Fuel Cell Vehicle (FCV) Market Size, Industry Outlook Report, Regional Analysis (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development, Price Trends, Competitive Market Share & Forecast, 2016 – 2023

Report ID: GMI217

Inquiry Before Buying   Table of Contents

Fuel cell vehicle (FCV) market size is estimated to reach over USD 18 billion by 2023 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.
 

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 addition it also helps in reducing the green house gas emissions as well as local air pollution.
 

Reduced dependency on oil trade is likely to balance the trade deficit among emerging nations. The vehicles operate on hydrogen gas and without emitting harmful radiations. In addition, these automobile are equipped with technologically advanced components and converts hydrogen gas into electricity which compels electric motor to run. The key components include power control units, electric motor, hydrogen storage tank, high output battery and fuel cell stack.
 

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.
 

Density conversion coupled with noise free operations is likely to surge demand in automobile sector. Most of the major suppliers are updating their technology on account of emission standards by regulatory bodies. Durability and low maintenance cost required is anticipated to provide value to the consumers. The above mentioned factors are likely to surge the demand over the forecast period.
 

Global fuel cell vehicle market is segmented into forklifts, buses, bicycles and motorcycles, boats, submarines, trams and airplanes. The buses segment is likely to account for highest industry share followed by bicycles and motorcycles. Forklifts and airplanes are likely to gain significant growth over the forecast period.
 

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.
 

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.
 

 


What Information does this report contain?

What was the historic market data from 2012 to 2015, what is the industry growth forecast from 2016 to 2023?
A detailed analysis of regulatory trends, growth drivers, industry pitfalls, challenges and opportunities for participants
Which are the leading market products, applications & regions and how will they perform by 2023?
What are the technology & innovation trends, how will they evolve by 2023?
Which companies lead the industry, how are they positioned in the market in terms of sustainability, competency, production capacity and strategic outlook?

Why Global Market Insights?

 Comprehensive Research
  • All-inclusive coverage
  • In-depth and granular data (ex: information for 8 to 15 countries, with clients open to add to this list, in each report)
  • Penetrative insights & latest trends
  • Offers holistic understanding of the market
 Data Accuracy & Reliability
  • Unique methodology
  • Iterative in nature to eliminate errors
  • Detailed methodology, scope, assumptions and data sources available for reference
 Post-Sales Support
  • Committed to making a positive difference for our clients
  • Given the nature of this industry, we are committed to ensure that our clients get maximum return on their investment in our services
  • Every purchase comes with an option to obtain additional information:
    • up to 10% of the original cost
    • 45-minute analyst tele-call to obtain further clarity on the market.
 Security & Confidentiality
  • Global Market Insights, Inc. strictly adheres to PCI-DSS security norms.
  • Only PCI-DSS compliant payment methods used for highest level of client data security

Connect with our sales team