SELBYVILLE, Delaware, March 25, 2019
SELBYVILLE, Delaware, March 25, 2019 /PRNewswire/ -- Asia Pacific FCEV market is expected to dominate the global industry share from 2019 to 2025 due to continuous investments in fuel cell vehicle technologies by automobile manufacturers in the region.
The fuel cell electric vehicles (FCEV) market is slated to rise from around USD 830 million in 2018 to USD 11.6 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing demand for vehicles along with improving living conditions are supporting the fuel cell vehicle sales over the forecast timeframe.
Higher carbon emissions along with rising greenhouse gases from conventionally fueled vehicles are enabling automobile OEMs to look for alternatives, thereby accelerating the development of such vehicles. Short refueling time and long-distance travelling range offering greater customer convenience will further propel the fuel cell electric vehicles market growth.
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(FCEV) fuel cell electric vehicles market participants are continuously engaged in the R&D for developing advanced and low-cost hydrogen fuel solutions for supporting industry growth over the projected timeframe. For instance, in 2018, Plug Power announced the development of metal membrane electrode assemblies for improving the power density of the fuel cells, significantly contributing towards extending the cell life over the life cycle of the vehicle.
The higher costs associated with the acquisition of fuel cell vehicles along with limited availability of hydrogen refueling station network are limiting the FCEV market share over the study timeframe. However, industry players along with government authorities are continuously collaborating for improving the hydrogen.
Automotive fuel cell electric vehicles grew significantly from 2019 to 2025. This growth is attributed to the proliferating demand for automobiles for felicitating personal mobility. Additionally, the benefits offered by the FCEVs including higher driving range, lower refueling time, and no emissions further supports the segment expansion. Additionally, supporting government policies and incentives for lowering the costs associated with the acquisition of such vehicles along with lower taxes are providing a positive outlook for the fuel cell electric vehicles market expansion over the study timeframe.
Browse key industry insights spread across 250 pages with 339 market data tables & 11 figures & charts from the report, "Fuel Cell Electric Vehicles (FCEV) Market Size By Vehicle (Heavy Duty Vehicles, Agriculture, Buses, Port Vehicles, Automotive, Class 8, Others), By Distance (Short, Long) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Sweden, Italy, Norway, Spain, Netherlands, China, Japan, India, Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
Long distance will account for a considerable volume share in the fuel cell electric vehicles market. This share is credited to the increasing adoption of buses and trucks operating on fuel cells. Moreover, continuous support from the governments across the globe for reducing dependencies on conventional fuels and transition the public transportation to green mobility further supports the segment expansion. Additionally, industry players are introducing advanced truck models with higher driving range.
Asia Pacific FCEV market is expected to dominate the global industry share from 2019 to 2025 due to continuous investments in fuel cell vehicle technologies by automobile manufacturers in the region. For instance, in 2018, Toyota Motor Corp announced to double its investment in hydrogen fuel cell vehicles for designing low-cost sport utility vehicles (SUVs) and mass-market passenger cars, thereby supporting in the market expansion along with achieving the economies of scale easily.
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