About this market
In the recent years, there has been a growing preference for road transportation in emerging countries across the globe. In 2016, Cyprus had around 97% of their national freight transported through road, followed by the UK with around 96%. In the same year, Finland, France, and Sweden also had about 90% of their national freight transported via road transport. In 2016, Slovakia had around 84% and Latvia 80% of their international freight transported through road. Thus, the significant increase in freight transport via road will drive the growth of the global commercial vehicle fuel tank market during the forecast period.
Growing preference for M&HCVs to transport freight
Over the years, there has been a growing preference for road transportation in emerging countries such as China and India. The subsequent increase in the use of heavy, medium, and light-duty vehicles is likely to result in less share of rail transport. In China, traffic congestions are caused mainly due to large heavy-duty trucks transporting goods from Inner Mongolia to Beijing. One of the main reasons for opting roadways for transporting cargo is the limited number of rail services within the country.
Increasing popularity and sales of electric commercial vehicles
The challenges associated with emissions, energy consumption, and the total cost of ownership of traditional commercial vehicles are powering the growth of the hybrid commercial vehicles segment. These challenges are forcing OEMs and governments to invent efficient technologies that cause less pollution.
For the detailed list of factors that will drive and challenge the growth of the commercial vehicle fuel tank market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including TI Automotive and Yachiyo Industry the competitive environment is quite intense. Factors such as the growing preference for M&HCVs to transport freight, will provide considerable growth opportunities to commercial vehicle fuel tank manufactures. Continental, Magna International, Textron, TI Automotive, and Yachiyo Industry are some of the major companies covered in this report.