As per the report by Grand View Research, Inc., the fuel cell vehicle market was valued at USD 194.5 million in 2017 and is estimated to observe a CAGR of 33.7 % throughout the forecast period (2018-2025). High power density, low noise operations, and high-efficiency conversion are likely to drive the demand in the forecast period.
The key factor anticipated to drive the market is development of fuel cell technology and acceptance of fuel cell vehicles globally. In addition, ongoing progressions have supported match performance with conventional vehicles, with respect to user experience and power output, which is likely to drive the market growth in the years to come. On the other hand, requirement of high initial price is expected to hinder the growth in the forecast period.
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Numerous government units are taking initiatives such as favorable incentives and tax credits to boost the acceptance of zero-emission automobiles. For example, in July 2018, the Ministry of Trade, Industry, and Energy (MTIE) projected a goal of deploying five million zero-emission vehicles by 2030.
The increasing concern over alarming pollution levels has led to an emergence of a trend of accepting green technologies and clean fuels to effectively decrease carbon footprint. This had a high impact on fuel cell vehicles in the last few years.
In 2017, the European Commission initiated the Joint Initiative for Hydrogen Vehicles (JIVE) plan across Europe for the positioning of buses for public usage. North America dominated the market share in 2017 and is anticipated to retain its position in the forecast period. The growth is attributed to the rising rate of development of fuel cell infrastructure such as hydrogen filling stations.
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These market players have accepted numerous strategies, such as collaborations, partnerships, and expansions, to further support their place in the market.
Leading companies operating in the fuel cell vehicle market are Honda Motor Company, Ltd., Hyundai Motor Company, and Toyota Motor Corporation.
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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