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Market Research Report
Global Fuel Cell Electric Vehicle Market 2019 - 2025 |
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| Published by | Orion Market Research Pvt Ltd | Product code | 910993 | ||||
| Published | Content info | Delivery time: 2-3 business days |
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| Global Fuel Cell Electric Vehicle Market 2019 - 2025 | ||
| Published: July 30, 2019 | Content info: |
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Global Fuel Cell Electric Vehicle Market Size, Share & Trends Analysis Report by Vehicles (Commercial Vehicles, Passenger vehicles, Boats, and Others), by Electrolyte Type (PEMFC and PAFC), and Forecast, 2019-2025
Automated fuel cell vehicles are run through fuel cells to ignite the electric engine on board. Fuel cell technology is adopted in different vehicles which range from passenger cars to airplanes. Growing awareness of a cleaner environment has increased the demand for fuel cell electric vehicles. In addition, the fuel cell electric vehicles provide benefits such as improved driving range, lower refueling time, and emission-less transportation. Moreover, governmental campaigns such as tax credits and favorable incentives are encouraging emission-less vehicles which have further ignited the growth of fuel cell electric vehicles industry. For instance, in July 2018, the Ministry of Trade, Industry, and Energy (MTIE) proposed to deploy five million zero-emission vehicles by 2030. However, the high installation charges of hydrogen fueling stations and the limited availability of hydrogen refueling stations have affected the growth of this market during the forecast period.
The fuel cell electric vehicle market is categorized as per the vehicles and electrolyte type. The market is further classified to commercial vehicles, passenger vehicles, boats, and other such as includes forklifts on the basis of the vehicle type. On the basis of electrolyte type, Proton-exchange membrane fuel cell (PEMFC) and Phosphoric acid fuel cell (PAFC). PEMFC segment is anticipated to have a significant market size due to its extensive applications in passenger cars and commercial vehicles such as trucks and buses. PEMFC is small and light-weighted which ensures high performance in different fuel cell vehicles by maintaining the operational temperature. Hence, PEMFC is widely adopted in boat and forklift application.
Geographically, Asia-Pacific is expected to significant market value in the fuel cell electric vehicle market due to continuous investments in fuel cell vehicle technologies by automobile manufacturers in the region. For instance, in 2018, Toyota Motor Corp, doubled its investment in hydrogen fuel cell vehicles which enhanced the sales expansion of the company in sport utility vehicles (SUVs) and mass-market passenger cars segment. Additionally, the Asia-Pacific region has the largest potential for green technologies due to increasing awareness in highly populated countries such as China and India. There are a few major companies operating in the fuel cell electric vehicle industry which include Volkswagen, Inc., Toyota Motor Corp., Audi AG, Hyundai Motor Group, Audi AG, Tata Motors, Ltd., Changan Automobile Co., Ltd., amongst others. These players are adopting different strategies to expand and remain competitive on the market which include mergers and acquisitions, supplies, products, and services. For instance, in July 2018, Hyundai Motor Corp, collaborated with Audi AG to develop a range of fuel cell electric vehicle technologies and components.
The market study of the fuel cell electric vehicle market is incorporated by extensive primary and secondary research conducted by a research team at OMR. Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.
The report is intended for automotive companies, research organizations, investment companies, government organizations for overall market analysis and competitive analysis. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models delivering insights into the market for better business decisions.
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