Portland, OR, July 13, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fuel cell bikes market is expected to generate $6.0 billion in 2030, and is projected to reach $24.7 billion by 2040, growing at a CAGR of 15.2% from 2030 to 2040. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in environmental concerns regarding clean emissions, supportive government initiatives for the development of hydrogen fuel cell infrastructure, and surge in the adoption of green vehicles among people are expected to drive the growth of the global fuel cell bikes market. On the other hand, high cost of these bikes is expected to hinder the growth to some extent. However, rapid urbanization and surge in demand for fuel cells in automotive and transportation are expected to create ample opportunities for the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global fuel cell bikes market, owing to the occurrence of lockdowns in various countries across the globe.
- The lockdowns resulted in the closure of various industries, including those of fuel cell bikes, negatively impacting the overall production and sales. This was majorly due to the stringent social distancing restrictions imposed by the government to curb the spread of the virus during the pandemic.
- However, the market is expected to recoup soon.
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The report offers a detailed segmentation on the global fuel cell bikes market based on frame material, max load, power, max speed, range, sales channel and region.
Based on power, the 401 W to 750 W segment is expected to hold the largest market share in 2030, with nearly half of the global market. The above 751 W segment, on the other hand, is predicted to cite the fastest CAGR of 18.1% during the forecast period.
Based on sales channel, the offline segment is expected to account for the majority market share in 2030, holding nearly three-fourths of the global market. In addition, the same segment is expected to cite the fastest CAGR of 15.6% during the forecast period. Other segment analyzed in the report include online segment.
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Based on region, the market across Asia-Pacific is expected to contribute to the dominating market share in 2030, garnering more than half of the global market. The North America region, on the other hand, is predicted to cite the fastest CAGR of 19.5% during the forecast period.
The key players analzyed in the global fuel cell bikes market report include Honda Motor Co., Ltd., Hyundai motor company, Toyota Motor Corporation, AUDI AG, Volvo Group, BMW AG, General Motor, Hero MotoCorp Ltd., Intelligent Energy Limited, Kawasaki Heavy Industries, Ltd., Segway Inc., Suzuki Motor Corporation, Xiaomi Inc., Azure Bikes, Mob-ion, Pragma Industries, LAVO, Shanghai X-idea Industrial Design Co., Ltd.
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