Description
Research Overview
This research service on the global fuel cell passenger car market provides detailed revenue forecasts, drivers and restraints as well as market shares and competitive analyses of participants from 2014 to 2020. Major trends such as future launches, partnerships and infrastructure progress are covered along with developments in major markets such as North America, Europe and Japan. Government support and infrastructure evolution in these markets will shape the future of fuel cell vehicles (FCVs) in other regions. Fuel cell technology has also been compared with electric vehicle (EV) technology and range extenders.
Market Overview
Government incentives to boost FCV market
Stringent emission norms are driving automakers across the world to look at FCVs for sustainable mobility. Over 12 FCVs are likely to be launched in Europe, North America and Japan by 2020, with models across various segments including sports and luxury. Japan will lead the market as Government incentives for FCVs in the country are three times higher than that for EVs. Since FCVs and EVs both enable zero emissions, their success will depend on infrastructure availability and comparative pricing. Japanese and South Korean automakers are planning to pit their FCVs directly against EVs such as Tesla to demonstrate the superiority of fuel cell technology. While the setting up hydrogen refuelling stations is expensive compared to building gasoline or EV charging stations, fewer stations are required due to the shorter fuelling time and longer range of FCVs. Europe is leading the way in terms of investment in technology and infrastructure, followed by Japan and United States.
While the high cost of FCVs is a major challenge for its commercialisation, the technology is expected to become more competitive within the next three to five years and even affect EV market shares. Partnerships between technology developers and automakers as well as support from governments will be the key for growth of the FCV market.
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