The Global Automotive FCEV Market, valued at USD 415.45 Million in the year 2020, has been witnessing lucrative growth owing to stringent regulatory standards regarding environment conservation, supportive government policies on energy conservation, as well as growing consumer awareness about product quality. The continuous rise in demand of Electric Vehicles in Asia Pacific region is driving the demand of industrial products from last few years. The recent technology promises substantial reduction in maintenance costs, which is why it is received by a significantly large number of buyers hailing from diverse industrial backgrounds.
Owing to low production cost in Asian countries backed with rising industrialisation, manufacturers are investing in economies such as India and China which is propelling the market growth. Positive outlook towards automobile and electronic sector coupled with rapid industrialisation across developed and emerging economies will drive the Automotive FCEV market size. Additionally, due to expectation of rise in consumer demand and investment by public and private sector in small and medium scale industries anticipated to drive the market of global Automotive FCEV in future.
The market is also expected to register a boom in demand post COVID-19 pandemic situation attributable to the demand for the fuel cell trucks as several leading manufacturers have started production of the trucks, electric vehicles etc.
Growth in the automotive industry due to technological advancements, rise in population, and increase in consumer goods demand are major factors expected to drive the Automotive FCEV market during the forecast period. Fuel cell electric vehicles such as bikes and scooters are used for short distance range. The distance range covered in this segment is more than 100 km and less than 300 km. The hydrogen fuel powered motorcycle is essentially an electric two-wheeler. A hydrogen fuel cell powered vehicle uses hydrogen as fuel, which is stored in a refillable tank. A short-distance range means has a route that takes short miles from one place to another in the same city.
Passenger vehicles are motor vehicles with at least four wheels, used for the transport of passengers, and comprising no more than eight seats in addition to the driver's seat. Passenger vehicles at transportation hubs for fleets are good candidates for hydrogen fueling and the use of FCEVs because they mostly operate on fixed routes or within fixed districts and are fueled from a centralized station. These zero emission FCEVs could replace existing conventional fleet vehicles in Connecticut.
Scope of the Report
� The report analyses the Automotive FCEV Market by Distance Range (Short Range Distance, Long Range Distance).
� The report analyses the Automotive FCEV Market by Vehicle Type (Passenger Vehicle, Bus, Light Commercial Vehicle, Trucks).
� The Automotive FCEV Market has been analysed By Region (Americas, Europe, Asia Pacific, MEA) and By Country (United States, Canada, Mexico, Germany, France, United Kingdom, China, India, Japan, South Korea).
� Also, the attractiveness of the market has been presented by region, distance range, vehicle type. Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
� The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include BMW, Daimler AG, Peugeot SA, Renault, Volkswagen, Honda Motors, General Motors, Volvo Group, ElringKlinger, Rheinmetall AG.
� The report presents the analysis of Automotive FCEV market for the historical period of 2016-2020 and the forecast period of 2021-2026.
Key Target Audience
� Automotive FCEV Vendors
� Consulting and Advisory Firms
� Government and Policy Makers
� Regulatory Authorities
No matter the hour, we’re here to help.Contact us now!