Fuel Cell Electric Vehicles Market Next Big Thing | Volkswagen AG, SAIC Motor Corporation Limited, General Motors, Pininfarina

Latest released research study on Fuel Cell Electric Vehicles Market delivers volume and values at regional and company levels considering slowdown due to COVID across the globe. From a global perspective, the report analyzes historical data and future prospects to represent the total Global Fuel Cell Electric Vehicles Market size broken down by various segments (type and application) and by highest potential and emerging countries. Some of the players profiled are Toyota Motor Corporation (Japan), Honda Motor Co. Ltd (Japan), Hyundai Motor Group (South Korea), Audi AG (Germany), Volkswagen AG (Germany), SAIC Motor Corporation Limited (China), General Motors (United States), Pininfarina (Italy).

Definition:
The global fuel cell electric vehicles market is expected to grow at a significant rate during the forecast period, according to the AMA study. This is owing to the rising demand for zero-emission vehicles across different applications and the increasing shift of consumers towards electric vehicles from traditional fossil fuel-powered vehicles. In addition, an increased range of fuel cell electric vehicles over battery electric vehicles and faster refueling time is another major factor acting as an advantage for its adoption over electric vehicles. Different governments are supporting the adoption and development of fuel cell electric vehicles in order to replace traditional fuel vehicle fleet from electric and fuel cell electric vehicles. For instance, the government of Japan has planned to achieve the construction of 160 hydrogen fueling stations before the Tokyo Olympics 2020 to which the current number of hydrogen fuel stations in Japan is around 80. The government of Japan is also expecting to raise its fuel cell electric vehicle fleet from 3,000 units in 2019 to 200,000 till 2026 which will further drive the market for fuel cell electric vehicles in the region. Currently, North America has the largest market share in this market owing to the largest number of fuel cell electric vehicles across the United States cities due to the high adoption of high-powered fuel cell sports cars.

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Unlock new opportunities in Global Fuel Cell Electric Vehicles Market; the latest release from AMA highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider gaining better insights

Global Fuel Cell Electric Vehicles Market Segmentation's
On the Basis of Application: Passenger Vehicles, Commercial Vehicles
Additional Segmentation: End Use (Original Equipment Manufacturers, Aftermarket), Range (Short Range, Long Range), Component (Batteries, Electric Traction Motor, Fuel Cell Stack, Fuel Tank, Electronics Controller, Transmission Systems, Thermal Systems, Others)

On the Basis of Region: North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey & Rest of Middle East & Africa

Market Drivers
• Growing Demand for Zero-Emission Vehicles Across Different Applications
• Shifting of Consumers From Fossil Fuel to Electric Vehicles
• Increased Range of FCEV compared to Traditional Electric Vehicles
• Faster Refueling Time Over Electric Vehicles

Market Trend
• The electric vehicles have less range when compared to traditional fossil fuel vehicles due to limited battery power and required recharging after discharging of battery which requires approximately 6 to 11 hours of charging time for a full battery. FCEV provides more range than electric vehicles & also it requires 2-3 minutes for refueling hydrogen tanks. Thus, the adoption of fuel cell vehicles is expected to rise owing to an advantage over the electric vehicles during the forecast period.

Opportunities
• Growing Research and Developments on Fuel Cell Technologies for Implementation in Different Types of Vehicles of Different Transportation Industry. For instance, there are so many companies that have already developed fuel cell technologies for aerospace and marine applications such as Ballard. Moreover, there are some automotive companies such as General Motors, Toyota and Honda which have already launched fuel cell electric vehicles in countries such as Japan and the United States.

Challenges
• Lack of Fuel Station Infrastructure in Different Regions
• Lack of Initiation Among Automobile Manufacturers

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How geography and sales fit together
This study is helpful to all operators who want to identify the exact size of their target audience at a specific geographic location. Fuel Cell Electric Vehicles Market allow entrepreneurs to determine local markets for business expansion. This study answers the questions below:

1. Where do the requirements come from?
2. Where do non-potential customers reside?
3. How badly spending power of the customers in a particular region is affected?

The Global Fuel Cell Electric Vehicles Market is a source of authoritative information:
1. Fields and Subfields of Global Fuel Cell Electric Vehicles Market
2. Ongoing developments and dynamics of the Global Fuel Cell Electric Vehicles Market
3. Offer and requirement in Global Fuel Cell Electric Vehicles Market
4. Fuel Cell Electric Vehicles Market Size & Share by Country, Type & Application
5. Existing Trends, Obstacles, and Openings
6. Competitive Viewpoint of Market
7. Technological advances in Market
8. Supply chain and leading player's analysis

In January 2020, Japan's Honda Motor Co. and Isuzu Motors Ltd signed a partnership agreement wherein they will jointly research the use of fuel cell technology for heavy-duty vehicle applications. Under the two-year deal, Isuzu will test Honda's fuel cell powertrain which is used by Honda in its fuel cell electric passenger vehicles in commercial trucks.

In 2013, General Motors and Honda announced that both have signed a collaboration agreement to co-develop next-generation fuel cell system and hydrogen storage technologies, aimed for the year 2020 time frame.

Key Questions Answered in the report:
Q 1. How much revenue the Fuel Cell Electric Vehicles Market is expected to make during the valuation period between 2023 and 2028?
Q 2. Which product segment is expected to lead by the end of the forecast period?
Q 3. What are the key growth strategies used by prominent players to stay competitive and fight against economic turnaround and COVID -19?
-Q 4. What are the different segments within the Fuel Cell Electric Vehicles Market and how are those individual segments gear up sales growth and by when?
-Q 5.What next, which areas are likely to experience growth and what opportunities exist within the Fuel Cell Electric Vehicles Market?

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This release was published on openPR.