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.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/fuel-cell-vehicle-market
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
- Europe
- Asia Pacific
Request a Sample Copy @ https://www.grandviewresearch.com/industry-analysis/fuel-cell-vehicle-market/request/rs1
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment