Europe Automotive Fuel Cell Market to Register Significant Growth Over 2019-2023

Oct 4, 2019

Automotive fuel cell market will grow noticeably over the coming six years, mainly driven by the growing awareness regarding the hazardous environmental effects of GHG and carbon footprints

Selbyville, United States - October 4, 2019 /MarketersMedia/ —

Europe automotive fuel cell market share is projected to expand substantially over the next seven years on account of favorable government measures to cut greenhouse gas emission. The European Commission has set a 2020 package with an aim to meet climate and energy targets by 2020. The three key targets under the 2020 package include 20% cut in GHG emissions from 1990 levels, 20% improvement in energy efficiency, and 20% of energy from renewables.

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Automotive fuel cell market will grow noticeably over the coming six years, mainly driven by the growing awareness regarding the hazardous environmental effects of GHG and carbon footprints. As per the report by Global Market Insights, Inc., “Global Automotive Fuel cell market occupied a volume of over 5,000 units in 2015 and is anticipated to register an annual growth rate of 12.7% over the period of 2016 to 2023.” Shifting trends toward fuel cells to reduce the economic dependency on oil producing nations will preserve the non-renewable energy sources such as crude oil at a large scale.

Fuel cell vehicle market has already seen a significant surge over the past years and is poised to register a massive growth with a volume estimation of 14,765 units by 2023. Increasing innovations and advancements in the fuel-cell technology coupled with noteworthy participation of the industry participants will enhance the automotive fuel cell industry outlook substantially. Fuel cell vehicles are gaining high popularity, driven by the benefits offered by them both from the environmental and economic perspectives. For instance, these vehicles require low maintenance, incur minimal operational cost, and reduce the noise pollution level considerably.

High reliability and safety along with longer shelf life are some of the salient parameters which will stimulate the automotive fuel cell market over the forecast timeframe. Hydrogen fuel possesses extensive applications in buses, small fleets of cars, back-up power, forklifts, and will most likely spread its significance to cell phones and laptops. High initial cost associated with these products may hamper automotive fuel cell market growth during the forecast period.

Light duty vehicles market share in 2015, accounted for over 50% of the consumption. Reducing product cost along with rapid innovations and technology advancements will propel the light duty vehicles application. In the U.S., the Fuel Cell Technologies Office (FCTO) focuses mainly on innovation and R&D to advance fuel & hydrogen cells for transportation and diverse applications. In June 2017, the U.S. Department of Energy announced to invest approximately USD 15.8 million in 30 new projects for the development and discovery of novel, low cost materials required for hydrogen production & storage and for fuel cells involved with light-duty vehicles.

Browse key industry insights spread across 80 pages with 51 market data tables & 19 figures & charts from the report, “Automotive Fuel Cell Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/automotive-fuel-cell-market

Key industry players in the automotive fuel cell market include Cellkraft AB, Acumentrics SOFC Corporation, BIC Consumer Products, Altergy Systems, Convion, Automotive Fuel Cell, Hydrogenics Corporation Ballard Power Systems, Toshiba, Plug Power, Panasonic, Bloom Energy and M-FIELD Energy.

Major Key Points from Table of Content:

Chapter 2 Executive Summary
2.1 Automotive fuel cell industry 3600 synopsis, 2012 - 2023

Chapter 3 Automotive Fuel Cell Market Insights
3.1 Industry segmentation
3.2 Industry Size and forecast
3.3 Industry Ecosystem analysis
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.1.1 Growing automotive industry
3.4.1.2 Low operating cost
3.4.1.3 Environmentally friendly
3.4.2 Industry pitfalls & challenges
3.4.2.1 Lack of durability, high cost and reliability
3.4.2.2 Inconvenience
3.5 Growth potential analysis
3.6 Porter’s analysis
3.7 Key competitor analysis, 2015
3.8 PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/automotive-fuel-cell-market

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Address: Global Market Insights, Inc., 4 North Main Street,
Phone: 3028467766
Website: https://www.gminsights.com/pressrelease/automotive-fuel-cell-market

Source URL: https://marketersmedia.com/europe-automotive-fuel-cell-market-to-register-significant-growth-over-2019-2023/88925562

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Release ID: 88925562

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