LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global fuel cell vehicle market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio market research analysts, the global fuel cell vehicle market will grow at a CAGR of over 85% during the forecast period. Improved fuel efficiency and emission control is a major factor driving the market’s growth. The increasing use of internal combustion engines harm the air quality by greenhouse gas emissions. This is driving the governing bodies to encourage environment-friendly modes of transportation. The generation of energy and its storage in fuel cells reduce greenhouse gas emissions as they involve the use of hydrogen.
Fuel cell vehicles produce significantly fewer vibrations and noise pollution. When compared with gasoline and diesel engine vehicles, fuel cell vehicles have higher efficiency and have lower emissions. Thus, various governing bodies have implemented rules for turning off vehicle engines of gasoline and diesel engine vehicles to limit the amount of air pollution caused even during engine idling. Increased mileage and better emission control are expected to drive the adoption of fuel cell vehicles during the forecast period.
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In this report, Technavio highlights the changes in hydrogen production technology as one of the key emerging trends in the global fuel cell vehicle market:
Changes in hydrogen production technology
In terms of innovations and changes in production technologies, the fuel cell industry is undergoing large-scale development. Government organizations and universities are working together to develop a low-cost hydrogen generation technology. New Energy and Industrial Technology Development Organization (NEDO) is working with New Energy Foundation (NEF) on different fuel cell research projects. A total of 11 fuel cell projects involving the development of polymer-electrolyte fuel cell technology are in progress under the NEDO.
“Traditional methods of hydrogen generation produce large amounts of CO2, which leads to air pollution. Hence, scientists are developing newer environment-friendly methods of hydrogen generation. Scientists are leveraging electrolysis method to split water into oxygen, hydrogen, and photoelectrochemical cells and generate electricity,” says a senior analyst at Technavio for research on automotive manufacturing.
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Global fuel cell vehicle market segmentation
This market research report segments the global fuel cell vehicle market into the following applications (passenger cars and commercial vehicles) and key regions (the Americas, APAC, and EMEA).
The passenger cars segment held the largest market share in 2017, accounting for nearly 98% of the market. The market share for this application is expected to increase by 2022. The fastest growing application is passenger cars, which will account for nearly 99% of the total market share by 2022.
APAC was the leading region for the global fuel cell vehicle market in 2017, accounting for a market share of nearly 58%. By 2022, EMEA is expected to witness a significant growth of nearly 18%.
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