Jul 15, 2019 (Heraldkeepers) — Fuel Cell Electric Vehicle Market size is estimated to surpass USD 11,600 million by 2025; according to a new research report…
Jul 15, 2019 (Heraldkeepers) — Fuel Cell Electric Vehicle Market size is estimated to surpass USD 11,600 million by 2025; according to a new research report by Global Market Insights, Inc. Increasing demand for vehicles along with improving living conditions are supporting the fuel cell vehicle sales over the forecast timeframe. Higher carbon emissions along with rising greenhouse gases from conventionally fueled vehicles are enabling automobile OEMs to look for alternatives, thereby accelerating the development of such vehicles. Short refueling time and long-distance travelling range offering greater customer convenience will further propel the fuel cell electric vehicle market growth.
Increasing consumer spending and higher mobility requirements are escalating the hydrogen powered vehicles demand. Rapid urbanization coupled with proliferating construction activities are providing potential opportunities for the adoption of environment friendly vehicles. A lucrative growth in the economic conditions and high living standards are supporting the fuel cell electric vehicle market growth over the projected timeframe.
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Europe fuel cell electric vehicle market will witness significant growth owing to supportive government projects for developing zero emission fuel cell vehicles and installation of hydrogen refueling stations. Projects such as Clean Hydrogen in European Cities (CHIC) and Joint Initiative for hydrogen Vehicles (JIVE) are striving for commercialization of fuel cell electric buses, further augmenting the regional demand for fuel cell electric vehicles. Easier availability of e-bikes offering ease of operation in high traffic areas is strengthening the industry size over the study timeframe.