Global Fuel Cell Vehicle Market 2018-2022
About fuel cell vehicle
Fuel cell vehicles are electric vehicles that use hydrogen fuel to power the drivetrain. These vehicles combine oxygen and hydrogen to generate power for the motor. Also, these vehicles can be refuelled by conventional vehicles from a hydrogen fuel refuelling station.
Technavio’s analysts forecast the Global Fuel Cell Vehicle Market to grow at a CAGR of 85.18% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the fuel cell vehicle market. To calculate the market size, the report considers the revenue generated from applications such as passenger cars and commercial vehicles.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Fuel Cell Vehicle Market 2018-2022
Technavio recognizes the following companies as the key players in the fuel cell vehicle market: Ballard Power Systems, Daimler, Hyundai Motor Company, Nissan, Renault, Toyota Motor
Commenting on the report, an analyst from Technavio’s team said: “The reduction in prices of fuel cells will be a key trend driving the growth of this market. Vehicle makers and technology companies are focusing on reducing the cost of manufacturing fuel cells to power fuel cell vehicles. Due to low production costs, consumers can easily shift from conventional vehicles to fuel cell vehicles.
According to the report, the improved fuel efficiency and emission control will drive the growth of the market. Governments are encouraging environment-friendly modes of transportation as the increasing use of internal combustion engines degrades the air quality. As these fuel cells use hydrogen, the generation and storage in fuel cells reduces emissions.
Further, the report states that the high cost of installation will affect the growth of the market. Due to the high cost of installation and operations, the number of installations with significant number of fuel cells vehicles per regions are restricted.
Ballard Power Systems
Hyundai Motor Company