The global fuel cell electric vehicles market is predicted to generate massive revenue over the upcoming years, providing numerous opportunities for industry participants to invest in research and development of fuel cell electric vehicles. Rapid surge in the demand is credited to the growing concerns over alarming pollution levels and increasing focus towards clean fuels and green technologies. Several governments across the globe are providing various incentive programs, similar to tax refunds, bursary, and subsidies to promote the use of electric vehicles. The rise in use of electric vehicles is attributed to the progress of research & development activities and various schemes embarked to enhance the current electric vehicles models for better performance and efficiency.
Growing preference for adoption of fuel cells is mainly due to the capability of generating electricity with the help of different set of fuels including hydrogen, natural gas, and biogas. Fuel cells has become vital as a back-up power unit due to numerous advantages over conventional systems, thus driving the growth.
Reduction in manufacturing costs is further fostering the demand for fuel cell electric vehicles over the past few years. On similar lines, the limited use of platinum material further helps in cost-cutting, thus providing several electric cars. On February 2019, researchers from Johns Hopkins University, Purdue University and the University of California at Irvine have collaborated to present study based on amount of metal required for fuel cell electrodes. This methodology allows the forces on a metal surface to identify the ideal electrode thickness.
Additionally, The Hyundai Motor Company, South Korean multinational automotive manufacturer is expected launch three smart electric vehicles in addition to its hydrogen fuel-cell car Nexo by 2025.
The key industry participants in fuel cell electric vehicles market include Toyota Motor Corp., Honda Motor Company, Ltd., and Hyundai Motor Company.
Leading players of Fuel Cell Electric Vehicles including:
Market split by Type, can be divided into:
• Passenger Vehicles
• Commercial Vehicles
Market split by Application, can be divided into:
• For Lease
• For Sale
Market split by Sales Channel, can be divided into:
• Direct Channel
• Distribution Channel
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Research Support Specialist, USA