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.
Browse Details of Report @
https://www.grandviewresearch.com/industry-analysis/fuel-cell-vehicle-market
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, 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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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