Fuel Cell Electric Vehicles Market Growth Insights In 2022 : Fuel Cell Electric Vehicles or Fuel Cell Vehicles is a type of vehicle which uses a fuel cell to power its on-board electric motor. Fuel cells in vehicles create electricity to power an electric motor, generally using oxygen from the air and compressed hydrogen. They are more efficient than conventional internal combustion engine vehicles and produce no harmful tailpipe exhaustthey emit water vapor and warm air.
Due to the limitation of technology and raw material cost, development of fuel cell electric vehicle was slow in the first decade in 21 Century. Recently, many automotive manufacturers start to joint together to develop the technology of fuel cell electric vehicle. So far, there are three big global car companies which can offer mass production fuel cell electric vehicle. They are Hyundai, Toyota and Honda.
In 2015, the global production of fuel cell vehicle was only 1010 units In future, as the technology develops, more and more manufacturers will realize the mass production. We predict that the global production of fuel cell vehicle will reach about 384000 units in 2021.
In China there are only 10 be product by SAIC in 2015. There are some of player liked Yutong, Foton in China planned to development their product.
Currently, there are only Korea and Japan can mass production of fuel cell electric vehicles. In 2014, the manufacture Hyundai in Korea first mass production the fuel cell electric vehicles.
Environment protecting policies all over the world will be stricter in the vehicle emissions in future. These policies will offer a promotion to the popularization of fuel cell electric vehicle, especially the developed countries. In 2021 the consumption in the USA and Europe will occupy more than 50% of the world consumption.
To grab more market, companies have to expand their technology, capital investment. As the technology is grasped in a few companies, it is hard for the small and medium size companies to enter the market. It can be concluded that fuel cell electric vehicle market will be a high-concentrated in a period of time.
Market Analysis and Insights: Global Fuel Cell Electric Vehicles Market
The global Fuel Cell Electric Vehicles market size is projected to reach USD 302700 million by 2026, from USD 9944.7 million in 2020, at a CAGR of 76.7% during 2021-2026.
Global Fuel Cell Electric Vehicles Scope and Market Size
The global Fuel Cell Electric Vehicles market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Fuel Cell Electric Vehicles market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on sales, revenue and forecast by region (country), by Type and by Application for the period 2015-2026.
Leading Key Players In the global Fuel Cell Electric Vehicles market 2022:
Based on product, the Fuel Cell Electric Vehicles market is segmented into Passenger Vehicles, Commercial Vehicles and other. The Fuel Cell Electric Vehicles products segment dominated the Fuel Cell Electric Vehicles market in 2022. Rising incidences and new product launches expected to drive the segment growth.
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