The global fuel cell vehicle market size is projected to touch USD 1.75 billion by 2025. The market is anticipated to witness a CAGR of 33.7% over the forecast duration. The growing investment by governments in the development of pollution-free vehicles is attributing to the growth of the market.
Fuel cell vehicles are pollution-free and greatly reduce the carbon footprint, thereby, expected to garner much traction over the next few years. Additionally, advancement in fuel cell technologies is further projected to drive the vehicle’s demand. Owing to ongoing advancements, these vehicles are capable of matching the performance of conventional vehicles.
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COVID-19 Impact Insights
The fuel cell vehicles market has been affected negatively owing to the outbreak of COVID-19. Following the virus outbreak, there has been a shift in consumer preferences as they seek affordable products. Low demand for fuel cell vehicles has resulted in considerably low spending on research and development by manufacturers. In addition, several countries including India have limited the import of automotive components from China in the backdrop of coronavirus.
This short-term decline owing to supply chain disruption and low demand is likely to continue in 2020-2021. However, manufacturers are estimated to get support from governments and the introduction of cost-effective fuel cell vehicles would attract the consumers, consequently driving the market.
Fuel cell adoption is likely to rise over the forecast duration owing to stringent emission norms set by the governments across the globe. Further, various governments are also providing incentives to support the growth of the fuel cell vehicles market.
North America led the market in 2017 and expected to continue its dominance over the forecast duration. Europe and Asia Pacific are also witnessing a surge in demand owing to growing infrastructural development to support the development of fuel cell vehicles.
Further key findings from the report suggest:
• The global fuel cell vehicle market was worth USD 194.5 million in 2017 and anticipated to grow at a CAGR of 33.7% from 2018 to 2025.
• Various initiatives taken by governments are encouraging the adoption of fuel cell vehicles.
• North America occupied the largest market share in 2017 and projected to ascend at a CAGR of more than 36.0% over the forecast duration
• Europe accounted for only over 3% of the market share in fuel cell vehicle, however, the region is predicted to grow at a CAGR of over 38.0% over the forecast period.
Global Fuel Cell Vehicle Market: Key Players
Honda Motor Company, Hyundai Motor Company and Toyota Motor Corporation
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