In this work, formability of a two-wheeler fuel tank has been investigated to explore the feasibility of reducing thickness and/or changing the steel grade in order to reduce the weight and improve fuel efficiency. Formability analysis has been carried out using numerical simulations on 0.8 mm thick sheet of extra deep drawing (EDD) steel which is being used to manufacture the fuel tanks. The tensile properties, strain hardening exponent, and normal anisotropy have been determined using uniaxial tensile tests. Simulations were carried out using AutoForm software to find out the minimum initial sheet thickness which can be formed successfully without necking/failure. Effect of blank holding force and friction coefficient was also analyzed. Experiments were carried out to validate the predicted results such as strain distribution and thinning in the formed components. By reducing the thickness to the minimum possible (0.70 mm), it has been found that the weight of the product can be reduced by nearly 12%. Simulations have also been carried out by changing the grade from EDD to interstitial free (IF) steel. Due to the superior drawability of IF steel, it has been found that thickness can be further reduced to 0.65 mm which is expected to result in 19% reduction in the weight of the component. Both the predictions have been validated by the actual press trials with reduced sheet thickness.