Ocean View, DE -- (SBWIRE) -- 06/19/2020 -- The global fuel cell electric vehicle market is anticipated to target an overall valuation of USD 11,600 million at the end of seven years in terms of revenue. The massively rising demand for zero-emission automobiles across several economies has served as a major boost to fuel cell vehicle market, the growth graph of which is likely to exhibit a marked ascent over 2019-2025. Moreover, it is pivotal to mention that the automobile OEMs are looking forward to augmenting the existing fuel cell technologies to bring about a revamping transformation in the market, thereby stimulating the industry outlook.
As the state governments worldwide are intent towards rolling out norms and regulations for the reduction of greenhouse gases and carbon footprint, the popularity of fuel cell electric vehicle is predicted to soar actively, thereby driving the business trends. Regarded to this, the Indian government in 2018 unveiled its Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) initiative addressing improved incentives for the EVs.
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Increasing consumer spending and higher mobility requirements are escalating the hydrogen powered vehicles demand. Rapid urbanization coupled with proliferating construction activities are providing potential opportunities for the adoption of environment friendly vehicles. A lucrative growth in the economic conditions and high living standards are supporting the fuel cell electric vehicle market growth over the projected timeframe.
Government organizations are establishing multiple research programs and funded projects majorly focusing on the development of innovative solutions for fuel cells. Multiple organizations including the FCH JU is supporting research, technology development & demonstration activities for fuel cell and hydrogen energy technologies. Collaborative programs and initiatives are encouraging the development of efficient hydrogen production technologies, thereby contributing towards reducing the overall fuel cell production cost.
Shifting preference for utilizing zero emission vehicles owing to their commercialization and provision of government subsidies are boosting the industry size over the forecast timeframe. Increasing demand for automotive fuel cell stacks in conjunction with expansion of production facilities will further strengthen the fuel cell electric vehicle market share. Introduction of advanced fuel cell stacks for heavy duty vehicles is augmenting the product penetration. For instance, in September 2018, Ballard Power Systems launched its new Fcgen-LCS liquid-cooled fuel cell stacks offering higher power density with relative lower cost of ownership.
Long haul segment will witness potential growth prospects owing to rapid deployment of fuel cell electric trucks offering emission free freight transportation. Proliferating freight volumes in conjunction with increasing greenhouse gas emissions are positively inducing the utilization of fuel cell electric trucks. Introduction of EURO VI standards for buses and deployment of electric powertrains are encouraging industry players to introduce alternative fuel vehicles for catering the increasing consumer demand.
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Europe fuel cell electric vehicle market will witness significant growth owing to supportive government projects for developing zero emission fuel cell vehicles and installation of hydrogen refueling stations. Projects such as Clean Hydrogen in European Cities (CHIC) and Joint Initiative for hydrogen Vehicles (JIVE) are striving for commercialization of fuel cell electric buses, further augmenting the regional demand for fuel cell electric vehicles. Easier availability of e-bikes offering ease of operation in high traffic areas is strengthening the industry size over the study timeframe.
The fuel cell electric vehicle market is highly competitive owing to the presence of major fuel cell electric vehicle manufacturers including Volkswagen, Toyota Motor Corporation, Audi AG, SAIC Motor Corporation Limited, Hyundai Motor Group and Honda Motor Co. Ltd. Major industry players are engaged in manufacturing reliable and advanced fuel cell systems including Plug Power Inc., Nuvera Fuel Cells LLC., US Hybrid, Dana Limited, Ballard Power Systems, Hydrogenics, Meritor, Inc. and Sunrise Power.
Table of Contents (ToC) of the report:
Chapter 4 Fuel cell electric vehicle Market, By Vehicle
4.1 Global fuel cell electric vehicle market share by vehicle, 2018 & 2025
4.2 Heavy duty vehicle
4.2.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
4.2.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
4.3 Agriculture
4.3.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
4.3.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
4.4 Buses
4.4.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
4.4.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
4.5 Port Vehicles/Container Handling or Transport
4.5.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
4.5.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
4.6 Automotive
4.6.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
4.6.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
4.7 Class 8/Long Haul
4.7.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
4.7.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
4.8 Others
4.8.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
4.8.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
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