The global fuel cell vehicles market size
is expected to reach USD 1.75 billion by 2025, according to a new report by
Grand View Research, Inc., registering a 33.7% CAGR during the forecast period.
This rapid growth can be attributed to increase in investments by governments
over the world for development and adoption of fuel cells.
Fuel cell vehicles ensure emission-free
operation, which will effectively reduce the carbon footprint and significantly
drive product demand over the next few years. The key factor expected to drive
the industry is advancements in fuel cell technology. Ongoing advancements have
helped match performance with conventional fuel vehicles, with respect to power
output and user experience.
Adoption of fuel cell vehicles worldwide is
expected to rise over the forecast period due to increasing awareness about
reducing harmful emissions, strict environmental regulations, and growing
incentives for use of clean energy.
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https://www.grandviewresearch.com/industry-analysis/fuel-cell-vehicle-market
https://www.grandviewresearch.com/industry-analysis/fuel-cell-vehicle-market
Further key findings from the report suggest:
· The global fuel cell vehicles market was
valued at USD 194.5 million in 2017 and is expected to exhibit a CAGR of 33.7%
over the forecast years owing to growing trend of clean energy consumption
· Several government initiatives and programs
to encourage the use of fuel cell vehicles have led to an increase in their
adoption, subsequently increasing their demand over the past few years
· North America accounted for the largest
market share in 2017 and is anticipated to exhibit a CAGR of over 36.0% over
the forecast period. This can be attributed to massive investments by the
United States Department of Energy (DoE) in development of fuel cells and
improvement of infrastructure
· Although the Europe fuel cell vehicles
market accounted for just over 3.0% of the overall market revenue in 2017, it
is anticipated to be the fastest growing region with CAGR of more than 38.0%
over the forecast period
· Key market players include Toyota Motor
Corporation, Honda Motor Company, Ltd., and Hyundai Motor Company. Apart from
these, there are several other automobile manufacturers that are in the process
of launching their fuel cell vehicles.
Grand View Research has segmented the
global fuel cell vehicle market on the basis of region:
Fuel Cell Vehicles Regional Outlook
(Volume, Units; Revenue, USD Billion, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research
reports, customized research reports, and consulting services. To help
clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More Information: www.grandviewresearch.com