The Automotive Gas Cylinder Market growth is anticipated to generate US$ 2.4 billion by the end of 2033. According to FMI, the market for automotive gas cylinders is anticipated to reach US$ 1.6 Bn in 2023 and is expected to grow at a CAGR of 4.3% from 2023 to 2033.
Gas cylinders are basically pressure vessels which are used to store various gases under desired pressure conditions. According to point of application, gas cylinders vary in shape, size and weight. In automotive industry, gas cylinders are used to store natural gas (CNG) and hydrogen for their use as fuel.
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Earlier, one of the largest challenge with automotive gas cylinders was their heavy weight and safety issues in case of accident. Innovation & emergence of new technology, over the past years, has led to the development of new composite material e.g. carbon fiber, glass fiber, etc., which have worked in the direction to overcome these challenges. Based on type of construction materials used, different type of automotive gas cylinders are available in the market.
With high growth in use of automobiles running on alternative fuels such as hydrogen, compressed natural gas, etc., global automotive gas cylinders market is expected to increase at a significant CAGR over the forecast period 2016-2026.
Global Automotive Gas Cylinder Market: Dynamics
Governments from across the world are highly focused to reduce emission of greenhouse gases from automobiles, which is one of the biggest cause of haphazardly increasing global air pollution. CNG vehicles emit less greenhouse gases as compared to vehicles that are fueled with other fossil fuels, due to which their demand is expected to grow at a robust CAGR over the coming years. Besides, use of hydrogen as an alternate automotive fuel has already started and demand is expected to grow at an unprecedented rate over next decade. Owing to these developments, demand for gas cylinders in automotive industry is projected to grow at a significantly high CAGR between 2016 and 2026.
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Depending upon the material used in cylinder manufacturing, automotive gas cylinders can impart significant weight to vehicles. High weight of automotive gas cylinders can cause reduction in speed & fuel economy of the vehicle. Key players are involved in reducing weight of the cylinders in order to meet government regulations as well as increasing fuel efficiency of vehicles.
Global Automotive Gas Cylinder Market: Key Players
Some of the key players reported in the study of automotive gas cylinders market are
- 3M
- CleanNG
- CNG Cylinders International
- Cobham plc
- Faber Industrie S.p.A.
- Luxfer Gas Cylinders
- Quantum Fuel Systems LLC.
- Beijing China Tank Industry Co. Ltd.
- Everest Kanto Cylinder Ltd.
- MCS Technologies GmbH.
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Global Automotive Gas Cylinder Market: Segmentation
The global automotive gas cylinder market can be segmented on the basis of product, vehicle and region.
By Product Type, the automotive gas cylinder market is segmented as:
- type 1
- type 2
- type 3
- type 4
- type 5
By vehicle Type, the automotive gas cylinder market is segmented as:
- passenger
- light commercial
- heavy commercial
By Region, the automotive gas cylinder market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Global Automotive Gas Cylinder Market: Region-wise Outlook
On the basis of regions, global automotive gas cylinder market is segmented into key regions namely North America, Latin America, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe and Japan. North America and Western Europe currently holds significant market share in the global automotive gas cylinder market. However, in light of changing pollution norms and safety regulation, APEJ is expected to emerge as high demand –high growth region over the coming years.
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