Fuel Cell Electric Vehicle Market Key Growth Analysis - Honda, Hyundai, Nissan, Toyota, Tata Motors, Volkswagen, Ford, Suzuki, Mitsubishi & Mercedes

Fuel Cell Electric Vehicle Market is anticipated to surpass USD 9 billion by 2024, E-bikes are predicted to hold approximately 23% of the overall fuel cell electric vehicle market volume share.

With substantial number of e-bikes already on roads in China, its sales are surging in Europe particularly in northern countries of the region as per the European Cyclists Federation. These two-wheelers are available at affordable costs and serve the purpose for middle class population which will enhance the fuel cell electric vehicle market share over the projected time frame.

This Fuel Cell Electric Vehicle market report provides 2024 forecasts built using statistical analysis while covering data from primary research as well as secondary sources that help gain market insights and provide industry growth expectations.

Report Mainly focuses on the top Manufacturers in global market are given bellow

General Motors, Daimler, Honda, Hyundai, Nissan, Toyota, Tata Motors, Volkswagen, Ford, Suzuki, Mitsubishi, and Mercedes

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The Fuel Cell Electric Vehicle Market Report gives a clear picture of the current situation of the market which covers global industry analysis, size, share, growth, trends, key statistics and forecast Till 2024. The report on global Fuel Cell Electric Vehicle market evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2017-2024. The market size in terms of revenue (USD MN) is calculated for the study period along with the details of the factors affecting the market growth (drivers and restraints).

Fuel Cell Electric Vehicle Market, By Vehicle

• PCV
• LCV
• HCV
• E-bikes
• Forklifts

Fuel Cell Electric Vehicle Market, By Distance

• Short
• Long

Global fuel cell electric vehicle market share is projected to surpass 300 thousand units by 2024. Increasing research activities will pave the way for emerging technology and simultaneously reduce the product cost. Continuous technological developments along with OEMs investing in increasing production level to achieve economies of scale will result in price drop. Continuously increasing demand for advanced automobiles will boost the fuel cell electric vehicle market over the projected timespan.

Several government initiatives are supporting transition of conventional automobiles to zero emission automobiles. Government funding is speeding up R&D and number of hydrogen refueling stations. Government incentives can effectively bring down the price ranges by manifesting reduced taxes on such automobiles thereby driving the fuel cell electric vehicle market from 2017 to 2024.

 Long distance travelling range along with short refueling time offers superior customer convenience thereby supporting the fuel cell electric vehicle market growth. Moreover, vehicles possess superior energy density of hydrogen storage units compared to conventional batteries. Less number of accessible hydrogen stations for refueling is the major factor limiting the industry growth rate. Prohibitive product cost poses challenge to fuel cell electric vehicle market share over the forecast timeline.

Ongoing research activities are focused on developing raw materials that will support in cost minimization and extending automobile life. High volume manufacturing and low cost will help make fuel cell vehicles more competitive with combustion engines by 2024.

Passenger cars segment in fuel cell electric vehicle market is expected to witness significant gains at over 42% from 2017 to 2024. This can be attributed to increasing automobile production across the world and rising government initiatives. For instance, U.S. government plans to build hydrogen refueling stations across the country via H2USA public-private partnership coupled with auto producers support. In addition, California is investing USD 20 million annually until 100 stations are built for commercial purpose.

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The above information is provided on a regional and country basis for the following:

North America (U.S., Canada, Mexico)
Europe (Germany, UK, France, Sweden, Italy, Norway, Spain, Netherlands)
Asia Pacific (China, Japan, India, Korea)
Latin America (Brazil, Mexico, Argentina)
MEA (Saudi Arabia, UAE, South Africa)

Asia Pacific fuel cell electric vehicle market is expected to dominate the industry volume share over the projected time line. This can be credited to automobile production across the region, especially in developing economies such as China. China is observed to be the significant contributor in the regional revenue generation. Rising domestic demand along with increasing vehicle production will spur the country's share over the projected time span. 

North America fuel cell electric vehicle market was approximately worth at USD 173 million in 2016 and is anticipated to pose a CAGR of 41% over the forecast time frame owing to the presense of well-established players in the region. Moreover, strict rules and regulations along with government funds is boosting the industry over the study period.

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