- 19 October 2019 00:03
Fuel Cell Vehicle Market Growth 33.8%
The global fuel cell vehicles market in 2017 was priced at USD 193.8 million and is expected to exhibit a CAGR of 33.8% over the forecast years owing to growing trend of clean energy consumption. The fast growth during the period can be ascribed to rising awareness and investments by governments across the world for developing and adopting fuel cells in vehicle.
Although fuel cell vehicles market in Europe accounted for just over 4.0% of the overall market revenue in 2017, it is anticipated to be the fastest growing region with CAGR of more than 38.4% over the forecast period.
Over the coming years due to technological advancements and easy adoption in Asia Pacific region, the fuel cell vehicles is expected to boom in this region. North America accounted for the largest market share in 2017 and is anticipated to exhibit a CAGR of over 35.8% over the forecast period. This can be credited to huge investments by the US Department of Energy (DoE) in development of fuel cells and improvement of infrastructure.
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The key players catering to the global fuel cell vehicle market are Toyota Motor Corporation, Honda Motor Company, Ltd., and Hyundai Motor Company. The global players are continuously investing in R&D and innovating to attract more and more business and from the emerging nation such as China and India, the manufacturers are creating awareness. Players are also involved in strategic partnership, merger and acquisition to sustain in the competitive market and to build a competitive shield against the competitors. Further changing customers’ preferences are encouraging global players to develop innovative technology solution to cater best to the market. Also, Increasing R&D activities and investments coupled with technological advancements to commercialise highly efficient products are anticipated to offer lucrative opportunities for industry participants.