The report entitled; “Automotive Pressure Vessels Market, Trends, Dynamics, and Market Analysis,” recently published by Stratview Research offers a comprehensive outlook of the industry. This report by Pressure Vessel Type (Type I, Type II, Type III, and Type IV), by Vehicle Type (Car, Bus, Trucks, and Others), by Fuel Type (CNG, LNG, and Hydrogen), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
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.
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Market Segment Analysis
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.
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