Fuel Level Sensor Market - Forecasts from 2023 to 2028

The global fuel level sensor market is expected to grow at a CAGR of 4.57% from  US$710.374 million in 2021 to US$971.263 million in 2028.

A fuel level sensor is a tool used to gauge the amount of fuel in a vehicle's fuel tank. (Trucks, containers, vessels). There are numerous methods, such as capacitive, resistive film, and ultrasonic, for determining fuel level. The most typical sensors for this application are those that are resistive-based. The bolstering growth in major end-users such as automotive, aerospace, and mining is a driving factor for the global fuel level sensor market growth. The fuel level sensors are necessary for the smooth operation of modern machinery and heavy engines, increasing demand for high-performance sensors. This is anticipated to fuel the global fuel level sensor market growth during the anticipated period.

The growing automotive industry is boosting the market growth.

All automobiles have a fuel level sensor (FLS) that displays the fuel level. It reveals each vehicle's real fuel usage, supply capacity, and drainage. This avoids taking out a lot of fuel throughout each journey. The global fuel level sensor market will expand as motor vehicle production and sales increase. According to the International Organization of Motor Vehicle Manufacturers (OICA) data, global motor vehicle production has increased from 77,650,152 units in 2020 to 85,016,728 in 2022, which has shown a rise of 10% in the production rate. Furthermore, as per the same source, global motor vehicle sales have increased from 78,774,320 units in 2020 to 82,684,788 in 2021, which has shown a rise of 5% in production. Such a rise in production and sales in the automotive sector is expected to increase the use of different fuels, which requires fuel level sensors to manage fuel, boosting the overall market growth.

The increase in consumption of petroleum products is accelerating the demand for fuel level sensors. 

Refining crude oil and other liquids obtained from fossil fuels yields petroleum products. Petroleum goods such as petrol, crude oil, and other additives with various compositions required in automobiles and other machinery necessitate using fuel levelers' sensors to determine the amount of gasoline remaining. The demand for fuel level sensors will rise along with using petroleum-based goods like petrol and other oils. The Energy Information Administration (EIA) reports that the U.S. petroleum consumption in 2021 was roughly 8% more than in 2020, averaging around 19.78 million barrels per day (b/d). The transportation and automotive sectors accounted for about 67% of total consumption. Also, according to the same source, Australia's petroleum consumption increased from 266.5 thousand barrels per day in 2020 to 273.6 thousand in 2021. The increase in petroleum consumption in daily applications where fuel level sensors are applied will boost the overall market growth during the forecasted period.

The North American region account for a significant market share in 2021. 

The North American region is anticipated to dominate the global fuel level sensors market due to the widespread use of fuel level sensors in end-use applications like automotive and aerospace. The growing production and investments in such major end users are expected to provide a positive outlook for the market demand for fuel level sensors in North America. According to the International Organization of Motor Vehicle Manufacturers (OICA) data in 2021, the vehicle production output in the USA stood at 10,060,339 in 2022, representing a 14% increase in production from 88,21,026 units in 2020. According to International Trade Administration, in August 2022, estimates that Canada's total local aerospace production will increase from 15,621 in 2021 to 21,913 in 2022. As per the same source, in August 2021, the Canadian government implemented the Canada Aerospace Regional Recovery Initiative. This national program will contribute C$250 million (roughly US$194.21 million) over three years to assist Canada's aerospace sector in its development. The rising rate of vehicle and aerospace production in the North American region is driving up demand for fuel level sensors which is projected to boost market growth during the forecast period.

 Market Developments:

• In October 2022, Turck introduced the LUS211 Ultrasonic Level Sensor, which has a local LED display. The LUS211 programmable sensor measures solid and liquid levels in a container.
• In October 2019, OMNICOMM introduced two new products to its portfolio of fuel-level sensors: the OMNICOMM LLS 5 and its explosion-proof variant, the OMNICOMM LLS-Ex 5. These next-generation adaptable fuel-level sensors provide a 99.5% Guaranteed Accuracy in measurement.

Market Segmentation:

By Type

• Ultrasonic Sensors
• Capacitive Sensors
• Resistive Sensors
• Others

By Fuel Type

• Petrol
• Diesel

By End-User

• Automotive
• Aerospace & Defense
• Marine
• Mining
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Others