Fuel Cell Electric Vehicle (FCEV) Market to hit $15 BN by 2027, Says Global Market Insights Inc.
SELBYVILLE, Del., Jan. 12, 2022 – The fuel cell electric vehicle (FCEV) market is expected to surpass USD 15 billion by 2027, as reported in a research study by Global Market Insights Inc. Rising awareness against deteriorating air quality and noise from public and private transportation will boost the business trends.
The rising demand for fuel cell Class 8 or long-haul trucks can be related to the greater expenses of fueling them. The increased weight, along with the need to travel long distances and transport commodities, will encourage the use of fuel cell technologies in such vehicles. Participants in the industry are continually spending in research and development to build sophisticated trucks that use fuel cell technologies.
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In 2020, the rapid spread of the COVID-19 epidemic impacted the market for fuel cell electric vehicles. Manufacturing operations and R&D activities of industry companies were harmed by market variables such as labor shortages, component shortages, raw material shortages, and supply chain disruptions. Furthermore, as customers’ purchasing power declined, so did market demand for FCEVs.
Because of its high-tech charging infrastructure, North America is predicted to have a high CAGR in the FCEV market. Fuel-efficiency rules are being tightened in the region, providing the industry with consistent development prospects. Supporting government policies and the adoption of fuel cell vehicles for public transportation will focus on promoting early adopters and evaluating economies of scale, which will complement cost reduction for alternative fueling infrastructure solutions.
Some major findings of the fuel cell electric vehicle market report are:
Strong economic growth, easier access to vehicle financing, and rising household spending are propelling the adoption of high-end electric vehicles in North America, and MEA.
Over the projected period, consumer predisposition toward incorporating new vehicle technologies that produce reduced noise and vibration levels will present possible chances for product penetration.
In the Asia Pacific area, factors such as diminishing fossil fuel reserves and increased environmental concerns are driving up demand for alternative eco-friendly car fuels.
Several government agencies are taking steps to encourage the use of zero-emission vehicles in order to satisfy pollution reduction targets. Long-term reductions in air pollution, greenhouse gas emissions, and fossil fuel use are possible with fuel cell electric vehicles.
Through 2027, the growing use of fuel cells to power tractors and agricultural equipment will move the FCEV market forward. This is due to the fact that it is easier to drive and haul, as well as the fact that it produces less noise and emits no emissions.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Fuel cell electric vehicle market 3600 synopsis, 2016 – 2027
2.1.1 Business trends
2.1.2 Vehicle trends
2.1.3 Distance trends
2.1.4 Regional trends
Chapter 3 Fuel Cell Electric Vehicle Market Insights
3.1 Industry segmentation
3.2 Impact of analysis of COVID-19 pandemic
3.3 Industry ecosystem analysis
3.4 Pricing analysis
3.5 Technology and innovation landscape
3.6 Investment landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.2 Industry pitfalls & challenges
3.9 Growth potential analysis, 2020
3.10 Porter’s analysis
3.11 PESTEL analysis
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