Selbyville, Delaware, Sept. 23, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on fuel cell electric vehicle market which estimates the global market valuation for FCEV will cross US$ 14 billion by 2026. The market is projected to witness a high growth owing to stringent fuel economy standards developed by government bodies and regulatory authorities such as the European Union and the National Highway Traffic Safety Administration (NHTSA).
The severe impacts on the global economy due to the rapid spread of the COVID-19 pandemic have hampered the growth of the FCEV market in 2020. Disruptions in business operations and supply chains have adversely affected the R&D and manufacturing operations of market players. Moreover, rising financial insecurities among customers have led to a decline in the demand for FCEVs in the market.
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The growth of heavy-duty vehicles in the FCEV market is attributed to the increasing cargo transportation across the globe. Market players are continuously focusing on the development of heavy-duty trucks with fuel cell technology to cater to the growing demand from the market. For instance, in July 2020, Hyundai Motor Company launched Xcient Fuel Cell, which is the industry’s first heavy-duty truck based on fuel cell technology.
North America is expected to witness a high growth in the FCEV market due to the presence of supportive fueling and charging infrastructure. Government organizations are undertaking initiatives to boost FCEV adoption by investing in construction of new refueling stations. For instance, in 2017, California Air Resources Board (CARB) announced its plans to develop more than 90 hydrogen stations in the state to drive FCEV market demand.
Leading companies in the FCEV market are focusing on strategic collaborations to gain a competitive edge in the market. For instance, in June 2018, Audi AG and Ballard Power Systems signed a 3.5-year extension contract for the HyMotion program. The HyMotion program incorporates the automotive fuel cell stack development and system design & support activities. The program assists Audi with its small series of fuel cell electric vehicle launches.
Browse key industry insights spread across 235 pages with 394 market data tables & 23 figures & charts from the report, “Fuel Cell Electric Vehicle (FCEV) Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/fuel-cell-electric-vehicle-market
Some major findings in the FCEV market report include:
- Growing concerns and awareness related to the harmful nature of vehicular emissions are supporting the increasing adoption of fuel cell electric vehicles over the forecast period. Supportive government initiatives, such as subsidies on the purchase of these vehicles, are augmenting the market size.
- Advancements in the field of fuel cell technology and automation in the production process of these cells are driving their large-scale adoption in passenger and commercial vehicles. Increasing R&D investments by market players for the development of high-performance fuel cells are positively influencing the market growth.
- Material handling equipment, such as forklifts and other port vehicles, are witnessing a major shift toward fuel cell technology owing to low noise, reduced operating costs, and low maintenance requirements.
Key players operating in the FCEV market include Meritor, Inc., Ballard Power Cells, US Hybrid, Nuvera, Hydrogenics, Sunrise Power, Dana Limited, Ceres Power Holdings Plc, and Shanghai Shenli Technology Co. Ltd. Vehicle manufacturers include Hyundai, Audi AG, Toyota Motor Corporation, and Volkswagen Group.
Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/fuel-cell-electric-vehicle-market
Partial chapters of report table of contents (TOC):
Chapter 3 Fuel Cell Electric Vehicle (FCEV) Industry Insights
3.1 Industry segmentation
3.2 Impact of analysis of COVID-19 pandemic
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Manufacturers
3.3.3 Distribution channel analysis
3.3.3.1 Distributors
3.3.3.2 Dealerships
3.3.3.3 Franchise networks
3.3.4 End-users
3.3.5 Vendor matrix
3.4 Pricing analysis
3.4.1 Regional pricing
3.4.1.1 North America
3.4.1.2 Europe
3.4.1.3 Asia Pacific
3.4.1.4 Latin America
3.4.1.5 Middle East & Africa
3.4.2 Cost structure analysis
3.5 Technology and innovation landscape
3.5.1 Proton Exchange Membrane or Polymer Electrolyte Membrane (PEM) Technology
3.5.2 GPS and Navigation
3.5.3 Efficient catalyst material for polymer electrolyte membrane fuel cell (PEMFC)
3.5.4 Fuel cell technology powered by solid carbon
3.6 Regulatory landscape
3.6.1 International standards
3.6.1.1 ISO 23273:2013(en)Fuel cell road vehicles — Safety specifications — Protection against hydrogen hazards for vehicles fueled with compressed hydrogen
3.6.2 North America
3.6.2.1 U.S.
3.6.2.2 The American Recovery and Reinvestment Act (2009)
3.6.2.3 The Corporate Average Fuel Economy (CAFE) norms
3.6.2.4 The Clean Air Act
3.6.2.5 Other regulations
3.6.3 Europe
3.6.3.1 EMC (Electromagnetic compatibility) Directive 2004/104/EC
3.6.3.2 Directive 1999/5/EC (the R&TTE Directive)
3.6.3.3 UN Regulation No. 116
3.6.4 Asia Pacific
3.6.4.1 China
3.6.4.2 China IV-V standards
3.6.4.3 Japan
3.6.4.4 Ministry of Environment regulations
3.6.5 Latin America
3.6.5.1 PROCONVE, PROMOT - Brazil
3.6.5.2 The Ministry of Industry, Foreign Trade and Services (MDIC)
3.6.6 Middle East & Africa
3.6.6.1 GCC Standardization Organization (GSO)
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Stringent emission regulations in North America
3.7.1.2 Government initiatives for developing FCEV technologies in Europe
3.7.1.3 Increasing adoption of electric vehicles in Asia Pacific
3.7.1.4 Growing preference for low emission mobility solutions in Latin America
3.7.1.5 Economic growth supporting the adoption of electric vehicles in Middle East & Africa
3.7.2 Industry pitfalls & challenges
3.7.2.1 High vehicle cost and lack of hydrogen fueling infrastructure
3.8 Growth potential analysis, 2019
3.9 Porter's analysis
3.9.1 Supplier power
3.9.2 Buyer power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Internal rivalry
3.10 PESTEL analysis
Browse related report:
Battery Electric Vehicles Market Size By Vehicle (Heavy Duty Vehicles, Agriculture, Buses, Port Vehicles/Container Handling Or Transport, Automotive, Class 8/Long Haul) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
https://www.gminsights.com/industry-analysis/battery-electric-vehicles-bev-market
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. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.