Fuel cell vehicles are powered by hydrogen. Unlike vehicles powered by diesel and gasoline, these vehicles produce zero tailpipe emissions. Instead of emitting harmful greenhouse gases (GHG), they only emit water vapor, and warm air. With the growing concerns around environmental deterioration and depletion of natural resources, the adoption of these vehicles is being promoted at scale. Government authorities, around the world, are implementing favorable policies apropos to development and adoption of fuel cell vehicles. The officials are also devising a strategic plan for the commercial roll-out of fuel cell technology. In addition, the recent increase in the price of gasoline and diesel has intensified the demand for fuel-efficient automobiles. The fuel cell vehicles are highly efficient in comparison to conventional vehicles. Such broad ranging aspects are set to unlock new revenue opportunities for the global fuel cell vehicle market in the coming years.
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Growing Demand for Automobiles Powered by Sustainable Sources to Unveil Fruitful Growth Prospects
In the present day, most vehicles run on fossil fuels such as gasoline. These energy sources cannot be renewed and will eventually run out. Therefore, it is critical to adopt alternative fuel sources to promote sustainable growth of the transportation sector. This has promoted the adoption of electric and hydrogen fuel cell vehicles. Notably, fuel cell vehicles do not run-on gasoline and are more cost-effective than conventional automobiles. In addition to this, the efficiency of hydrogen fuel cell vehicles is higher than that of hybrid and internal combustion engine automobiles. Consequently, the fuel cell vehicle market is poised to experience significant growth in the coming years.
Applications in Heavy Commercial Vehicles to Aid in Fuel Cell Vehicle Market Expansion
Of late, big commercial vehicles are being manufactured as hydrogen fuel cell vehicles. Hydrogen is a scalable and adaptable electrical source for big transportation applications. Some of its comprehensive applications include material-handling trucks, defence vehicles, railroads, buses, and light commercial vehicles (LCVs). In addition to this, compared with battery-powered vehicles, fuel cells have adequate fuel storage for long-range applications and provide fast fueling. Moreover, the governments around the world are making sincere efforts to promote the use of fuel cells for big transportation. Such a scenario is likely to bolster growth prospects of the global fuel cell vehicle market in the years to come.
Asia Pacific to Remain at Vanguard with Surge in Number of Auto Sales
Asia Pacific is expected to stay at a dominant position in the global fuel cell vehicle market. This can be mainly attributed to the growing number of auto sales in countries such as South Korea and Japan. The government in Japan is also encouraging the use of fuel-cell cars by implementing stringent norms and drafting initiatives such as offering customer assistance in the form of vehicle subsidies. This has further facilitated the development of clean energy in the automotive industry. Against this backdrop, Asia Pacific is set to lead the global fuel cell vehicle market throughout the projection timeframe.
Prominent Market Players
Some of the fuel cell vehicle market players include BMW Group, Ballard Power Systems Inc., Honda Motor Co Limited, Audi AG, Volvo Group, Daimler AG, General Motors Company, Toyota Motor Corporation, Toshiba, American Honda Motor Co., and Man Se.
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