Press release
Fuel Cell Electric Vehicle Market Future Opportunities 2024 by Top Companies Mercedes,Volkswagen, Ford, Suzuki, Mitsubishi, Daimler, Honda, Hyundai, Nissan
Fuel Cell Electric Vehicle
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.
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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.
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.
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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.
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.
General Motors, Daimler, Honda, Hyundai, Nissan, and Toyota are among the prominent players in the fuel cell electric vehicle market share. Other notable players include Tata Motors, Volkswagen, Ford, Suzuki, Mitsubishi, and Mercedes. Mainstream auto companies focus on in-house developments to build a supportive supply chain.
Related Report:
World Fuel Cell Electric Vehicle Market Research Report 2022
Fuel Cell Electric Vehicle market research report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.
https://www.marketstudyreport.com/reports/world-fuel-cell-electric-vehicle-market-research-report-2022-covering-usa-europe-china-japan-india-south-east-asia-and-etc/?utm_source=RR-PSR
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