SAN FRANCISCO, April 11, 2019 /PRNewswire/ -- 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.
Key suggestions from the report:
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.
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.
Grand View Research has segmented the global fuel cell vehicle market on the basis of region:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.