Key companies profiled are BMW AG, Daimler AG, Hyundai Motor Company, AUDI AG, Nissan Motor Corporation, Toyota Motor Corporation, & more
PUNE, India, March 12, 2020 /PRNewswire/ -- The global fuel cell vehicle market size is set to touch USD 6,731.4 million by 2026, exhibiting a staggering 29.7% CAGR during the forecast period. Increasing air pollution levels caused by cars and other vehicles will propel the growth of this market, according to the new Fortune Business Insights™ report, titled "Fuel Cell Vehicle Market Size, Share and Global Trend By Vehicle Type (Passenger Cars, Commercial Vehicles, Buses & Coaches), By End-User (Private, Commercial), and Geography Forecast till 2026". The US Environment Protection Agency (EPA) estimates that 75% of carbon monoxide pollution in the US is caused by motor vehicles. Furthermore, according to the Environmental Defense Fund (EDF), on-road cars are responsible for 1/3rd of the smog produced in the US, while vehicles emit 27% of the greenhouse gases (GHGs) in the country. This scenario has created a desperate need to evolve technologies that can curb emissions and help counter the adverse effects of global warming.
Fuel cell vehicles have emerged as a viable solution, owing to their proven efficacy in lowering pollution levels, which is one of the leading fuel cell vehicle market trends. For instance, the US Department of Energy opines that hydrogen-powered vehicles can potentially emerge as zero-GHG emitting machines as they eliminate the need to use fossil fuels such as petroleum and diesel.
The report states that the value of this market stood at USD 446.7 million in 2018 and is expected to soar at a prolific rate in the coming years. The other highlights of the report include:
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Price Hurdles to Inhibit Market Sales
The fuel cell vehicle market growth faces a challenging obstacle in the form of high initial costs of this technology. For example, hydrogen fuels cost roughly $14 per kg, more than double the price of one gallon of gasoline. Moreover, the cost of producing hydrogen is prohibitively high and consumers are preferring regular fossil fuel-powered vehicles as they are more cost-effective, though less energy-efficient. For instance, one can travel the same distance in $2.50 gallon of gasoline as in $5.50 kg of hydrogen fuel. The main reason for the expensive nature of fuel cells is that the technology is still in its nascent stage and is yet to evolve fully. However, despite being pricey, fuel cells in vehicles have a promising future, which augurs well for this market in the long-run.
List of Key Players Covered in the Fuel Cell Vehicle Market Report:
Browse Summary of This Research Report: https://www.fortunebusinessinsights.com/fuel-cell-vehicle-market-102421
Asia-Pacific to Occupy Prominent Position; Europe to Hold Bright Prospects
Asia-Pacific is projected to dominate the fuel cell vehicle market share owing to the favorable environment created by governments in the region, supporting the production and adoption of these vehicles. In Japan, for example, the government provides subsidizes the cost of fuel cell-enabled cars to promote the usage of these vehicles.
The market size in Europe was at USD 79.5 million in 2018 and is expected to be the second-leading region in this market during the forecast period. France is anticipated to boost the market here on account of extensive deployment of commercial vehicles in the country. On the other hand, market growth in North America is expected to be stable.
Wide Opportunities for Innovation to Stimulate Intense Competition
Being in its early stages of evolution, automotive fuel cell technologies offer a wide range of innovation opportunities for players in this market, says the fuel cell vehicle market report. Besides this, some of the top players are collaborating to set further milestones in terms of innovation in this market.
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Detailed Table of Content:
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