Fuel Cell Vehicle Market Expecting Swift Growth Till 2025 as Governments Invest into Development of Pollution-Free Vehicles | Million Insights
FELTON, California, June 23, 2020 -- The global Fuel Cell Vehicle Market size is projected to touch USD 1.75 billion by 2025, according to a new report by Million Insights. 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.
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.
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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.
Browse 60 page research report with TOC on "Global Fuel Cell Vehicle Market" at: https://www.millioninsights.com/industry-reports/global-fuel-cell-vehicle-market
Fuel Cell Vehicle Market Share Insights
Owing to the presence of only a few players, the market is concentrated in nature. Key players in the fuel cell vehicles market are Honda Motor Company, Hyundai Motor Company and Toyota Motor Corporation. Two major players Honda and Toyota have introduced commercial vehicles in sedan segment while Hyundai has commercialized its SUV segment.
Although the market is captured by a handful of players, several other players have announced their roadmap to introduce fuel cell vehicles. For example, Audi with its Quattro fuel cell vehicles debuted in the market in 2016.
Million Insights has segmented the global fuel cell vehicles market on the basis of region:
- Fuel Cell Vehicles Regional Outlook (Volume, Units; Revenue, USD Billion, 2014 - 2025)
- North America
- Asia Pacific
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