Hydrogen Fuel Cell Vehicle Market 2018 Global Outlook to 2023 Research Report
Posted by abhi0210 on October 15th, 2018
Hydrogen Fuel Cell Vehicle Market Research Report - Global Forecast To 2023, Market Research Future Published a Cooked Research Report on Global Hydrogen Fuel Cell Vehicle Market Research Report. Global Hydrogen Fuel Cell Vehicle Market Information By Technology (Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell), By Vehicle Type(Commercial Vehicle and Passenger Cars)and Region - Forecast To 2023
A new trend in research and development carried out by automotive manufacturers into fuel efficiency with focus on advantageous locations for production and short-distance supply to reduce costs. Hydrogen fuel cell vehicle market is expected to flourish during the forecast period due to the major driving factors such focus on high-quality products, changing lifestyle of consumers and rising spending power. Automotive companies including passenger car manufacturers are constantly trying to emphasize more on innovation for their product offering in order to enhance the efficiency in automotive sector.
Asia Pacific is expected to see significant growth due to the large demand and production of automobiles. Also development of automotive manufacturing industries in economies such as Japan and South Korea continued their strong support of fuel cell technology.
The key players of global hydrogen fuel cell vehicle market includes Toyota Motor Sales, USA, Inc. (Japan), The Hyundai Motor Company (South Korea), Daimler AG (Mercedes-Benz) (Germany), BMW (Germany), General Motors Company (U.S.), Groupe Renault (France), Mazda Motor Corporation (Japan), Hydrogenics (Canada), Kia Motor Corporation (South Korea), Tata Motors Limited(India).
The hydrogen fuel cell vehicle market is undergoing various changes with evolving customer expectations, acceleration of technological innovation, and shifts in competitive power. Increasing number of funding commitments for the commercialization and development of refueling infrastructure will be crucial factors for the growth of the market in the years to come. The global hydrogen fuel cell vehicle market has been segmented, based on technology, of which the proton exchange membrane fuel cell (PEMFC) segment accounted for the largest market share in the forecasted period. On the basis of vehicle type, it is segmented into commercial car and passenger cars. Passenger cars segment stands at the first place, and is expected to grow further in the forecast period. Hydrogen fuel cell vehicle market is expected to grow at a CAGR of more than 8.12%.
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