Auxiliary Fuel Tanks Market Size, Share, Growth, and Industry Analysis, By Type (Plastic & Aluminum Alloy), By Application (Passenger Cars & Commercial Vehicles), and Regional Forecast to 2032

AUXILIARY FUEL TANKS MARKET OVERVIEW

The global Auxiliary Fuel Tanks market size was USD 144.31 million in 2023 and is projected to touch USD 196.3 million in 2032, exhibiting a CAGR of 3.6% during the forecast period.

The auxiliary tank market provides additional storage for fuels for use in vehicles, generally, for example, in industries that include transportation, military, and aviation. These tanks are fitted to provide a specific decantation range and increase the efficiency of the vehicles, particularly for long-distance transports. Auxiliary fuel tanks are useful in cases where there are little or no refueling facilities. These are found in trucks and off-road automotive vehicles, as well as in aircraft for enhanced performance.

GLOBAL CRISES IMPACTING AUXILIARY FUEL TANKS MARKET COVID-19 IMPACT

Auxiliary Fuel Tanks Industry Had a Negative Effect Due to Automotive and Transportation Industries Faced Disruptions in Production during COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The emergence of the COVID-19 pandemic adversely affected the auxiliary fuel tank market due to the halt in the manufacturing processes and delays in the supply chains. Also, the market plummeted due to less consumption in different areas such as transportation and aviation, which are mainly dependent on fuel tanks. The overall decrease in travel and transportation activities around the globe was also a setback to the growth of this market. These problems made the market register a temporary downturn within the pandemic period.

AUXILIARY FUEL TANKS MARKET LATEST TREND

"Shift to composite and aluminum materials drives market growth"

There is a noticeable shift in the auxiliary fuel tank market as more and more customers prefer the composite and aluminum materials rather than the previous steel tanks, which are heavy and less efficient. The reasoning behind this is that these materials improve the fuel economy of the tank and system as well as lower the weight of the system. Furthermore, there is an increasing restraint for tanks, which is driven towards safer fuel storage with regards to environmental concerns. Most of these strategies are spurred by the quest for sustainable practices.

MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Plastic & Aluminum Alloy

• Plastic: The fact that plastic auxiliary fuel tanks are lightweight, resistant to corrosion, and cheap has made it easy to apply this material in modern vehicles over others. This is because these tanks can be fitted with ease, and the maintenance costs are low as well in small vehicles or off-road applications. Due to the application of high-tech plastic materials, the tanks are long-lasting and can withstand extreme weather, enabling the tanks to last for a long period of time.
• Aluminum Alloy: Aluminum alloy auxiliary fuel tanks are strong, lightweight, and make equipment that is not prone to rust, thus are best suited for hard-core applications. These tanks find primary use in areas such as commercial and military trucks or aircraft, as they can be made of ever thinner gauges without risk of buckling under operational stresses. Another advantage of tanks made of aluminum alloys is that their durability is higher than tanks made from other materials, thus they are the best suited for prolonged use.

BY APPLICATION

Based on application, the global market can be categorized into Passenger Cars & Commercial Vehicles

• Passenger cars: In passenger vehicles, secondary fuel tanks mainly serve to increase the distance that can be covered with the car, particularly on long journeys. These tanks have gained traction in areas with scant refueling facilities or for vehicles that are habitually utilized in remote regions. They are usually of a small caliber and can be fitted with ease without compromising the design and performance dynamics of the car.
• Commercial Vehicles: Auxiliary fuel tanks on commercial vehicles play an important role in boosting the operational efficiency of long-haul trucks and freight transport. They help to minimize the number of refueling stops, thus allowing for longer driving ranges and less operational idle time. Such tanks are mostly larger in size and tougher in construction to bear the rough and tough use in transportation and logistics activities.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.                   

DRIVING FACTOR

"Growing demand for long-distance transport fuels market growth"

Auxiliary fuel tanks are in high demand due to the ever-increasing requirement for long-distance transportation of goods and people. Auxiliary fuel chambers aid in enhancing the range of operations of the vehicles, thus reducing the number of times they make refueling stops, which is more advantageous when the vehicle is in a remote region. The trend of globalization where people and commodities have to move from one place to another has made auxiliary fuel tanks a necessity in enhancing economical fuel consumption in commercial vehicles.

"Rise in off-road vehicle use drives market growth"

The increased use of off-road vehicles such as pickups and even recreational vehicles has also been a factor in the Auxiliary Fuel Tanks Market Growth. These vehicles often have a need for increased fuel capacity due to the nature of the activities that involve these vehicles, especially in cases where the travel is off-grid. As more people engage in outdoor activities and off-roading, there is a growing need for supplementary fuel tanks to improve the efficiency of vehicle use.

RESTRAINING FACTOR

"Stringent regulations on fuel storage and emissions hinder market growth"

Stringent rules over the storage, distribution, and emissions of fuel can hinder the development of the auxiliary fuel tank market. First, manufacturers have to make sure that their products meet local as well as international safety and environmental requirements, which is expensive and takes a long time. Such regulations may discourage the entry of smaller players in the market or sweeten the innovation of tank designs.

OPPORTUNITY

"Rising demand for eco-friendly tanks and lightweight materials boosts market growth"

The auxiliary fuel tank market also presents growth opportunities due to the rising need for alternative cost-effective and environmentally friendly products. With the governments of the day advocating for low emissions and the market becoming more sustainability conscious, manufacturers are able to come up with tanks that use less fuel and increase the efficiency of the vehicle. Moreover, the emergence of alternative materials, such as lightweight composites, is another factor that will enhance their innovative and economical design. These trends provide means of new growth across use.

CHALLENGE

"High production costs and regulations hinder market growth"

In the auxiliary fuel tank market, one of the major issues is the production costs and costs of innovation in materials. Lightweight, strong, and environmentally friendly components such as modern composites and aluminum alloys are often pricey to produce. Such costly factors are transferred to the end-users and may limit the growth of the market, especially in the most affected areas like the market for passenger cars. In addition, the tightly regulated environment increases the scope of the developed strategy by affecting production and the introduction of products into the market.

AUXILIARY FUEL TANKS MARKET REGIONAL INSIGHTS

• NORTH AMERICA

North America leads market growth due to transportation demand

North America holds the largest Auxiliary Fuel Tanks Market Share on account of the great usage in the commercial sector, especially in the U.S. Within the United States Auxiliary Fuel Tanks Market, the largest share comes from the extensive road transport networks and the pressures of long-distance road transport. The growing concerns around fuel efficiency and environmental regulations also serve to further stimulate the growth of the market within the region. The U.S. holds the first place in the world with respect to the tank designs and material innovations that in turn increase the general growth of the market.

• EUROPE

Europe's market growth is driven by logistics, regulations, and off-road vehicle demand

The auxiliary fuel tank market in Europe is also buoyed by the growth of logistics and transportation, which require proper use of fuel. The focus on the region and the laws in place for fuel efficiency, especially in vehicles that are fitted with auxiliary tanks, heightens the appeal of the market. In addition, the increasing focus of Europe on off-road vehicles and outdoor activities also contributes to the expansion of the market. The development of lightweight materials is also a factor aiding the region's propulsion in tank development.

• ASIA

Asia's market growth is driven by automotive, infrastructure, and off-roading demands

Asia helps to develop the auxiliary fuel tank market due to the fast-growing automotive and commercial vehicle industries, especially in the case of China and India. The long-distance traveling demands and increasing off-roading activities necessitate the use of auxiliary fuel tanks. Moreover, the increasing middle class in the region and its development in infrastructure lead to higher sales of vehicles, which in turn increases the market growth. Also, the manufacturers are using superior technologies and materials in order to fulfill the needs of the region.

KEY INDUSTRY PLAYERS

"Key players in the market drive growth through innovation, materials, and technology"

Key players in the auxiliary fuel tank market are encouraging growth through the innovation of fuel tank designs, materials, and technology variations. By creating lightweight, strong, and environmentally friendly tanks, they are meeting the increasing needs for fuel efficiency enhancement in commercial vehicles. These players are also global market-oriented and expanding their manufacturing capabilities in reassessing the regulatory standards for the market in order to enlarge the market share.

LIST OF TOP 10 COMPANIES

• Dee Zee (U.S.)
• Aluminium Tank Industries (U.S.)
• Transferflow (U.S.)
• RDS Manufacturing (U.S.)
• JME Tanks (U.S.)
• The Fuelbox (U.S)
• Titan Fuel Tanks (U.S)
• ATTA (U.S)
• Classy Chassis (U.S)
• AUX FUEL TANK (Australia)

KEY INDUSTRY DEVELOPMENT

February, 2024: Titan Fuel Tanks announcing their plans to broaden the scope of its operations, seeking to satisfy the demand for tailor-made fuel storage systems. This enhancement aims at improving the supply of large-sized and robust tanks that are notably in high demand within regions of North America owing to the region’s increase in the need for storage of fuel, particularly in the industrial sector. Titan also revealed to take the upsurge of the trend toward optimizing fuel usage as well as heavy-duty fuel systems.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.