Fuel Cell Electric Vehicle Market Business Revenue To 2024 ($9bn) | Companies are (Ford Motor Company, Daimler AG, General Motors, Hyundai Motor Brasil, Mitsubishi Motors, Nissan Motor Corporation, Volkswagen AG)

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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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.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1.Daimler
2. Electricore
3. Ford
4. General Motors
5. Honda
6. Hyundai
7. Mercedes-Benz
8. Mitsubhishi
9. Nissan
10. Suzuki
11. Tata Motors
12. Toyota
13. Volkswagen

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Long distance travelling automobiles from fuel cell electric vehicle market are projected to be valued over USD 880 million by 2024. The automobile producers focus on automobile advancements that will yield a mileage of over 300 miles coupled with development of internal fuel-cell components offering higher efficiency. For instance, Hyundai has plans to introduce long distance travelling hydrogen powered SUV yielding 9% efficiency boost as compared to its old-version models.

Carbon fiber will exhibit the highest CAGR of over 7% from 2017 to 2024. Increasing demand from high-speed and sports utility vehicles will majorly support the substantial growth. Carbon fiber is preferred by aftermarket players as customization is done by the independent service providers. These products also feature durability, high strength, lightness, enhanced finish & appearance of the rear spoiler.

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 size 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 size over the study period.

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Mercedes-AMG GmbH, DAR Spoilers, Polytec Group, Plastic Omnium, and Mitsubishi are among the prominent players in the rear spoiler market. Other notable producers include Albar Industries, Magna International, Plasman Group, and Changzhou Huawei. Industry participants are focusing on developing aerodynamic effect of cars to improve fuel efficiency. They are using lightweight and high-strength materials along with reinforcement materials to reduce the overall weight of the product without compromising on its performance.

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