Fuel Cell Electric Vehicle Market for PCVs segment is anticipated to surpass USD 5 billion by 2024

E-bikes segment is projected to acquire around 23% of the fuel cell electric vehicle market volume share. This can be attributed to availability of these two-wheelers at affordable costs and serving the motive of middle class citizens across various countries. Substantial number of e-bikes are running on the roads of China and its sales are increasing in Europe as well, especially in northern countries of the region according to the European Cyclists Federation.

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Fuel cell electric vehicle market share is anticipated to display a marked ascent in the forthcoming years, owing to the fact that governments across a host of nations are undertaking various initiatives to bolster the utilization of zero-emission automobiles in a bid to lower greenhouse gas emissions and contain the ever-rising pollution levels. Moreover, it would be prudent to mention that the painstaking efforts being put in by automobile manufacturers in enhancing the existing fuel cell technology and revamping the current infrastructure of fuel cell EV platforms, has invariably created an unprecedented exuberance pertaining to the growth prospects of the global fuel cell electric vehicle industry.

Passenger cars sector will observe significant gains of more than 42% from 2017 to 2024. This can be credited to rising automotive production across the world coupled with increasing government initiatives. For instance, the U.S. government aims to construct hydrogen refueling stations across the nation through H2USA public private partnership and auto manufacturers support. Moreover, California plans to invest USD 20 million every year until 100 stations are constructed for commercial use.

As per some reliable sources, the deployment of fuel cell charging stations is particularly brisk across Europe as the continent consists of nations known to be strong proponents of the hydrogen economy. For instance, Denmark recently made it to the headlines as the first country to deploy a nationwide fuel cell charging infrastructure. Furthermore, Germany has emerged as the frontrunner in fortifying its presence in the Europe fuel cell electric vehicle industry given that the western European nation is projected to build around 400 fueling stations over the course of next few years. Apparently, it goes without saying that the efforts that are being made to strengthen the charging stations would impel the overall fuel cell electric vehicle market share augmentation in the immediate future.

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Long range distance travelling automobiles in the fuel cell electric vehicle industry are expected to surpass USD 880 million over the projected time span. Auto producers are focusing on development of internal components and mileage enhancement. For instance, Hyundai aims to launch long distance travelling hydrogen powered sports utility vehicle that will yield 9% efficiency boost as compared to traditional models.

In 2016, North America fuel cell electric vehicle market share was valued at around USD 173 million and will exhibit 41% CAGR over the projected time span. This can be attributed to the presence of well-established players and stringent regulations existing in the region. Government funds will further support the growth of fuel cell electric vehicle industry till 2024.

Asia Pacific is predicted to dominate the industry’s volume share over the study period owing to rising automobile production across the region. China is the significant contributor in regional revenue generation. Increasing auto production coupled with rising domestic demand is boosting the country’s share over the projected timeframe.

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Prominent players of the fuel cell electric vehicle market are Daimler, Hyundai, Toyota, Nissan, General Motors, and Honda. Other notable players include Volkswagen, Tata Motors, Suzuki, Ford, and Mitsubishi. Auto players focus on developing components in-house to improve the supply chain. Introduction of emerging technology is observed as a time-consuming and expensive in nature. Players consider the public private partnership as the suitable structure to support in technology shift.