Startview Research has launched a market research report titled ‘Automotive Pressure Vessels Market’ that is compiled by leveraging findings as well as insights about the market that helps businesses to stay ahead in the competitive market. It also helps the market players in selecting targets, guide where to invest, giving users a detailed information about company profile, etc. This report provides reliable and accurate market data, that can work as the key for the growth of any business. The report estimates about future trends, challenges, linchpins, opportunities, revenue and future sales count in the target market along with forecasting for a 5-year period.
According to this report, the automotive pressure vessels market is projected to grow at a staggering CAGR of 16.6% over the next five years to reach a value of US$ 6.6 billion in 2026.
Market Segments' Analysis
Stratview Research has bifurcated the Automotive Pressure Vessels Market by the following –
- Pressure Vessel Type(Type I, Type II, Type III, and Type IV)
- Vehicle Type (Car, Bus, Trucks, and Others)
- Fuel Type (CNG, LNG, and Hydrogen)
- Region (Asia-Pacific is expected to remain the largest as well as fastest-growing automotive pressure vessels market during the forecast period)
Based on the pressure vessel type, the automotive pressure vessels market is segmented as type I, type II, type III, and type IV. Type-I pressure vessels lad the market in 2020 and are expected to maintain their leading position during the forecast period as well. This is majorly due to the significant use of type-I tanks in CNG-powered vehicles in developing economies. However, Type-IV pressure vessels are likely to offer excellent growth opportunities in the coming years, driven by their various advantageous properties, such as lowest weight, better energy storage density, corrosion and fatigue resistance, and improved fuel economy.
Based on the fuel type, the market is segmented as CNG, LNG, and Hydrogen. In the coming years, the use of hydrogen pressure vessels is expected to grow at a magnificent rate, driven by the capacity expansion plans of FCEV manufacturers, development of hydrogen refueling infrastructure, continuous increase in investments in the clean energy sector, and supremacy of hydrogen fuel-cell vehicles over battery and diesel vehicles.
In terms of regions, Asia-Pacific is expected to remain the largest as well as fastest-growing automotive pressure vessels market during the forecast period, driven by countries like China, India, Japan, and South Korea. As per 2019 NGV statistics, Asia-Pacific alone accounted for a 71% share in the global NGV fleet, with China, Iran, and India being the top three countries on the list.
Europe and North America are also likely to offer favorable growth opportunities in the coming five years, driven by an increased acceptance of alternative fuel-based vehicles in both regions. In terms of market size, Europe is far large than North America. There is a huge dominance of type-I pressure vessels in Europe, whereas, the North American market is highly dominated by type-III and type-IV pressure vessels.
This report on the Automotive Pressure Vessels Market is one of the important tools with the help of which the users can obtain a well perspective and through understanding of target market and customer. The details in the report covers Covid19 impact on the market and also predicts how long will it take to recoup which aids in reducing the business failures.
- Trend analysis, pricing and competitive analysis are some of the vital factors covered in this report.
- This report consists of in-depth analysis of the market to help businesses in improving decision making.
- Automotive Pressure Vessels Market report aims at evaluating future sales as well as trends for the prediction period 5 years.
- This report helps to keep the users updated with key changes that take place in the present market.
With all these information provided by Stratview Research; market players can expand their business effectively. Stratview research also offers custom research services across the sectors. 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 or Connect with our market experts at: +1-313-307-4176.