Global FCEV Market to exceed $11,600 mn by 2025

Fuel Cell Electric Vehicles Market size is estimated to surpass USD 11,600 million by 2025; according to a new research report by Global Market Insights, Inc.
 

Increasing demand for vehicles along with improving living conditions are supporting the fuel cell vehicle sales over the forecast timeframe. Higher carbon emissions along with rising greenhouse gases from conventionally fueled vehicles are enabling automobile OEMs to look for alternatives, thereby accelerating the development of such vehicles. Short refueling time and long-distance travelling range offering greater customer convenience will further propel the fuel cell vehicles market growth.

 

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Governments across the globe are introducing attractive policies and incentives for lowering the costs associated with such vehicles. For instance, in 2018, the Indian government extended its Faster Adoption and Manufacturing of Electric & Hybrid Vehicles (FAME) initiative for offering improved incentives covering all zero-emission vehicles, irrespective of the technology involved.
 

Fuel Cell Electric Vehicles Market

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FCEV market participants are continuously engaged in the R&D for developing advanced and low-cost hydrogen fuel solutions for supporting industry growth over the projected timeframe. For instance, in 2018, Plug Power announced the development of metal membrane electrode assemblies for improving the power density of the fuel cells, significantly contributing towards extending the cell life over the life cycle of the vehicle.
 

The higher costs associated with the acquisition of fuel cell vehicles along with limited availability of hydrogen refueling station network are limiting the fuel cell vehicles market share over the study timeframe. However, industry players along with government authorities are continuously collaborating for improving the hydrogen. For instance, in 2018, The Chinese government announced the China’s New Energy Vehicle roadmap with expansion plans of building 300 hydrogen refueling stations by 2025.
 

Browse key industry insights spread across 250 pages with 339 market data tables & 11 figures & charts from the report, “Fuel Cell Electric Vehicle Market Size By Vehicle (Heavy Duty Vehicles, Agriculture, Buses, Port Vehicles, Automotive, Class 8, Others), By Distance (Short, Long) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Sweden, Italy, Norway, Spain, Netherlands, China, Japan, India, Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/fuel-cell-electric-vehicle-market
 

Automotive fuel cell electric vehicles grew significantly from 2019 to 2025. This growth is attributed to the proliferating demand for automobiles for felicitating personal mobility. Additionally, the benefits offered by the FCEVs including higher driving range, lower refueling time, and no emissions further supports the segment expansion. Additionally, supporting government policies and incentives for lowering the costs associated with the acquisition of such vehicles along with lower taxes are providing a positive outlook for the fuel cell electric vehicles market expansion over the study timeframe.
 

Long distance will account for a considerable volume share in the fuel cell electric vehicles market. This share is credited to the increasing adoption of buses and trucks operating on fuel cells. Moreover, continuous support from the governments across the globe for reducing dependencies on conventional fuels and transition the public transportation to green mobility further supports the segment expansion. Additionally, industry players are introducing advanced truck models with higher driving range. For instance, in 2018, Nikola Motor Company unveiled its hydrogen fuel cell truck with a driving range of over 700 miles.
 

Asia Pacific is expected to dominate the fuel cell electric vehicles (FCEV) market. This share is attributed to the continuous investments in fuel cell vehicle technologies by automobile manufacturers to improve their market share. For instance, in 2018, Toyota Motor Corp announced to double its investment in hydrogen fuel cell vehicles for designing low-cost sport utility vehicles (SUVs) and mass-market passenger cars, thereby supporting in the market expansion along with achieving the economies of scale easily.
 

Prominent players in the FCEV market include Toyota, Hyundai, Honda, and SAIC. Industry participants are entering into strategic agreements for developing fuel cell electric vehicles. For instance, in June 2018, Hyundai Motor Group entered into a patent cross-licensing strategic agreement with Audi AG to develop a wide range of fuel cell electric vehicle technologies and components. This agreement enabled the company to invest in R&D activities in fuel cell technology, increasing its presence in the market.
 

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The fuel Cell Electric Vehicles (FCEV) market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD million from 2013 to 2025, for the following segments:

FCEV Market, by Vehicle

  • Heavy Duty Vehicles
  • Agriculture
  • Buses
  • Port Vehicles
  • Automotive
  • Class 8
  • Others

FCEV Market, by Distance

  • Short
  • Long

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Sweden
    • Italy
    • Norway
    • Spain
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • India
    • Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

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