Expansion of the automobile industry is transforming the shape, size, and structure of components and parts in vehicles. Currently, manufacturers are emphasizing on lightweight components and parts that are reliable, durable, and help improving the efficiency of the vehicle. Truck Tank are used to store the fuel, which is used to power the vehicle. The composition of the Truck Tank are more solid and tough, as compared to fuel tanks of other kinds of vehicles. Truck tanks are made of high strength material that is more durable and is able to carry more fuel.
Utilization of trucks is for very tough and difficult works, which require higher strength of parts and components. The Truck Tank are made of various materials including aluminum, plastic, and steel, due to their strength and light weight. Increasing demand for commercial vehicles is a key factor boosting the truck tank market. The average running miles of a truck has increased, which requires higher capacity tanks to store fuel.
Truck Tank Market – Competitive Landscape
Continental AG was founded in 1871, and currently has headquarters in Hanover, Germany. Continental AG is a leading supplier of components in the automobile industry. The company operates through two major groups: automotive group and rubber group, which is further divided into various business verticals such as powertrain, chassis & safety, interior, tires and services. The company has a global presence and operates through several locations across the Americas, Africa, Europe, and Middle East & Africa.
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Plastic Omnium was founded in 1946, with headquarters in Levallois, France. The company manufactures interior and exterior body parts of the vehicle. It also manufactures bumpers, tailgate, and driving assistance radars and sensors. The company has nearly 29,000 employees across the globe. Plastic Omnium has operations across the globe, including India, China, Israel, japan South Korea, the U.K., and France.
Magna International Inc.
Magna International Inc. was founded in 1957 and currently its headquarters are located in Ontario, Canada. The company is a major supplier of new technology and body components for the automobile industry. It has over 174,000 employees working across 338 manufacturing units and 89 product development plants spread in more than 28 countries worldwide. The company operates majorly in body exteriors & structures, tanks, power & vision, ADAS & Automated Driving, seating systems.
Posco Co. Ltd
Posco co. Ltd was founded in 1968 and currently its headquarters are located in Pohang, South Korea. The company provides services and products to six industries: automotive, construction, shipbuilding, energy, home appliances, and industrial machinery. Posco also manufactures body parts, chassis, and EV battery packs.
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Rising demand for commercial vehicles
Rising demand for commercial vehicles is a major factor driving the Truck Tank market. Demand for commercial vehicles increased due to expansion of business and fleets between countries, states, and cities. Expansion of fleet is a major factor driving the demand for commercial vehicles, which in turn is boosting the Truck Tank market.