Rising demand of clean energy, low operating cost, technological advancement, and rising environmental concern are major factor in growth of APAC Fuel Cell Electric Vehicle Market.
According to the TechSci Research report, “Asia Pacific Fuel Cell Electric Vehicle Market -Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2030F”, Asia-Pacific fuel cell industry’ is anticipated to expand in the upcoming years. Increased environmental concerns and rising demand for clean electrical energy are anticipated to be key market factors. The Asia-Pacific fuel cell electric vehicle market is anticipated to increase because of the growing demand for clean energy amid concerns about the environmental impact of energy generation from conventional sources like coal and natural gas.
The market for fuel cell vehicles is continually changing and is anticipated to increase rapidly. The automobile sector is experiencing exciting potential because of the development of new and diverse technology. While conventional automobiles and trucks are powered by gasoline or diesel, fuel cell cars and trucks generate energy by combining hydrogen and oxygen, which powers the motor. A fuel cell vehicle runs on electricity. It is a fantastic alternative for drivers who require a longer range and more cargo capacity because it can store a lot of energy and restore it rapidly. The considerable potential for fuel cell cars to cut emissions from the transportation sector is one of the factors driving interest in them.
The market for fuel cell electric vehicles is anticipated to grow due to key driving factors such as the emphasis on high-quality products, shifting consumer lifestyles, and increased purchasing power. To increase the efficiency in the automotive sector, automotive businesses, especially passenger car manufacturers, are continually attempting to place a greater emphasis on innovation for their product offerings. Due to changing consumer expectations, accelerating technical advancements, and changes in the competitive landscape, the market is undergoing several changes. Growing financial commitments to the commercialization and construction of refuelling infrastructure will be important drivers of the market’s expansion in the years to come.
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APAC Fuel Cell Electric Vehicle Market can be segmented based on vehicle type, fuel type, battery capacity, and region. According to vehicle type, it is anticipated that the Asia-Pacific electric vehicle market will be dominated by the passenger vehicle sector. This is brought on by a combination of factors, including more pro-electrification, government regulations and subsidies, rising public awareness of the benefits of electrification in terms of emissions reduction, rising fuel costs, and proactive efforts on the part of automakers to produce fuel cell electric passenger cars.
Based on fuel type, market is anticipated to dominate by the hydrogen fuel. Because of the higher range and efficiency provided by the hydrogen fuel to the vehicle. In the battery capacity the market is anticipated to be dominated by the 0-100kW segment based on battery capacity. The increased use of fuel cell electric vehicles, particularly for everyday commutes and low running costs, is credited with this segment’s rise. New fuel cell electric vehicles are also being introduced by several automobile manufacturer.
Some of the major players operating in the Asia-Pacific Fuel Cell Electric Vehicle market include:
- Toyota Motor corporation
- Hyundai Motor Company
- Honda Motor Co., Ltd.
- General Motor company
- Nissan Motor Corporation
- Tata Motors Limited
- Mitsubishi Motors Corporation
- Mercedes Benz AG
- Siac Motor Corporation limited
- Zhejiang Geely Holding Group Co., Ltd
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“With the rising focus of manufacturer in developing fuel cell vehicles to tackle out the carbon emission and the environmental situation. The demand of the fuel cell vehicle is increasing due to the low operation cost, high range and high efficiency of the vehicle. Also, government initiatives to promote the adoption of fuel cell vehicle and the introduction of technological advancements in the vehicles will generate new opportunities in the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“APAC Fuel Cell Electric Vehicle Market, By Vehicle Type (Passenger car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle), By Fuel Type (Methanol , Hydrogen) , By Battery Capacity (0kWh-100kWh, 100kWh-200kWh, Above 200) and By region, Competition Forecast & Opportunities, 2018- 2028F, has evaluated the future growth potential of APAC Fuel Cell Electric Vehicle market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the APAC Fuel Cell Electric Vehicle market.
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