The fuel cell electric vehicle market share is predicted to be valued US$9 billion by 2024, as increasing research activities pave the way for the emerging technology and simultaneously reduce the product cost.
The Global Market Insights report says continuous technological developments along with OEMs investing in increasing production level to achieve economies of scale will result in price drop while continuously increasing demand for advanced automobiles will boost the fuel cell electric vehicle market size over the projected timespan.
The report says several government initiatives are supporting transition of conventional automobiles to zero emission ones, while government funding is speeding up R&D. “Government incentives can effectively bring down the price ranges by manifesting reduced taxes on such automobiles thereby driving the fuel cell electric vehicle market size from 2017 to 2024,” it says.
The research suggests the passenger cars segment in fuel cell electric vehicle market is expected to witness significant gains at over 42% from 2017 to 2024. This can be attributed to increasing automobile production across the world and rising government initiatives. For instance, US government plans to build hydrogen refuelling stations across the country via H2USA public-private partnership coupled with auto producers support. In addition, California is investing US$20 million annually until 100 stations are built for commercial purpose.
E-bikes are predicted to hold approximately 23% of the overall fuel cell electric vehicle market volume share. With substantial number of e-bikes already on roads in China, its sales are surging in Europe particularly in northern countries of the region as per the European Cyclists Federation. These two-wheelers are available at affordable costs and serve the purpose for middle class population which will enhance the fuel cell electric vehicle market share over the projected time frame.