April 09, 2020
According to the research report titled ‘Fuel Cell Electric Vehicle (FCEV) Market Size By Vehicle (Heavy Duty Vehicles, Agriculture, Buses, Port Vehicles/Container Handling Or Transport, Automotive, Class 8/Long Haul), By Distance (Short, Long), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Sweden, Italy, Norway, Spain, Netherlands, China, Japan, India, Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global fuel cell electric vehicle (FCEV) market is set to record substantial growth rate through 2025.
Shifting focus towards emission mitigation in order to improve air quality is major factor driving the growth of fuel cell electric vehicle industry. Rising deployment of advanced solutions in heavy-duty freight trucks and rising concerns regarding vehicular pollution have enhanced the adoption rates of fuel cell electric vehicles, which in turn is further aiding the market expansion.
There has been an upsurge in demand for efficient mobility solutions. This factor along with escalating disposable income has enhanced the demand for hydrogen powered vehicles. Growing construction sector and rapid urbanization are offering lucrative growth opportunities for fuel cell electric vehicle industry. Surging investments by government entities in R&D activities in order to develop innovative fuel cell technology are stimulating the industry outlook.
Moreover, shifting preference for green vehicles and growing demand for automotive fuel cell stacks are impelling the market growth. Booming sales of passenger vehicles and growing demand for green transport solutions are facilitating the business scenario.
In terms of distance, the report states that long haul segment is presumed to expand significantly during the estimated timeframe. Fuel cell electric trucks offer zero emission freight transportation solutions, hence escalated adoption of these trucks along with rising levels of GHGs are fueling the segmental growth. Favorable policies and incentives for adopting electric power trains has compelled key industry players to develop alternative fuel vehicles, in turn favoring the market outlook.
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Considering the geographical landscape, the report cites that Europe fuel cell electric vehicle industry will witness lucrative growth during the projected timeframe. Supportive government regulations which promote green vehicles and development of hydrogen refueling stations are augmenting the regional demand. Emergence of e-bikes which offer convenience in traffic congestion is driving the market growth in Europe.
The prominent companies operating in fuel cell electric vehicle industry are SAIC Motor Corp. Ltd., Volkswagen AG, Audi AG, Hyundai Motor Co., Honda Motor Co. Ltd., Electric Vehicle Manufacturers, Shanghai Shenli Technology Co. Ltd., Ceres Power Holdings Plc, Plug Power Inc., Sunrise Power Co. Ltd., Dana Ltd., Hydrogenics, US Hybrid, Meritor Inc., Nuvera Fuel Cells LLC, and Fuel Cell Engine Space.
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