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The global fuel cell vehicle market size is projected to touch USD 6,731.4 million by 2026 as governments across the globe harden their stance on vehicular emissions, shares Fortune Business Insights™ in its recent report, titled “Fuel Cell Vehicle Market Size, Share and Global Trend By Vehicle Type (Passenger Cars, Commercial Vehicles, Buses & Coaches), By End-User (Private, Commercial), and Geography Forecast till 2026”. As per the report, the market value stood at USD 446.7 million in 2018 and is expected to soar at a CAGR of 29.7% from 2019 to 2026.
BMW Launches Its Hydrogen-Powered X5 Forerunner at IAA 2019
Rising popularity of hydrogen fuel for automotive is one of the top fuel cell vehicle market trends. At the International Automobile Exhibition (IAA) held in 2019 in Frankfurt, Germany, BMW unveiled its futuristic fuel cell development vehicle called the i Hydrogen NEXT. The car is intended to be a precursor to BMW’s ambitious plans of introducing small-series fuel cell vehicles powered by hydrogen in 2022 and will be based on the company’s X5 model. What BMW is trying to achieve is truly path-breaking and trend-setting in this market because, if implemented well, the company will have successfully demonstrated that new automotive technologies can be effectively integrated with older ones. More importantly, such innovations will open up new dimensions of growth for other players in the market.
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Establishment of Hydrogen Refueling Stations to Propel the Market
Transition to hydrogen as the primary fuel for vehicles necessitates the establishment of a robust and an all-encompassing infrastructure, which includes refueling stations. Governments around the world are committedly framing policies and creating an atmosphere conducive for the development of hydrogen fuel cell infrastructure. For instance, the Ministry of Economy, Trade, and Industry of Japan has put in place a decisive plan of action to install 900 operating hydrogen stations across the country by 2030. Similarly, the UK H2Mobility consortium is taking concerted efforts to build a comprehensive hydrogen infrastructure by 2030. The potential of this technology is further augmented by the fact that hydrogen fuel cells get charged at a faster rate than other metal-based batteries, propelling the fuel cell vehicle market growth.
Increasing R&D Investment by Companies to Spur Competition
Bright prospects are foreseen for this market as competitors ramp up their investment in research and development to come out with innovative solutions and products for consumers. The shift in focus from production of vehicles to evolving energy-efficient automotive technologies is fueled by the rising demand for emission-free vehicles and supportive government policies for innovations.
List of Players Profiled in the Fuel Cell Vehicle Market Report:
Further Report Findings:
Global Fuel Cell Vehicle Market Scope & Table of Segmentation
Value (USD million)
By Vehicle Type
By End User