U.S. fuel cell vehicle 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.
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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.
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.
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.
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.
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Methodology used in Fuel Cell Vehicle Market Report –
Our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the industry. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
- Definition and scope of research
- Market dynamics, growth drivers and industry pitfalls
- Regulatory and political guidelines for the industry
- Demographics and statistical data
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