Ford Reveals All-Electric Explorer SUV For The European Market

More

New Kia Concept EV5 previews all-electric SUV for Chinese market

More

The Volkswagen ID. 2all previews sub-25,000 euros electric car

More

The Kia EV9 all-electric SUV revealed

More

Truemag

  • Electric Car News
  • Electric Car Reviews
  • Plug-in Hybrids
  • Technology
  • Home
  • About Us
  • Privacy Policy
  • Advertise
  • Charging Map

Fuel Cell Electric Vehicle Market is anticipated to cross 300 thousand units by 2024

Global fuel cell electric vehicle market share is projected to surpass 300 thousand units by 2024. Increasing research activities will pave the way for emerging technology and simultaneously reduce the product cost. Continuous technological developments along with OEMs investing in increasing production level to achieve economies of scale will result in price drop. Continuously increasing demand for advanced automobiles will boost the fuel cell electric vehicle market size over the projected timespan.

Fuel Cell Electric Vehicle Market size is anticipated to surpass USD 9 billion by 2024; according to a new research report by Global Market Insights, Inc.

Several government initiatives are supporting transition of conventional automobiles to zero emission automobiles. Government funding is speeding up R&D and number of hydrogen refueling stations. Government incentives can effectively bring down the price ranges by manifesting reduced taxes on such automobiles thereby driving the fuel cell electric vehicle market size from 2017 to 2024.

Long distance travelling range along with short refueling time offers superior customer convenience thereby supporting the fuel cell electric vehicle market growth. Moreover, vehicles possess superior energy density of hydrogen storage units compared to conventional batteries. Less number of accessible hydrogen stations for refueling is the major factor limiting the industry growth rate. Prohibitive product cost poses challenge to fuel cell electric vehicle market share over the forecast timeline.

U.S. Fuel Cell Electric Vehicle Market, By Vehicle, 2016 & 2024, (USD Million)
Ongoing research activities are focused on developing raw materials that will support in cost minimization and extending automobile life. High volume manufacturing and low cost will help make fuel cell vehicles more competitive with combustion engines by 2024.

Passenger cars segment in fuel cell electric vehicle market is expected to witness significant gains at over 42% from 2017 to 2024. This can be attributed to increasing automobile production across the world and rising government initiatives. For instance, U.S. government plans to build hydrogen refueling stations across the country via H2USA public-private partnership coupled with auto producers support. In addition, California is investing USD 20 million annually until 100 stations are built for commercial purpose.

E-bikes are predicted to hold approximately 23% of the overall fuel cell electric vehicle market volume share. With substantial number of e-bikes already on roads in China, its sales are surging in Europe particularly in northern countries of the region as per the European Cyclists Federation. These two-wheelers are available at affordable costs and serve the purpose for middle class population which will enhance the fuel cell electric vehicle market share over the projected time frame.

Long distance travelling automobiles from fuel cell electric vehicle market are projected to be valued over USD 880 million by 2024. The automobile producers focus on automobile advancements that will yield a mileage of over 300 miles coupled with development of internal fuel-cell components offering higher efficiency. For instance, Hyundai has plans to introduce long distance travelling hydrogen powered SUV yielding 9% efficiency boost as compared to its old-version models.

Asia Pacific fuel cell electric vehicle market is expected to dominate the industry volume share over the projected time line. This can be credited to automobile production across the region, especially in developing economies such as China. China is observed to be the significant contributor in the regional revenue generation. Rising domestic demand along with increasing vehicle production will spur the country’s share over the projected time span.

North America fuel cell electric vehicle market size was approximately worth at USD 173 million in 2016 and is anticipated to pose a CAGR of 41% over the forecast time frame owing to the presense of well-established players in the region. Moreover, strict rules and regulations along with government funds is boosting the industry size over the study period.

General Motors, Daimler, Honda, Hyundai, Nissan, and Toyota are among the prominent players in the fuel cell electric vehicle market share. Other notable players include Tata Motors, Volkswagen, Ford, Suzuki, Mitsubishi, and Mercedes. Mainstream auto companies focus on in-house developments to build a supportive supply chain.

Introduction of nascence technology is witnessed to be expensive and time-consuming process in the industry. Players consider public private partnership as the appropriate structure to aid technology shift. Industry players focus on investing in improving the competitiveness of fuel cell electric vehicle and initiating a wide refueling infrastructure.

Fuel cell electric vehicle market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD million from 2013 to 2024, for the following segments:

Source: https://www.gminsights.com/industry-analysis/fuel-cell-electric-vehicle-market

Feb 10, 2018Blagojce Krivevski
2018 Nissan LEAF receives ‘Lowest Cost to Own Award’ from Kelley Blue BookFully Charged reviews the all-new TX electric taxi
You Might Also Like
 
September plug-in vehicle sales in Sweden and Finland
 
Worldwide Revenue from Fuel Cells and Hydrogen Will Reach $785m in 2012
Blagojce Krivevski

Blagojce Krivevski is physicist and green technology lover. Keep in touch with Blagojce through his email, web site, Twitter, Linkedin, Facebook and Google+.

February 10, 2018 Electric Car Newsev sales, Fuel Cell Vehicle, Fuel-Cell
Follow Us
  • facebook
  • twitter
  • google-news
  • linkedin
  • youtube
  • instagram
  • rss
Recent News
European Investment Bank engaging with Volta Trucks for €40 million venture debt funding
March 29, 2023
Toyota Mirai Adds Toyota Audio Multimedia for 2023
March 28, 2023
WiTricity and ABT e-Line to Offer Wireless EV Charging for Volkswagen ID.4 in 2024
March 28, 2023
Schaeffler electrifies municipal utility vehicles with in-wheel electric drives
March 28, 2023
Helixx launches commercial mini EVs for emerging markets
March 28, 2023
About
ElectricCarsReport.com ElectricCarsReport.com is a website dedicated to pure electric vehicles and the full range of consumer information and tools about electric cars, green technology energy, and the environment.
Latest News
European Investment Bank engaging with Volta Trucks for €40 million venture debt funding
March 29, 2023
Toyota Mirai Adds Toyota Audio Multimedia for 2023
March 28, 2023
WiTricity and ABT e-Line to Offer Wireless EV Charging for Volkswagen ID.4 in 2024
March 28, 2023
Get in touch

Email: [email protected]

Get new stories by email:
Archives
  • facebook
  • twitter
  • google-news
  • linkedin
  • youtube
  • instagram
  • rss
DMCA.com
© ElectricCarsReport.com | All Rights Reserved.