The global fuel cell vehicles market in 2017 was priced at USD 193.8 million and is expected to exhibit a CAGR of 33.8% over the forecast years owing to growing trend of clean energy consumption.
The fast growth during the period can be ascribed to rising awareness and investments by governments across the world for developing and adopting fuel cells in vehicle.
|Market||Fuel Cell Vehicle Market|
|Analysis Period||2018 - 2026|
|Forecast Data||2018 - 2026|
|Segments Covered||By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Toyota Motor Corporation, Honda Motor Company, Ltd., and Hyundai Motor Company.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Fuel cell vehicles (FCVs), also synonymously called fuel cell electric vehicles (FCEVs), have gained traction in recent times due to increase in usage of conventional fuels which leads to rise in air pollution. Growing concern over alarming pollution levels has led to shift in trend toward green technologies and clean fuels in order to efficiently reduce the carbon footprint. This has impacted demand for FCVs positively over the past few years.
However, existence of handful manufacturers in the global fuel cell vehicle market has made the consumers choose from limited product unlike the conventional counterparts. As of 2017, only three vehicles have been commercialised and only in specific regions such as North America, Europe, and Asia Pacific. This could pose as a key challenge which may hinder the growth of global fuel cell vehicle market.
Over the years, the manufacturers are continuously working on innovating and improving performance of FCVs in order to match the conventional fuel vehicles standards, in terms overall experience especially the power output. Increasing importance on acceptance of FCEVs owing to their pollution-free characteristics, in addition to improved infrastructure, is attributed to promote the global fuel cell vehicle market over the forecast period. Numerous government initiatives and programs to encourage the use of fuel cell vehicles have led to an increase in awareness among the consumers and gradually adoption of fuel cell vehicles, subsequently increasing their demand over the past few years.
Market By Geography
Over the coming years due to technological advancements and easy adoption in Asia Pacific region, the fuel cell vehicles is expected to boom in this region. North America accounted for the largest market share in 2017 and is anticipated to exhibit a CAGR of over 35.8% over the forecast period. This can be credited to huge investments by the US Department of Energy (DoE) in development of fuel cells and improvement of infrastructure.
Although fuel cell vehicles market in Europe accounted for just over 4.0% of the overall market revenue in 2017, it is anticipated to be the fastest growing region with CAGR of more than 38.4% over the forecast period.
The key players catering to the global fuel cell vehicle market are Toyota Motor Corporation, Honda Motor Company, Ltd., and Hyundai Motor Company. The global players are continuously investing in R&D and innovating to attract more and more business and from the emerging nation such as China and India, the manufacturers are creating awareness. Players are also involved in strategic partnership, merger and acquisition to sustain in the competitive market and to build a competitive shield against the competitors. Further changing customers’ preferences are encouraging global players to develop innovative technology solution to cater best to the market. Also, Increasing R&D activities and investments coupled with technological advancements to commercialise highly efficient products are anticipated to offer lucrative opportunities for industry participants.