Fuel flap is a very vital component in a vehicle since fuel leakage in a vehicle can be very dangerous as the fuel vapors are extremely flammable. It provides double protection to the fuel tank from any accidents due to leakage by covering the fuel cap of the fuel tank. The fuel flap safely seals the fuel tank and avoids any leakage of fuel vapor. Fuel flaps are available in a large variety in terms of mechanism, material, and vehicle type. Moreover, fuel flaps are made up of metal or plastic with different coatings applied to improve the aesthetics look so, that it looks well with the whole vehicle exterior. The fuel flap can be opened during refueling either by a cable release done by a lever, switch which uses an actuator, or by using a vehicle key, all these mechanisms are done to ensure more safety and security. Fuel flaps are manufactured as per the design and statistics of the vehicle which depends on the original equipment manufacturers (OEM) brands & vehicle model. Thus, fuel flaps are a very important part of the vehicle to prevent any mishap from happening to ensure the safety of the vehicle and passengers.
COVID-19 Impact Analysis
- Due to COVID-19, the lockdown imposed by the government has led to business shutdowns which has a severe impact on the automotive market. The production and sales of new vehicles have come to a halt across the globe since the pandemic has disrupted the whole automotive ecosystem. Moreover, OEMs had to wait until lockdowns were lifted to resume production but still due to social distancing norms there is the unavailability of labor which affected their business. Thus, disruption in automobile production has affected the demand for fuel flaps. Furthermore, due to lack of raw materials, the manufacturing of fuel flaps has also been disrupted. COVID-19 pandemic harmed the fuel flap market.
Top Impacting Factors
Rise in the sale of vehicles, two-wheelers, and stringent government regulations to reduce pollution is expected to drive the growth of the market.
However, negligible aftermarket sales and high demand for electric vehicles hamper the market growth.
Moreover, increase in vehicle production, rise in demand for safety, and surge in fuel flap opening technologies are opportunistic for the market growth.
Sale of vehicles
- Sales of fuel flaps are directly or indirectly related to the sales and production of vehicles. Thus, increasing demand for automobiles including light and heavy commercial vehicles is estimated to be the key factor driving the demand for fuel flaps.
- For instance, it is projected that global auto sales will expand by 8 % to 10 % in 2021 to 83 million - 85 million units, up from 77 million in 2020. Also, contributing to the same, rising sales of motorcycles and scooters are expected to propel the demand for fuel flaps soon. Thus, the rise in vehicle sales is expected to drive the growth of fuel flap market.
- Demand for electric vehicles
- Government regulations regarding fuel emission have promoted the adoption of electric vehicles.
- For instance, in 2020 global electric vehicle sales increased by 39 % year on year to 3.1 million that is 5 % of new car sales and it is expected to reach more than 7 % of new car sales in 2021. Since the electric vehicle has a different mechanism charging point opening the demand for fuel flap will decline with the increase in demand for the electric vehicle. Thus, electric vehicles may hamper the growth of the fuel flap market.
Key Benefits of the Report
- This study presents the analytical depiction of the fuel flap market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with the challenges of the fuel flap market.
- The current market is quantitatively analyzed to highlight the fuel flap market growth scenario.
- The report provides a detailed fuel flap market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Report
- Which are the leading market players active in the fuel flap market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the fuel flap market?
- What are the projections for the future that would help in taking further strategic steps?
Fuel Flap Market Report Highlights
By Mechanism Type
By Material Type
By Vehicle Type
By Sales Channel
Key Market Players
Stant Group, Tank’s Inc, JeCar, Newton Equipment, All Classic Parts Inc., Putco, Toyota Gosei Co. Ltd, Reutter Group, Aukmak, Savadicar