing disposable income, increasing motorization rate, and reasonably higher production of passenger cars than commercial vehicles are the key whys and wherefores behind its dominance among all vehicle types. SUV is the most attractive body type sub-segment in the passenger car category.
Based on the component type, the automotive fuel systems market is segmented as fuel pump, fuel tank, fuel pressure regulator, and others. Fuel pump is estimated to maintain its dominance in the market in the years to come, whereas fuel tank is likely to witness the fastest recovery in the market. There has been a stupendous shift from traditional steel fuel tanks to plastic tanks in the past few decades. This trend is likely to maintain in the years to come, especially in the emerging Asian economies where there is a long road for saturation.
Based on the fuel type, the market is segmented as gasoline, diesel, and hybrid. Gasoline fuel system is likely to maintain its dominance during the forecast period, whereas hybrid fuel system is expected to grow at the highest rate during the same period. Stringent emission standards by the governments of various countries regarding fuel emissions are likely to substantiate the demand for hybrid vehicles at an excellent rate. Fuel systems designed for hybrid vehicles are more advanced and require withstanding high-pressure environments.
In terms of regions, Asia-Pacific is expected to remain the largest market over the next five years. China, Japan, and India are the leading markets in the region. The Chinese automotive industry is witnessing a speedy recovery after the control of the COVID-19 outbreak. Japan and South Korea have also been recovering with the resumption of production of OEMs and tier players. There is also an incessant shift from steel fuel tanks to plastic fuel tanks in the region.
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Research Scope |
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Trend & Forecast Period |
2020-2025 |
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Regions Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Countries/Subregions Covered |
The USA, Canada, Mexico, Germany, France, The UK, Italy, Russia, Japan, China, South Korea, India, Brazil, Argentina and Others |
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Figures & Tables |
>150 |
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Customization |
Up to 10% customization available free of cost |
The automotive fuel systems market is segmented into the following categories.
