Fuel Cell Vehicles Market to Achieve Over 12% Growth by 2023: Global Market Insights, Inc.

SELBYVILLE, Delaware, Sept. 19, 2019 /PRNewswire/ -- Global fuel cell vehicles market is anticipated to clock in a momentous surge over the coming years. This uptake in momentum can be credited to the rise in public awareness regarding the adverse effects of carbon emissions on the environment and the commitment of governments worldwide to fight and reverse the impact of this phenomenon.

Additionally, the considerably low operating costs associated with fuel cell vehicles are also slated to propel the fuel cell vehicles market share. Typically, fuel cells demand minimum operating costs and require very low maintenance. The industry can achieve this feat as fuel cells incorporate very fewer moving parts in the system.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/359

The application segment of light duty vehicles is projected to depict momentous growth fuel cell vehicle revenue graph. In fact, in 2015, the light duty vehicle segment was leading the fuel cell vehicles market, accounting for more than 50% of the overall consumption.

Light duty vehicle industry is slated to experience substantial gains owing to rapid technological innovations, advancements and declining vehicle costs. Among those, material handling vehicles are particularly expected to experience significant growth; a CAGR of more than 14.5% during the forecast study period.

Adoption of material handing vehicles in numerous applications sectors, including airport operations, inventory management as well as distribution centers would boost fuel cell vehicles market outlook over the forthcoming years.

Automotive fuel cells that offer greater power outputs are in great demand in heavy material handling machines as well. Today, material handling vehicles like terminal tractors and forklifts, fueled by automotive fuel cell systems are starting operations at various production and manufacturing plants, storage warehouses and ports.

Meanwhile, the application segment of buses is anticipated to account for a substantial proportion in global fuel cell vehicles market share. Adoption of the fuel cell vehicle technology in public transport facilities can be attributed to growing focus of governments across the world to phase out the ageing, conventional buses and replace them with newer advanced fuel cell powered buses that are less polluting.

A prominent instance of this trend was unveiled in 2018, when the Indian Space Research Organisation (ISRO), in association with automotive industry giant, TATA Motors, developed buses that are powered by advanced fuel cells. These buses, which are intended to replace India's current conventional fleet of buses, would be expanding the automotive fuel cell market size further during the projected timeframe.

Make an Inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/359

From a regional point of reference, the global market is projected to showcase significant growth in Europe. The Europe fuel cell vehicles market trends are experiencing a major proliferation, due to increasing fuel cell powered vehicle adoption and the presence of a favorable infrastructure support.

In October of 2018, the group project, Hydrogen Mobility Europe announced that it is establishing an extensive hydrogen refueling network of stations. The proposed project is expected to fund over 49 hydrogen refueling stations, out of which 15 refueling stations are already in operation.

Meanwhile, the Asia Pacific is anticipated to introduce steady growth in the fuel cell vehicles market in forthcoming years. In 2015, the APAC fuel cell vehicles sector dominated global demand; accounting for more than 60% of the overall volume in 2015. Going forward, favorable government regulations that are promoting usage of fuel cells is expected to drive regional demand.

Browse key industry insights spread across 80 pages with 51 market data tables & 19 figures & charts from the report, "Fuel Cell Vehicles Market By Application (Light Duty Vehicles, Buses, Materials Handling Vehicles), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2023" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/automotive-fuel-cell-market

Table of Contents (ToC) of the report:

Chapter 3 Automotive Fuel Cell Industry Insights

3.1 Industry segmentation

3.2 Industry Size and forecast

3.3 Industry Ecosystem analysis

3.4 Industry impact forces

3.4.1 Growth drivers

               3.4.1.1 Growing automotive industry

               3.4.1.2 Low operating cost

               3.4.1.3 Environmentally friendly

3.4.2 Industry pitfalls & challenges

               3.4.2.1 Lack of durability, high cost and reliability

               3.4.2.2 Inconvenience

3.5 Growth potential analysis

3.6 Porter's analysis

3.7 Key competitor analysis, 2015

3.8 PESTEL analysis

Browse Complete Table of Contents (ToC) @

https://www.gminsights.com/toc/detail/automotive-fuel-cell-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: +1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com

Logo: https://mma.prnewswire.com/media/661916/GMI.jpg