Read The Full Article On: Globenewswire
The global fuel cell vehicle market size is predicted to reach USD 6.73 billion by 2026, exhibiting a CAGR of 29.7% during the forecast period. The growing focus towards environment protection and safety will spur opportunities for the market during the forecast period, states Fortune Business insights in a report, titled “Fuel Cell Vehicle Market Size, Share and Global Trend, By Vehicle Type (Passenger Cars, Commercial Vehicles, Buses & Coaches), By End-User (Private, Commercial), and Regional Forecast, 2019-2026” the market size stood at USD 446.7 million in 2018.
COVID-19 Impact on Fuel Cell Vehicle Market Industry:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Development of Fuel-efficient Vehicle to Enable Expansion
The rising inclination of OEMs for the development of efficient, and cleaner powertrain will enable speedy expansion of the market. The increasing technological advancement in fuel cell stack will drive the market. The growing demand for robust passenger cars and commercial vehicles will spur opportunities for the market during the forecast period. The implementation of stringent laws for the usage of a hydrogen fuel cell in vehicles will further aid the expansion of the global market during the forecast period. For example, in the U.K., in 2018, the metropolitan police have added 21 Toyota Mirai fuel cell vehicles to their emergency response team, forming the world’s first hydrogen-powered fleet. The growing concerns about carbon emissions will further foster the growth of the market. The rising demand for fuel-efficient and zero-emission vehicles will bolster the healthy growth of the market in the forthcoming years. The increasing awareness about the adverse effects of emissions on the environment will impel car manufacturers to implement fuel cell technology in the vehicles, which, in turn, will augur well for the market.
Increasing Government Initiatives to Boost Market in Asia Pacific
Asia-Pacific is expected to dominate the market during the forecast period. The rising government initiatives for the usage of fuel cell vehicles in Japan will aid growth in the region. The rising government support such as subsidies for the purchase of the vehicles will further augment healthy growth in the region.
Europe is predicted to rise tremendously during the forecast period. France is a leader in this region owing to the massive deployment of commercial vehicles for public and government usage in the country. North America is expected to account for the largest share during the forecast period owing to the increasing demand for commercial and passenger vehicles in the region. The rising government support for the deployment of zero-emission vehicles will further enhance the growth prospects in the region.