Fuel Cell Vehicles Market to Expand with Significant CAGR by 2027

Posted by Priyanka Thakare on January 8th, 2020

Global Fuel Cell Vehicles Market: General Overview

The fuel cell technology is a distinctive technique and also has the capacity to power heavy duty vehicles, passenger vehicles, airport tugs, and forklifts. Many leading automobile companies have implemented fuel cell vehicle programs and thus, the technology has gained significant traction over the last couple of years. Fuel cell vehicles have progressed extensively in order to meet the standards set by the U.S. Department of Energy. Numerous first generation fuel cell vehicles have exhibited immaculate durability, thus indicating significant progress towards meeting the standards set by the regulatory bodies. The current generation fuel cell vehicles are composed as such to exhibit notable improvements in terms of durability. Standard durability has already surpassed the U.S. Department of Energy’s goals. The current vehicles are almost at the edge to meet the target standard set by DOE. These agendas have confirmed that transit buses and hydrogen fuel cell vehicles are able to meet the demands of customers.

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This industry study is an evaluation of the growth prospects and historical tract of the global fuel cell vehicles market. It deals with the assessment of the facets that are projected to sway the development of the market both negatively and positively. Further, the key trends have also been specified in the publication. The research study also presents a wide outlook on the seller landscape of the market with reference to Porter’s five forces analysis. The research report deals with the R&D activities, mergers, acquisitions, and particulars on certifications and collaborations. The report reviews the approaches related to shares, publicity, and product range of the key accomplices in the global fuel cell vehicles market.

Global Fuel Cell Vehicles Market: Trends and Prospects

Fuel cell vehicles have a string potential to reduce the dependence of nations on import of oil and reduce harmful emissions that degrade the environmental conditions. Decreasing dependence on oil imports would eventually help in balancing the deficit in trade of several developing countries worldwide. Fuel cell vehicles are known to work on hydrogen gas and not on gasoline and also emit a fair amount of harmful emissions. Before these fuel cell vehicles start competing with the traditional vehicles, certain issues have to be addressed. Fuel cell vehicles are almost similar to traditional vehicles. Nevertheless, they are equipped internally with high-end technological components that are generally not found in traditional vehicles.

Some of the prime driving factors of the global fuel cell vehicle market are high power density, silent operations, and high efficiency conversion. Although the market is likely to be inhibited  by large cost incurred during the initial stage, there are ample opportunities present in the market that can benefit the market such as strong participation by leading market players and strict environmental regulations.

Global Fuel Cell Vehicles Market: Regional Analysis

Owing to the opportunities present and government imposed regulations, North America is likely to emerge strong in the global fuel cell vehicles market. Manufacturers can also gain from the upcoming government initiatives and technological advancements in countries in the Asia Pacific region such as Vietnam, South Korea, China, and India.

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Global Fuel Cell Vehicles Market: Vendor Landscape

The companies using fuel cell vehicles are Toyota Motor Corporation, Nissan Motor Company Ltd., Daimler AG, BMW AG, and Audi AG. The companies in this market are Ceramic Fuel Cells Ltd., Cellkraft AB, BIC Consumer Products, Ballard Power Systems, Automotive Fuel Cell Cooperation Corp., Altergy Systems, AFC Energy, and Acumentrics SOFC Corporation.