(MENAFN- America News Hour)
The 2-Wheeler Fuel Tank Market was valued at USD 3520 million in 2022, and it is expected to reach USD 4313 million by 2031, registering a CAGR of above 3% during the forecast period
The COVID-19 pandemic has hindered the growth of the 2-wheeler fuel tank market due to supply chain disruptions and a halt of production in manufacturing units. Additionally, growing penetration and demand for electric motorcycles, and the enactment of stringent emission norms, may hinder the growth of the market.
However, the market is expected to regain its growth during the forecast period due to changing consumer preferences towards motorcycles over other public transportation systems to maintain safe and hygiene conditions in the wake of the pandemic. The rise in demand for vehicle production increases the demand for automotive fuel tanks.
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Plastic fuel tanks are mainly light in weight and used in passenger cars. Thus, the rise in demand for passenger cars simultaneously increases the demand for plastic fuel tanks. An increase in the production of environmentally friendly fuel tanks also acts as a driver generating demand in this market.
The Asia Pacific region holds the largest market share in the automotive fuel market. The leading contributor is China (the major consumer and producer of automobiles in the global market) and other contributors from Japan, South Korea, and India. Europe and North America have announced inflexible evaporative emission standards, which increases the demand for plastic fuel tanks in those regions.
Key Market Trends
Less than 20 liters Fuel Tank Segment Likely to Dominate the Market
Globally, more than 98% of motorcycles have less than 20-liter fuel tank capacity. The motorcycles with less than 20-liter fuel tanks have huge demand, as they are affordable and have a very low maintenance cost. Apart from the maintenance and affordability factor, these motorcycles give higher mileage than the premium bikes, due to which 98% of the population buys these motorcycles. As the demand for this tank is high, 2-wheeler manufacturers are launching a maximum number of new and updated models under this segment. For instance,
Hero Moto Corp. Ltd commenced retail sales of the new Passion PRO and Passion XPRO. The new Passion PRO has a BS-IV compliant 110cc engine, with a fuel tank capacity of 12.5 liters, producing a power output of 7.0 kW at 7,500 rpm and torque of 9.0 Nm at 5,500 rpm.
The motorcycle market is dominated by Asian countries, such as India, China, Pakistan, Indonesia, Vietnam, etc., and these countries are likely to maintain their dominance over the coming years. Buyers in these countries are highly interested in purchasing pocket-friendly motorcycles, which majorly fall under the segment for less than 20-liter fuel tanks. Due to the factors mentioned above, the segment is anticipated to grow over the forecast period.
Asia-Pacific Region Anticipated To Witness Fastest Growth
Asia-Pacific is anticipated to grow at the highest rate during the forecast period due to favorable government initiatives and support, combined with increased production of vehicles in various countries of the region. In the Asia-Pacific region, India is the biggest market for 2-wheeler fuel tanks, followed by China. The Indian motorcycle market is the largest in the world since 2016, with major manufacturers such as Hero, TVS, Honda, etc.
With the social advancement of women and the growing demand for comfort and convenience, the demand for scooters has been continually increasing. They help riders keep their legs together rather than straddling. Additionally, the premium price market segment for mid and large-sized motorcycles is expanding, owing to a growing demand for high-performance and cruiser bikes.
China, the second-largest motorcycle market globally, may see the growth of the two-wheeler sales at the highest CAGR in the next couple of years and add the majority market share in the region next to India. This growth in the Chinese two-wheeler market may be attributed to the logistics operators and e-commerce companies alongside the private buyers simultaneously boosting demand in the two-wheeler fuel tank market.
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The 2-Wheeler fuel tank market is moderately consolidated due to the presence of major players in the market. Key players in the 2-Wheeler fuel tank market include JBM Group, Luxam DK Jain Group, Goshi Giken Group, AG Industries, Wuxi Zhengda Enterprise, Harley Davidson, and Royal Enfield. Expansion of manufacturing plants and collaborations are the major characteristics of this market. For instance,
In February 2019, JBM Group acquired a majority stake in Linde-Wiemann GmbH, a manufacturer of structural components for global automotive manufacturers.
Companies, like Harley Davidson and Royal Enfield, design and manufacture motorcycles and their respective fuel tanks within their plants, with only custom orders being outsourced to aftermarket suppliers. Most of the 2-wheeler fuel tank manufacturing companies are concentrated in the Asia-Pacific region.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness – Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Capacity
5.1.1 Less than 20 Liters
5.1.2 More than 20 Liters
5.2 By Geography
5.2.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.2.4 Rest of the World
22.214.171.124 South America
126.96.36.199 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 JBM Group
6.2.2 Luxam DK Jain Group
6.2.3 Goshi Giken Group
6.2.4 Homda Plastics
6.2.5 AG Industries
6.2.6 Wuxi Zhengda Enterprise
6.2.7 Walbro LLC
6.2.8 Harley Davidson
6.2.9 Royal Enfield
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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