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Fuel Cell Electric Vehicle Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033 | Volkswagen AG, Toyota Motor Corporation, Mercedes-Benz Group, General Motors, Mitsubishi Corporation, Honda Motor Co. Ltd., FAW Group Ltd., SAIC Mo

Fuel Cell Electric Vehicle Market Size

Fuel Cell Electric Vehicle Market Size

As per the report, the fuel cell electric vehicle market size has grown exponentially in recent years. It will grow from $3.49 billion in 2023 to $4.5 billion in 2024 at a compound annual growth rate (CAGR) of 28.9%. The fuel cell electric vehicle market size is expected to see exponential growth in the next few years. It will grow to $11.61 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%.

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Growing Adoption Of Electric Vehicles Drives The Fuel-Cell Electric Vehicle Market
The rise in the adoption of electric vehicles is expected to propel the growth of the fuel-cell electric vehicle market going forward. An electric vehicle refers to a vehicle that is driven by one or more electric motors that are supplied with energy by an onboard battery pack. Electric vehicles, including FCEVs (fuel-cell electric vehicles), offer significant environmental benefits by reducing greenhouse gas emissions and improving air quality. They also play a critical role in achieving a sustainable transportation future. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles doubled to 6.6 million in 2021 compared to more than 3 million reported in 2020. Therefore, the rise in the adoption of electric vehicles is driving the growth of the fuel-cell electric vehicle market.

Fuel Cell Compressor (FCC) Technology For Enhanced Performance And Durability In Fuel-Cell Electric Vehicles
Major companies operating in the fuel-cell electric vehicle market are focused on developing innovative solutions such as electric compressor technology. Electric compressor technology refers to the use of electrically driven compressors in various applications. For instance, in June 2023, Garrett Motion Inc., a Switzerland-based differentiated solutions provider announced the launch of advanced 'Electric Fuel Cell Compressor (FCC). It is a high-performance electric air compressor technology that efficiently delivers the required airflow to optimize the power density and output of the fuel cell system. Additionally, it enhances the efficiency and durability of the fuel cell stack throughout the vehicle's lifespan, all packaged in a remarkably compact form.

The fuel cell electric vehicle market covered in this report is segmented -

1) By Type: Polymer Electrolyte Membrane Fuel Cell (PEMFC), Proton Exchange Membrane Fuel Cell, Phosphoric acid Fuel Cell, Other Types
2) By Range: Short Range, Long Range
3) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles

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Major companies operating in the fuel cell electric vehicle market report are Volkswagen AG, Toyota Motor Corporation, Mercedes-Benz Group, General Motors, Mitsubishi Corporation, Honda Motor Co. Ltd., FAW Group Ltd., SAIC Motor Corp. Ltd., Hyundai Motor Group, Nissan Motor Co. Ltd., Audi AG, Renault Group, Bayerische Motoren Werke AG, Suzuki Motor Corporation, Jaguar Land Rover, Iveco Group N.V., Dongfeng Motor Corporation, Denso Global, Tata Motors Limited, Ashok Leyland, Kenworth Truck Company, Dayun Automobile Co. Ltd., Rolls-Royce PLC, Ballard Power Systems Inc., Hyzon Motors, Nikola Corporation, H2X Global.

Contents of the report:
1. Executive Summary
2. Fuel Cell Electric Vehicle Market Report Structure
3. Fuel Cell Electric Vehicle Market Trends And Strategies
4. Fuel Cell Electric Vehicle Market - Macro Economic Scenario
5. Fuel Cell Electric Vehicle Market Size And Growth
…..
27. Fuel Cell Electric Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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