The global automotive fuel filler cap market is expected to post a CAGR of over 2% during the period 2019-2023, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
A key factor driving the growth of the market is the greater use of advanced manufacturing, testing methods, and techniques. The advances in designing and manufacturing processes are augmenting growth in the market. Automotive testing includes checks of the entire vehicle, including its components and parts, to ensure the vehicle conforms to the minimum level of safety requirements. The fuel filler cap is an integral part of the fuel tank system, hence, undergoes various testing techniques to validate its quality as standard. The overall cost of manufacturing increase for the vendors due to such testing procedures and methods.
As per Technavio, fuel filler caps in flexible fuel vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive fuel filler cap market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth.
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Global automotive fuel filler cap market: Fuel filler caps in flexible fuel vehicles
The global automotive industry is observing an increasing adoption of bio-fuel and flexible fuel vehicles. This adoption can be attributed to the growing environmental concerns and depleting sources of conventional fuel, which is pushing government agencies, councils, and automakers to look for other sources of fuel and new energy vehicles such as fuel cell vehicle, battery electric vehicle.
Flexible fuel vehicles and bio-fuel vehicles are designed to run on two fuel sources. Mostly, gasoline or gasoline-ethanol blends are used as primary fuel. When compared to gasoline-only vehicles, these vehicles have slight modifications in their engine and fuel systems and performance are also low. However, there are flexible fuel vehicles that have high-performance features. Yellow fuel filler caps are used in most of the flexible fuel vehicles to differentiate from conventional gasoline-only vehicles. Moreover, put fuel labels on the fuel door or lid to specify the type of fuel to be used, says a senior analyst at Technavio for research on human-machine interface.
Global automotive fuel filler cap market: Segmentation analysis
This market research report segments the global automotive fuel filler cap market by application (passenger vehicles and commercial vehicles) and geographical regions (APAC, EMEA, and the Americas).
The passenger vehicles segment held the largest market share in 2018, and it is expected to dominate the global market throughout the forecast period. APAC led the market in 2018 and this trend is expected to continue through 2023.
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Technavios sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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