Automotive Fuel System Market Expected to Reach US$ 106.69 Billion by 2034: Fact.MR Report
Rising Carbon Emissions amid Surging Automobile Fleet Pushing Adoption of Automotive Fuel Systems
Rockville , Feb. 13, 2024 (GLOBE NEWSWIRE) -- The global automotive fuel system market is estimated at US$ 76.37 billion in 2024, according to a new market analysis published by Fact.MR, a market research and competitive intelligence provider. Global demand for automotive fuel systems is forecasted to increase at 3.4% CAGR from 2024 to 2034.*Get Free Sample Copy of This Report:*
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A move to a more comfortable, secure, and modern life along with growing per capita income is leading to the increasing sales of automobiles. Automotive fuel systems are pivotal in automobiles to regulate proper fuel distribution according to the set standards. Further, technological improvements in modern fuel systems focus on improving vehicle performance with the use of fuel injectors in the place of carburetors.
Prominent manufacturers of automobile fuel systems are making a move to plastic fuel tanks to minimize the weight of vehicles. Furthermore, plastic fuel tanks are economical, chip- and scratch-resistant, lighter, and noncorrodible. An expansion of the automotive industry is projected to lead to increased fuel consumption, which positively impacts demand for alternative options, including biofuels, LNG, and CNG owing to the limited availability of fuel sources. Growing awareness among consumers about their carbon footprints is generating demand for these alternative fuel options, thus leading to the adoption of automotive fuel systems.
*Report Attribute* *Details*
Value Projection (2034) US$ 106.69 Billion
Growth Rate (2024-2034) 3.4% CAGR
No. of pages 170 Pages
No. of Tables 84 Tables
No. of Figures 112 Figures
*Key Takeaways from Market Study *
· The global automotive fuel system market is set to reach a size of US$ 76.37 billion in 2024.
· Sales of automotive fuel systems are projected to reach US$ 106.69 billion by the end of 2034.
· The market is forecasted to expand at 3.4% CAGR from 2024 to 2034.
· Petrol-based automotive fuel systems are forecasted to account for 64.1% share of the global market by 2034.
· East Asia is forecasted to hold 33.7% share of global market revenue by 2034.
· Demand for automotive fuel systems in South Korea is projected to increase at a CAGR of 6.5% from 2024 to 2034.
*“Increasing focus on minimizing fuel consumption, reducing carbon emission, and implementation of stringent emission regulations by more governments are projected to increase demand for automotive fuel systems,” *says a Fact.MR analyst.
*Key Market Players *
· Plastic Omnium,
· Robert Bosch GmbH,
· Denso Corporation,
· YAPP Automotive Systems Co., Ltd.,
· Delphi Technologies PLC,
· TI Automotive,
· Continental AG,
· Federal-Mogul Corporation,
· Edelbrock LLC,
· Kinsler Fuel Injection,
· Woodward, Inc.*Rising Demand for Affordable Vehicles Generating Opportunities for Automotive Fuel System Suppliers*
Demand for automotive fuel systems in East Asia is forecasted to increase at a CAGR of 4.3% and reach a market value of US$ 35.95 billion by the end of 2034. A gradual increase in the demand for fuel systems is attributed to the growing inclination for low-emission and affordable vehicles in this region. Further, increased investment by players to boost manufacturing capacities is also contributing to increased profits.
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*More Valuable Insights* *on Offer *
Fact.MR, in its new offering, presents an unbiased analysis of the automotive fuel system market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on fuel type (petrol, diesel, others), component (intake manifold, throttle body, air filters, fuel injectors, PCMs/ECMs, airflow meters, fuel filters, fuel pumps, fuel tanks, and pressure regulators), and vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, and off-road vehicles), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
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