Fuel Cell Electric Vehicle Market for Passenger cars sector will observe significant gains of more than 42% from 2017 to 2024. This can be credited to rising automotive production across the world coupled with increasing government initiatives. For instance, the U.S. government aims to construct hydrogen refueling stations across the nation through H2USA public private partnership and auto manufacturers support. Moreover, California plans to invest USD 20 million every year until 100 stations are constructed for commercial use.
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E-bikes segment is projected to acquire around 23% of the fuel cell electric vehicle market volume share. This can be attributed to availability of these two-wheelers at affordable costs and serving the motive of middle class citizens across various countries. Substantial number of e-bikes are running on the roads of China and its sales are increasing in Europe as well, especially in northern countries of the region according to the European Cyclists Federation.
Asia Pacific is predicted to dominate the industry’s volume share over the study period owing to rising automobile production across the region. China is the significant contributor in regional revenue generation. Increasing auto production coupled with rising domestic demand is boosting the country’s share over the projected timeframe.
In 2016, North America fuel cell electric vehicle market share was valued at around USD 173 million and will exhibit 41% CAGR over the projected time span. This can be attributed to the presence of well-established players and stringent regulations existing in the region. Government funds will further support the growth of fuel cell electric vehicle market till 2024.
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Long range distance travelling automobiles in the fuel cell electric vehicle market are expected to surpass USD 880 million over the projected time span. Auto producers are focusing on development of internal components and mileage enhancement. For instance, Hyundai aims to launch long distance travelling hydrogen powered sports utility vehicle that will yield 9% efficiency boost as compared to traditional models.
Less refueling time coupled with long distance travelling will provide superior customer convenience thereby boosting fuel cell electric vehicle industry Additionally, such automobiles possess enhanced energy density of hydrogen storage units in contrast to conventional batteries. Less accessibility of hydrogen refueling stations is the main factor challenging the industry growth over the projected time span. High product price may challenge the demand for such automobiles till 2024.
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Prominent players of the fuel cell electric vehicle market are Daimler, Hyundai, Toyota, Nissan, General Motors, and Honda. Other notable players include Volkswagen, Tata Motors, Suzuki, Ford, and Mitsubishi. Auto players focus on developing components in-house to improve the supply chain. Introduction of emerging technology is observed as a time-consuming and expensive in nature. Players consider the public private partnership as the suitable structure to support in technology shift.