The global fuel cell vehicles market size is expected to reach USD 1.75 billion by 2025, according to a new report by Grand View Research, Inc., registering a 33.7% CAGR during the forecast period. This rapid growth can be attributed to increase in investments by governments over the world for development and adoption of fuel cells.
Fuel cell vehicles ensure emission-free operation, which will effectively reduce the carbon footprint and significantly drive product demand over the next few years. The key factor expected to drive the industry is advancements in fuel cell technology. Ongoing advancements have helped match performance with conventional fuel vehicles, with respect to power output and user experience.
Adoption of fuel cell vehicles worldwide is expected to rise over the forecast period due to increasing awareness about reducing harmful emissions, strict environmental regulations, and growing incentives for use of clean energy.
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Further key findings from the report suggest:
- The global fuel cell vehicles market was valued at USD 194.5 million in 2017 and is expected to exhibit a CAGR of 33.7% over the forecast years owing to growing trend of clean energy consumption
- Several government initiatives and programs to encourage the use of fuel cell vehicles have led to an increase in their adoption, subsequently increasing their demand over the past few years
- North America accounted for the largest market share in 2017 and is anticipated to exhibit a CAGR of over 36.0% over the forecast period. This can be attributed to massive investments by the United States Department of Energy (DoE) in development of fuel cells and improvement of infrastructure
- Although the Europe fuel cell vehicles market accounted for just over 3.0% of the overall market revenue in 2017, it is anticipated to be the fastest growing region with CAGR of more than 38.0% over the forecast period
- Key market players include Toyota Motor Corporation, Honda Motor Company, Ltd., and Hyundai Motor Company. Apart from these, there are several other automobile manufacturers that are in the process of launching their fuel cell vehicles.
Grand View Research has segmented the global fuel cell vehicle market on the basis of region:
Fuel Cell Vehicles Regional Outlook (Volume, Units; Revenue, USD Billion, 2014–2025)
- North America
- Asia Pacific