Fuel Cell Electric Vehicle Market to surpass 300 thousand units by 2024
Global fuel cell electric vehicle Market is predicted to cross 300 thousand units over the projected time span. Increasing R&D activities will support in minimizing the product cost and provide the way for nascence technology. Ongoing technological improvements coupled with manufacturers investing in enhancing production level to obtain economies of scale may result in price drop. Constantly, increasing demand for improved automotive will spur the fuel cell electric vehicle market share over the study period.
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Numerous government initiatives to support transition of conventional automobiles to emission free automotive is boosting the overall business demand. Government funding is driving research activities and construction of hydrogen refueling stations across the cities. Government incentives may effectively help in reducing the costs by manifesting reduced taxes on these types of automobiles.
Long range distance travelling automobiles in the fuel cell electric vehicle industry are expected to surpass USD 880 million over the projected time span. Auto producers are focusing on development of internal components and mileage enhancement. For instance, Hyundai aims to launch long distance travelling hydrogen powered sports utility vehicle that will yield 9% efficiency boost as compared to traditional models.
Less refueling time coupled with long distance travelling will provide superior customer convenience thereby boosting fuel cell electric vehicle industry Additionally, such automobiles possess enhanced energy density of hydrogen storage units in contrast to conventional batteries. Less accessibility of hydrogen refueling stations is the main factor challenging the industry growth over the projected time span. High product price may challenge the demand for such automobiles till 2024.
Continuous R&D activities focus on improving raw materials that will help in reducing cost and extending automobile age. Low cost and high-volume production will make fuel cell electric vehicles more competitive with other type of electric and combustion engine automobiles available over the study period.
Passenger cars sector will observe significant gains of more than 42% from 2017 to 2024. This can be credited to rising automotive production across the world coupled with increasing government initiatives. For instance, the U.S. government aims to construct hydrogen refueling stations across the nation through H2USA public private partnership and auto manufacturers support. Moreover, California plans to invest USD 20 million every year until 100 stations are constructed for commercial use.
Asia Pacific is predicted to dominate the industry’s volume share over the study period owing to rising automobile production across the region. China is the significant contributor in regional revenue generation. Increasing auto production coupled with rising domestic demand is boosting the country’s share over the projected timeframe.
In 2016, North America fuel cell electric vehicle market share was valued at around USD 173 million and will exhibit 41% CAGR over the projected time span. This can be attributed to the presence of well-established players and stringent regulations existing in the region. Government funds will further support the growth of fuel cell electric vehicle industry till 2024.
Prominent players of the fuel cell electric vehicle market are Daimler, Hyundai, Toyota, Nissan, General Motors, and Honda. Other notable players include Volkswagen, Tata Motors, Suzuki, Ford, and Mitsubishi. Auto players focus on developing components in-house to improve the supply chain. Introduction of emerging technology is observed as a time-consuming and expensive in nature. Players consider the public private partnership as the suitable structure to support in technology shift.
Fuel Cell Electric Vehicle Market Size By Vehicle (PCV, LCV, HCV, E-Bikes, Forklifts), By Distance (Short, Long) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Sweden, Italy, Norway, Spain, Netherlands, China, Japan, India, Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Chapter 4. Fuel cell electric vehicle Market, By Vehicle
4.1. Global fuel cell electric vehicle market share by vehicle, 2016 & 2024
4.2.1. Market estimates and forecast, 2013-2024
4.2.2. Market estimates and forecast, by region, 2013-2024
4.3.1. Market estimates and forecast, 2013-2024
4.3.2. Market estimates and forecast, by region, 2013-2024
4.4.1. Market estimates and forecast, 2013-2024
4.4.2. Market estimates and forecast, by region, 2013-2024
4.5.1. Market estimates and forecast, 2013-2024
4.5.2. Market estimates and forecast, by region, 2013-2024
4.6.1. Market estimates and forecast, 2013-2024
4.6.2. Market estimates and forecast, by region, 2013-2024
Chapter 5. Fuel cell electric vehicle Market, By Distance
5.1. Global fuel cell electric vehicle market share by distance, 2016 & 2024
5.2.1. Market estimates and forecast, 2013-2024
5.2.2. Market estimates and forecast, by region, 2013-2024
5.3.1. Market estimates and forecast, 2013-2024
5.3.2. Market estimates and forecast, by region, 2013-2024
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