Fuel cell electric vehicle market is anticipated to display a marked ascent in the forthcoming years, owing to the fact that governments across a host of nations are undertaking various initiatives to bolster the utilization of zero-emission automobiles in a bid to lower greenhouse gas emissions and contain the ever-rising pollution levels. Moreover, it would be prudent to mention that the painstaking efforts being put in by automobile manufacturers in enhancing the existing fuel cell technology and revamping the current infrastructure of fuel cell EV platforms, has invariably created an unprecedented exuberance pertaining to the growth prospects of the global fuel cell electric vehicle industry.
In the recent times, it has been observed that the leading fuel cell electric vehicle industry players are being benefitted immensely from the noteworthy increase in consumer preference for fuel cell-powered vehicles over battery-powered ones. Apparently, the major advantage of fuel cell-powered vehicles is that they can be charged in lesser time duration than the vehicles running on batteries. Furthermore, fuel cell electric vehicles are known to cover longer distance after a single charge, possess greater off-road mobility, better torque, and enhanced field configuration than the battery-powered vehicles. This goes on to explain the increased focus of a number of fuel cell electric vehicle industry giants on manufacturing fuel cell-powered long-distance trucks and SUVs. As a consequence, long distance traveling automobiles are set to apportion over USD 880 million of revenue share of the overall fuel cell electric vehicle industry by 2024.
Citing an instance to highlight the same, one of the foremost fuel cell electric vehicle market player Ford Motor Company has recently announced that it would amplify its current investment in electric vehicle manufacturing by over two times, taking the figure to a staggering USD 11 billion. Moreover, a range of other dominant fuel cell electric vehicle industry giants including Toyota, General Motors, and Volkswagen have already carved out aggressive plans to manufacture more such vehicles in the next few years. Apparently, the aforementioned declarations undoubtedly showcase a favorable progression path of the worldwide fuel cell electric vehicle market, which garnered a total remuneration in excess of USD 728 million in the year 2016.
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Meanwhile, it would be prudent to take note of the major factors that are likely to hamper the fuel cell electric vehicle market size progression over the next few years. Establishing a robust network of fueling stations has always been a matter of contention across the globe as it requires a substantial amount of investments. Taking this shortcoming into consideration, the renowned fuel cell electric vehicle market player General Motors Company has recently unveiled a new fuel cell platform, christened as Silent Utility Rover Universal Superstructure (SURUS), which has reportedly been designed for variegated vehicle models. The latest platform is being described as a significant development considering the use of microgrids in military applications. Furthermore, the platform has been developed in such a manner that it would double up as a stationary power source to charge the electric vehicle. The US Army is expected to be the first to utilize SURUS on a wide scale, given that it is already experimenting with semi-autonomous convoys to strengthen its existing fleet of fuel cell electric vehicles that cover long distances.
As regional and international regulatory agencies are determined to reduce carbon emissions coupled with the extensive efforts being deployed by leading fuel cell electric vehicle participants, the popularity of fuel cell-powered vehicles is anticipated to soar over the next seven years. In addition to this, the robust growth being witnessed across global renewable energy sector would favorably influence the fuel cell electric vehicle market size that is estimated to surpass 300 thousand units by 2024 in terms of volume, with a remuneration portfolio of over USD 9 billion over the same time span.
Speaking along similar lines, Toyota Motor North America, Inc, has recently released its concept truck heavy-duty truck equipped with advanced hydrogen fuel cell system that is expected to broaden the application of zero-emission fuel cell technology. Moreover, the fully functional truck, named as Project Portal, has an exceptional torque capability to seamlessly carry out port drayage operations and transport goods over short and long distances. Needless to mention, the launch of such innovative vehicles would provide a vigorous boost to the global fuel cell electric vehicle market size expansion over the estimated time frame.