Fuel Cell Vehicle Market - Global Industry Size, Share, Trends, and Forecast 2018 - 2026

Category : Automotive, Transportation and Logistics | Delivery Format : PDF | Status: Published | Pages : 100

Introduction

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 Dynamics

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.

Market Insights

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 Segmentation

Market By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Chile
    • Rest of Latin America
  • Middle East and Africa (MEA)
    • South Africa
    • Saudi Arabia
    • Rest of MEA

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.

Regional Insights

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.

Report Coverage

Market

Fuel Cdell Vehicle Market

Analysis Period

2016 – 2026

Historic Data

2016 – 2017

Base Year

2018

Forecast Data

2019 – 2026

Market Stratification

Geography

Regional Scope

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)

Report Coverage

Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis,

Player Profiling, Value Chain Analysis

Market Participants

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.


Related Reports

Traction Transformer Market (By Mounting Position: Roof, Underframe, Machine Room; By Voltage: Alternating Current Traction Transformers, Direct Current Traction Transformers; By Rolling Stock: High Speed Trains, Metro, Electric, Regional Trains, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026

Introduction The global Traction Transformer market was valued at $612 million in 2018 and is anticipated to grow at a CAGR of 5.4% during the forecast period. Traction transformers are components in the traction chain of locomotives, which are developed to enhance train performance and operator services.Their primary function includes transfer of electric power fr

On-Highway Vehicle Lighting Market (By Product Type: Halogen, High Intensity Discharge (HID), LED, Incandescent, LASER; By Application: Headlights, Other External Lights, Interior Lights; By Vehicle Type: Motorcycle, Passenger car, Buses, Light Trucks (Class 1-3), Medium Truck (Class 4-6), Heavy Truck (Class 7&8)) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026

Introduction The global On-highway vehicle lighting market size is anticipated to around USD 43.4 billion by 2026, this market is anticipated to grow with 5.4% CAGR during the forecast time period. Market Dynamics The market is driven by developing car generation crosswise ov

Automotive Interior Leather Market (By Vehicle: Passenger Cars, Light Commercial Vehicles, Trucks & Buses; By Material: Genuine, Synthetic; By Application: Upholstery, Headliners, Carpet, Seat Belt, Other) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026

Introduction The global automotive interior leather market size is anticipated to reach USD 47.2 billion by 2026, registering at a CAGR growth of 6.9% over the forecast period. The speedily expanding automotive sector across the globe is anticipated to boost the automotive interior leather market during the forthcoming years. Also, blast in car manufacturing indust

Automotive Wiring Harness Market (By Component: Electric Wires, Connectors, Terminals, Others; By Application: Body, Chassis, Engine, HVAC, Sensors; By Electric Vehicle: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV); By Vehicle: Light Vehicle, Heavy Vehicle) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026

Introduction The global automotive wiring harness market size is projected to around USD 78.3 billion by 2026, the market is projected to grow with 6.1% CAGR during the forecast time frame. Market Dynamics Expanding purchaser disposable income levels, especially in developing

Autonomous Vehicle Sensors Market (Product Type: LIDAR, RADAR, Ultrasonic Detectors, Image Censors; Application: Sports Cars, Taxis, Individuals, Others; End-Use Industry: E-Commerce, Automotive, Travels & Tours, Multinationals, Marine and Aerospace) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026

Introduction According to research, the autonomous vehicle sensors market is expected to grow at a market value of nearly $XX Billion by 2026, at approximately XX% CAGR. Autonomous vehicle sensors are electronic devices that constantly monitor their surrounding areas and generate information. Sensors are the primary part of autonomous vehicles. As sensors play a vital role, without

Cart Summary