Global Fuel Cell Vehicle Market By Leading Key Players: Cellkraft, Acumentrics SOFC, Altergy Systems, Ballard Power Systems, Ceramic Fuel Cells, BIC Consumer Products and Automotive Fuel Cell Cooperation

Market Overview: -

Fuel cell vehicle (FCV) market is estimated to reach over USD 18 billion over forecast time span and is likely to grow significantly over the forecast period. Fuel cell vehicle sales are anticipated to be valued over 1.2 million units by 2023. This can be mainly attributed to increasing concern to reduce air pollution coupled with high dependency on oil imports.

Fuel cell technology has the efficiency to power airport tugs, forklifts, heavy duty vehicles and passenger vehicles. The technology is likely to gain importance owing to its rapid advancement. In addition, the key automobile manufacturers are spending heavily and are moving towards this technology. These vehicles demonstrate immaculate durability, which specifies significant growth towards the main objectives set by the U.S. Department of Energy. Sale is anticipated to observe stable growth over the forecast period owing to introduction of transit buses and hydrogen fuel cell vehicle market. The innovation and development of the vehicles is anticipated to meet customers’ needs and demands which in turn fuel cell vehicle market size.

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Top Key Players: -

The key players involved are Cellkraft, Acumentrics SOFC, Altergy Systems, Ballard Power Systems, Ceramic Fuel Cells, BIC Consumer Products and Automotive Fuel Cell Cooperation among others. The FCV market size is anticipated to observe momentous number of new entrants over the forecast period. Other industry participants include Nissan, Toyota Motor, BMW, Audi, Daimler, Riversimple UK, GreenGT, Ballard, Hyundai Korea, Proton Power Systems, Hydrogenics, GreenGT Belgium and VW Group among others.

Market share calculation in this report is not done based on companies covered in it. The calculation of Fuel Cell Vehicle (FCV) Market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentations: -

U.S. FCV market share is anticipated to gain significant share owing to stringent government norms and initiatives undertaken in order to develop hydrogen infrastructure. In addition, introduction of shale gas have lowered the cost of natural gas and also facilitates in advancing hydrogen reform technologies, thus making it economical.

Asia Pacific fuel cell vehicle market is likely to grow at considerable growth rate owing to stringent government programs promoting these vehicles primarily in emerging nations such as China, South Korea, Vietnam and India..

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Rise in the global hydrogen fuel cell vehicle market share is expected to generate more employment and business opportunities mainly in the R&D department. This technology facilitates in declining local air pollutants and greenhouse gas emissions which in turn diversify energy sources to minimize the need for conventional sources. Proliferating implementation and acceptance of hydrogen vehicles in public transit systems is anticipated to surge the industry demand over the coming few years. According to National Research Council, these vehicles are likely to lessen the dependency on oil. In an addition it also helps in reducing the greenhouse gas emissions as well as local air pollution.

Low noise operations, high power density and high efficiency conversion are anticipated to fuel the industry demand over the forecast period. However, initial high cost required is likely to hamper the demand growth. Strong participation among major players along with stringent environmental norms is likely to act as the key opportunities to the industry over the coming few years.

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