The report of Fuel Cell Commercial Vehicle Market by Propulsion (Pure Fuel Cell Vehicle, Hybrid Vehicle), by Product Type (Light trucks, Busses & Coaches, Utility Vehicle, Others), by Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells, Others), by End Use Industry (Construction, Mining, Transportation, Others)and Region (North America, Europe, Middle East & Africa, South America, Asia Pacific) is expected to reach US$ xx Mn by 2027, at a CAGR of xx% during a forecast period.
Global Fuel Cell manufacturing capacity pipeline is expected to grow at CAGR of 34% and reach to US$ 40 Bn. in 2027 compared to 2019
Global fuel-cell passenger vehicle sales rose to 7,575 units in 2019 from 2018, which is about 245% growth.
The U.S. Department of Energy (DOE) increasingly investing in the green technologies to enhance economic growth and energy security. In 2018 DOE announced US$ 39 Mn. of funding for the research and development of fuel cell technologies.
In Europe, 23 companies partnered and formed a group named as HyLAW partners. The group will provide specific benchmarks and recommendations on batteries to the public authorities in region.
The Asia Pacific market is expected to be the largest market for fuel cell commercial vehicle market in terms of size during 2020-2027.
The growing population and rapid urbanization is a major concern for the government. The personal IC engine vehicle leads to pollution and traffic. The countries in the region are a member of supporting policies for the reduction of carbon footprint, together with investment support of around US$ xx Bn. to achieve hydrogen competitiveness by 2030. The growth factor in the market like trends, demand, and size are covered by country wise in the report.
66 countries announced net-zero emission as a target by 2050.
The major market is driven by the growth of government policies that support green initiatives. The majority of developing and developed countries are trying to reduce carbon emissions to tackle global warming. Increasing demand for public transport and the development of efficient fuel cell buses are driving the fuel cell commercial vehicle market.
80% reduction in the average cost of renewable and hydrogen technology prices since 2010 is motivating manufacturers to offer these technology base products in their portfolio. Major automotive manufacturers are developing vehicles based on fuel cell in order to future proof strategic way. Robert Bosh and Powercell Sweden have formed a collaboration to develop fuel cell stacks. According to estimation, around 20% of the electric vehicle will be fuel cell powered by 2030.
Key players operating in the Fuel Cell Commercial Vehicle Market are AB Volvo, Ashok Leyland Ltd., CNH Industrial NV, Daimler AG, Hyundai Motor Co., Nikola Corp., PACCAR Inc., Tata Motors Ltd., Toyota Motor Corporation, Volkswagen AG, Ballard Power Systems, ITM Power, Plug Power, Delphi Technologies, Doosan Corporation, Hydrogenics, Proton Power System PLC.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Fuel Cell Commercial Vehicle Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Fuel Cell Commercial Vehicle Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Fuel Cell Commercial Vehicle Market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global Fuel Cell Commercial Vehicle Market.”
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