The fuel cell vehicle market size is expected to see exponential growth in the next few years. It will grow to $10.56 billion in 2028 at a compound annual growth rate (CAGR) of 48.5%. The growth in the forecast period can be attributed to reduction in fuel cell system costs, advancements in hydrogen production, increased investment in r&d, focus on long-range fuel cell vehicles, integration of fcvs in public transport. Major trends in the forecast period include advancements in fuel cell technology, increased global collaboration, integration with renewable energy, advances in hydrogen storage, technological collaborations and partnerships..
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Segmentation & Regional Insights
The fuel cell vehicle market covered in this report is segmented –
1) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
2) By Technology: Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC), Molten Carbonate Fuel Cells (MCFC)
3) By End-User: Private, Commercial
North America was the largest region in the fuel cell vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the fuel cell vehicle market during the forecast period. The regions covered in the fuel cell vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increased demand for fuel-efficient, high-performance, and low-emission cars is expected to propel the growth of the fuel-cell vehicle market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted. These vehicles are more environmentally friendly and efficient than standard combustion-powered engines, which raises demand for the low-emission cars market. For instance, according to Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increased demand for fuel-efficient, high-performance, and low-emission cars is driving the growth of the fuel cell vehicle market.
Key Industry Players
Major companies operating in the fuel cell vehicle market are developing modified engines with flex-fuel technology to increase their profitability in the market. Modified engines refer to internal combustion engines that have been altered or customized from their original factory specifications to enhance performance, power output, or other characteristics. For instance, in August 2023, Toyota Motor Corporation, a Japan-based automotive manufacturer, launched the electrified flex-fuel Innova HyCross car in India, the world’s first fully ethanol-powered car equipped with a flex-fuel engine. The flex-fuel engine is a modified 2.0-liter, four-cylinder engine that runs on E85 fuel, which is a blend of 85% ethanol and 15% gasoline. The Innova HyCross is a modified version of the standard Innova HyCross hybrid MPV, which can generate 181 bhp of power and offer a fuel economy of 23.24 km. The Innova HyCross flex-fuel model is expected to offer a fuel economy of up to 30% better than the standard Innova HyCross hybrid due to its use of E85 fuel. Additionally, the Innova HyCross flex-fuel has a self-charging lithium-ion battery that can be used to power the vehicle in electric mode, providing a more environmentally friendly and fuel-efficient transportation option.
The fuel cell vehicle market report table of contents includes:
1. Executive Summary
2. Fuel Cell Vehicle Market Characteristics
3. Fuel Cell Vehicle Market Trends And Strategies
4. Fuel Cell Vehicle Market – Macro Economic Scenario
5. Global Fuel Cell Vehicle Market Size and Growth
…………………..
31. Global Fuel Cell Vehicle Market Competitive Benchmarking
32. Global Fuel Cell Vehicle Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Fuel Cell Vehicle Market
34. Fuel Cell Vehicle Market Future Outlook and Potential Analysis
35. Appendix
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