Published On : 05 Nov 2018
The global fuel cell electric vehicle market is prophesied to see expansion in the coming years as it takes advantage of the need to reduce pollution levels. With a view to improve air quality, a number of government authorities have been implementing certain standards to reduce the level of emissions. Thus, high demand for zero emission automobiles is expected to provide tailwinds to the global fuel cell electric vehicle market. Increasing inclination toward the use of automobiles running on alternate fuels could set the tone for significant growth of the global fuel cell electric vehicle market. Even manufacturers and governments have stepped in to provide support to the adoption of such automobiles.
According to market experts, the global fuel cell electric vehicle market could post a whopping 36.9% CAGR between 2018 and 2025. By the end of 2025, the global fuel cell electric vehicle market could be valued at a US$12.3 bn. In 2017, the global fuel cell electric vehicle market attained a valuation of US$1.0 bn.
Consumers Use Fuel Cell Electric Vehicle for Traveling Short Distances
Fuel cell electric vehicle used for covering short distances are prognosticated to gain massive demand in the coming years. Passenger carrying vehicles (PCVs) could be among highly used fuel cell electric vehicles engaged for traveling short distances. Nevertheless, there could be decent adoption of fuel cell electric vehicles that can be used for traveling long distances. High focus on developing fuel cell components and powertrains showing improved efficiency is projected to create a whole lot of demand for fuel cell electric vehicle used for covering long distances. Today, auto manufacturers are developing advanced vehicles that can cover more than 300 miles without any major damage.
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Increasing Automobile Production Pushes Demand in Asia Pacific
The fuel cell electric vehicle market is prophesied to witness the lead taken by Asia Pacific in terms of revenue growth. Improved fuel efficiency standards and increased production of automobiles could stoke the demand for fuel cell electric vehicle in the emerging region. India and China are foretold to exhibit impressive growth in the Asia Pacific fuel cell electric vehicle market. Increasing penetration of zero emission automobiles could help the region to take the driver’s seat of the fuel cell electric vehicle market.
On the other hand, North America is envisioned to show quicker growth in the fuel cell electric vehicle market. This could be on account of the increasing number of technological developments in North American countries. Furthermore, tight government policies and increased funding are envisaged to support the growth of the fuel cell electric vehicle market in the region.
In order to support the shift in technology, players are expected to take to public-private partnerships in the next few years. Collaborative researches conducted by national laboratories and industrial partners could gain strong investments from organizations such as the Department of Energy.
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