LONDON--(BUSINESS WIRE)--The global fuel cell commercial vehicle market is expected to grow by 19.53 thousand units during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Many governments across the world are introducing incentive programs to encourage the adoption of green energy vehicles such as fuel cell vehicles. Some government bodies are also offering incentives to automobile OEMs to encourage them to shift toward the manufacture of green energy vehicles. For instance, the Chinese government offers subsidies for auto makers involved in the manufacture of vehicles that run on green energy technologies such as fuel cell. The initiative also allows foreign companies with manufacturing units in China to claim subsidies and avail various other benefits from the government. The presence of such favorable incentive programs for manufacture of green energy vehicles will drive the growth of the global fuel cell commercial vehicle market.
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As per Technavio, the development of ethanol-based fuel cell technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Fuel Cell Commercial Vehicle Market: Development of Ethanol-Based Fuel Cell Technology
Market players are consistently working toward the development of cheaper fuel cell technology to boost the adoption of fuel cell vehicles across the world. The abundant supply of ethanol in the US is encouraging several automobile manufacturers to develop ethanol-based fuel-cell technology that is cheaper than the existing fuel cell technology. Ethanol-based fuel-cell technology also helps extend the range of large vehicles. Moreover, the lower costs of procuring ethanol will also reduce the need for investments in infrastructure for storing and filling hydrogen. The development of ethanol-based fuel-cell technology will be a crucial driver for the global fuel cell commercial vehicle market over the forecast period.
“Development of liquid-cooled fuel cell stack for M&HCVs and the growing demand for FCCVs for public and goods transportation will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Fuel Cell Commercial Vehicle Market: Segmentation Analysis
This market report segments the global fuel cell commercial vehicle market by application (M&HCV and LCV) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the rising demand for zero-emission vehicles in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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