According to a report, “Fuel Cell Vehicle Market Size, Share & Trends Analysis Report By Region (Europe, North America, Asia Pacific), Competitive Landscape, And Segment Forecasts, 2018 – 2025″, published by Grand View Research, Inc. The global fuel cell vehicles market size is expected to reach USD 1.75 billion by 2025 .Fuel cell vehicles ensure emission-free operation, which will effectively reduce the carbon footprint and significantly drive product demand over the next few years. The key factor expected to drive the industry is advancements in fuel cell technology.
Further key findings from the report suggest:
The global fuel cell vehicles market was valued at USD 194.5 million in 2017 and is expected to exhibit a CAGR of 33.7% over the forecast years owing to growing trend of clean energy consumption
Several government initiatives and programs to encourage the use of fuel cell vehicles have led to an increase in their adoption, subsequently increasing their demand over the past few years
North America accounted for the largest market share in 2017 and is anticipated to exhibit a CAGR of over 36.0% over the forecast period. This can be attributed to massive investments by the United States Department of Energy (DoE) in development of fuel cells and improvement of infrastructure
Although the Europe fuel cell vehicles market accounted for just over 3.0% of the overall market revenue in 2017, it is anticipated to be the fastest growing region with CAGR of more than 38.0% over the forecast period
Key market players include Toyota Motor Corporation, Honda Motor Company, Ltd., and Hyundai Motor Company. Apart from these, there are several other automobile manufacturers that are in the process of launching their fuel cell vehicles.
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The market is expected to grow at a rapid pace through 2025 with governments all over the world heavily investing in development of fuel cell technology. Such investments have resulted in reduction in the presence of expensive noble metals in a fuel cell, effectively reducing their prices. Increased allocation of funds has also led to establishment of necessary infrastructure, such as hydrogen filling stations.
Over the years, the performance of FCVs has matched that of conventional fuel vehicles, in terms of power output and overall experience. Growing emphasis on adoption of FCEVs due to their pollution-free properties, backed by improving infrastructure, is anticipated to benefit the market over the forecast period.
The shift from conventional fuel vehicles toward eco-friendly ones has considerably increased in recent years, thereby fueling demand for FCVs. Strict environment regulations, availability of incentives and subsidies for use of clean fuels, and harmful gas emissions from combustion engine vehicles are other factors expected to drive the market over the forecast period.
However, presence of very few manufacturers has left users with limited product choices. As of 2017, only three vehicles have been commercialized and only in specific regions such as North America, Europe, and Asia Pacific. This could pose as a key challenge.
Grand View Research has segmented the global fuel cell vehicle market on the basis of region:
Fuel Cell Vehicles Regional Outlook (Volume, Units; Revenue, USD Billion, 2014 – 2025)
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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