Fuel cell vehicle (FCV) market size is likely to grow significantly over the forecast period. Fuel cell vehicle sales are anticipated to be valued over 1.2 million units by 2023. This can be mainly attributed to increasing concern to reduce air pollution coupled with high dependency on oil imports.
Rise in the global hydrogen fuel cell vehicle market share is expected to generate more employment and business opportunities mainly in the R&D department. This technology facilitates in declining local air pollutants and greenhouse gas emissions which in turn diversify energy sources to minimize the need for conventional sources.
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Proliferating implementation and acceptance of hydrogen vehicles in public transit systems is anticipated to surge the industry demand over the coming few years. According to National Research Council, these vehicles are likely to lessen the dependency on oil. In addition it also helps in reducing the green house gas emissions as well as local air pollution.
Reduced dependency on oil trade is likely to balance the trade deficit among emerging nations. The vehicles operate on hydrogen gas and without emitting harmful radiations. In addition, these automobile are equipped with technologically advanced components and converts hydrogen gas into electricity which compels electric motor to run. The key components include power control units, electric motor, hydrogen storage tank, high output battery and fuel cell stack.
U.S. FCV market share is anticipated to gain significant share owing to stringent government norms and initiatives undertaken in order to develop hydrogen infrastructure. In addition, introduction of shale gas have lowered the cost of natural gas and also facilitates in advancing hydrogen reform technologies, thus making it economical. Asia Pacific fuel cell vehicle market is likely to grow at considerable growth rate owing to stringent government programs promoting these vehicles primarily in emerging nations such as China, South Korea, Vietnam and India.
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The key players involved are Cellkraft, Acumentrics SOFC, Altergy Systems, Ballard Power Systems, Ceramic Fuel Cells, BIC Consumer Products and Automotive Fuel Cell Cooperation among others. The FCV market size is anticipated to observe momentous number of new entrants over the forecast period. Other industry participants include Nissan, Toyota Motor, BMW, Audi, Daimler, Riversimple UK, GreenGT, Ballard, Hyundai Korea, Proton Power Systems, Hydrogenics, GreenGT Belgium and VW Group among others.
This latest Fuel Cell Vehicle Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across a number of regional markets. The report also analyzes the Fuel Cell Vehicle Industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report, “Fuel Cell Vehicle (FCV) Market Size, Industry Outlook Report, Regional Analysis, Application Development, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
Key Insights in this Report
- Fuel Cell Vehicle Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Fuel Cell Vehicle Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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