The fuel cell technology is a
distinctive technique and also has the capacity to power heavy duty vehicles,
passenger vehicles, airport tugs, and forklifts. Many leading automobile
companies have implemented fuel cell vehicle programs and thus, the technology
has gained significant traction over the last couple of years. Fuel cell
vehicles have progressed extensively in order to meet the standards set by the
U.S. Department of Energy. Numerous first generation fuel cell vehicles have
exhibited immaculate durability, thus indicating significant progress towards
meeting the standards set by the regulatory bodies. The current generation fuel
cell vehicles are composed as such to exhibit notable improvements in terms of
durability. Standard durability has already surpassed the U.S. Department of
Energy’s goals. The current vehicles are almost at the edge to meet the target
standard set by DOE. These agendas have confirmed that transit buses and
hydrogen fuel cell vehicles are able to meet the demands of customers.
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This industry study is an
evaluation of the growth prospects and historical tract of the global fuel cell
vehicles market. It deals with the assessment of the facets that are projected
to sway the development of the market both negatively and positively. Further,
the key trends have also been specified in the publication. The research study
also presents a wide outlook on the seller landscape of the market with
reference to Porter’s five forces analysis. The research report deals with the
R&D activities, mergers, acquisitions, and particulars on certifications
and collaborations. The report reviews the approaches related to shares, publicity,
and product range of the key accomplices in the global fuel cell vehicles
market.
Global Fuel Cell Vehicles Market: Trends and Prospects
Fuel cell vehicles have a string
potential to reduce the dependence of nations on import of oil and reduce harmful
emissions that degrade the environmental conditions. Decreasing dependence on
oil imports would eventually help in balancing the deficit in trade of several
developing countries worldwide. Fuel cell vehicles are known to work on
hydrogen gas and not on gasoline and also emit a fair amount of harmful
emissions. Before these fuel cell vehicles start competing with the traditional
vehicles, certain issues have to be addressed. Fuel cell vehicles are almost
similar to traditional vehicles. Nevertheless, they are equipped internally
with high-end technological components that are generally not found in
traditional vehicles.
Some of the prime driving factors
of the global fuel cell vehicle market are high power density, silent
operations, and high efficiency conversion. Although the market is likely to be
inhibited by large cost incurred during
the initial stage, there are ample opportunities present in the market that can
benefit the market such as strong participation by leading market players and
strict environmental regulations.
Global Fuel Cell Vehicles Market: Regional Analysis
Owing to the opportunities
present and government imposed regulations, North America is likely to emerge
strong in the global fuel
cell vehicles market. Manufacturers can also gain from the upcoming
government initiatives and technological advancements in countries in the Asia
Pacific region such as Vietnam, South Korea, China, and India.
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