Fuel Cell Vehicle Market Share Analysis By Vertical, End User, Deployment, Type, Region & Technology, 2025

Felton, Calif., USA, Apr. 20, 2021 — /EPR Network/ —

The global Fuel Cell Vehicle Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global fuel cell vehicle market size is projected to touch USD 1.75 billion by 2025, according to a new report by Million Insights. The market is anticipated to witness a CAGR of 33.7% over the forecast duration. The growing investment by governments in the development of pollution-free vehicles is attributing to the growth of the market. Globally, governments are emphasizing on curbing the emission level and incorporating advanced technologies.

Increasing investments by governments across the world are expected to proliferate the market growth for fuel cell vehicles in the near future. These investments have resulted in a decline in prices of expensive metals used in fuel cell technology. Further, increasing investments have ensured the installation of mandatory infrastructure including hydrogen filling station.

Key Players:

  • Honda Motor Company, Ltd
  • Hyundai Motor Corporation
  • Toyota Motor Corporation

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Growth Drivers:

Owing to recent advancement in technologies, fuel cell vehicles performance has been at par with conventional vehicles. Factors such as pollution-free operation and improvement in infrastructure are likely to affect positively the market growth over the forecast period.

The growing inclination for environment-friendly vehicles in place of conventional vehicles has been a recent trend among consumers. Stringent government regulation, improving infrastructure and availability of incentives are encouraging manufacturers to produce fuel cell vehicles. However, only a handful of manufacturers are engaged in the production of fuel cell vehicles, thus, leaving consumers with limited choices. By 2017, only three fuel cell vehicles manufacturers’ brands were commercialized.

Regional Outlook:

In 2017, North America held the largest share in the market owing to growing infrastructural development that led to the installation of hydrogen filling stations. The region is anticipated to grow at a CAGR of more than 36.0% and likely to continue its dominance over the forecast duration. Increasing investments by the U.S Department of Energy for fuel cell development is the major factor driving regional growth. In addition, different U.S state like California, Nebraska, New York and Connecticut have introduced a rebate scheme aimed at providing an incentive for fuel cell vehicles.

European market is anticipated to witness over 38.0% of the CAGR from 2016 to 2025. This growth is projected to be supplemented by the investment of USD 106 million by the European Commission that is aimed at adding nearly 1,200 fuel cell vehicles along with 20 hydrogen filling station in the region.

On the other hand, Asia Pacific is predicted to exhibit a CAGR of over 24.0% from 2018 to 2025. Aggressive promotion of fuel cell vehicles has led to increasing adoption of such as vehicles in the region, especially in Japan. The government of Japan is aiming to accelerate the adoption of vehicles by 40,000 by Tokyo Olympics 2020. Further, growing investment in countries such as South Korea and China is estimated to propel the market growth.

COVID-19 Impact Insights:

The fuel cell vehicles market has been affected negatively owing to the outbreak of COVID-19. Following the virus outbreak, there has been a shift in consumer preferences as they seek affordable products. Low demand for fuel cell vehicles has resulted in considerably low spending on research and development by manufacturers. In addition, several countries including India have limited the import of automotive components from China in the backdrop of coronavirus.

This short-term decline owing to supply chain disruption and low demand is likely to continue in 2020-2021. However, manufacturers are estimated to get support from governments and the introduction of cost-effective fuel cell vehicles would attract the consumers, consequently driving the market.

Fuel Cell Vehicle Market Share Insights

Owing to the presence of only a few players, the market is concentrated in nature. Key players in the market are Honda Motor Company, Hyundai Motor Company and Toyota Motor Corporation. Two major players Honda and Toyota have introduced commercial vehicles in sedan segment while Hyundai has commercialized its SUV segment. Although the market is captured by a handful of players, several other players have announced their roadmap to introduce fuel cell vehicles. For example, Audi with its Quattro fuel cell vehicles debuted in the market in 2016.

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