The global fuel cell electric vehicle market is expected to be USD 1.8 billion in 2021 and is projected to reach USD 14.5 billion by 2027, thus, anticipated to grow at a CAGR of 37.5% during the forecast period 2021-2027.Fuel cell electric vehicles (FCEVs) are power-driven by hydrogen having compact size battery. Factors attributing to the growth of the fuel cell vehicle (FCEV) market includes stringent norms for carbon emissions, mounting adoption of electric vehicles in developing economies, substantially longer driving ranges than battery electric vehicles (BEVs), the launch of low-cost hydrogen-powered electric passenger cars to attract consumers, and rising need for better fuel efficiency.

The strict emission norms, less noise mobility solutions, increasing adoption of zero-emission vehicles, rising concern for carbon dioxide emissions leading to reduced demand for conventional vehicles, and development in the fuel cell technology will attribute to the growth of the global fuel cell electric vehicle market. Furthermore, portable batteries, reduced time for refueling, long reach distance, initiatives by the government will fuel the growth in the FCEV market.

Download Free Sample Copy Of Research Report: https://www.vynzresearch.com/automotive-transportation/fuel-cell-electric-vehicle-market/request-sample

Asia-Pacific is anticipated to be the fastest-growing region in the FCEV market owing to the stringent emission norms. Moreover, many countries are investing huge amounts for the advancement of hydrogen fuel cell vehicles. Toyota Motor Corporation and Hyundai Motor Company provide fuel cell passenger cars, buses, and logistical vehicles in the region.

Toyota formed a joint venture in China with five other companies for the development of fuel cells. United Fuel Cell System R&D, the joint venture fetched an initial investment of $46 million. The companies involved in the joint venture are Dongfeng Motor Corp., Guangzhou Auto, China FAW Corp., Beijing Automobile Group Co., and Beijing SinoHytec Co.

Daimler AG formed a $1.3-billion hydrogen fuel cell Joint venture with Volvo Group. The two auto manufacturers are expected to bring out hydrogen-fuel-powered commercial vehicles in the future.

Some of the key players operating in the fuel cell electric vehicle (FCEV) market: TOYOTA MOTOR CORPORATION, Honda Motor Co., Ltd., Hyundai Motor Company, ASHOK LEYLAND, Nikola Corporation, Daimler AG, Solaris Bus & Coach sp. z.o.o., SAIC Motor Corporation Limited, Tata Motors, and Volkswagen AG.

Source: VynZ Research