Emission Regulations to Boost the Global FCCV Market | Technavio

LONDON–(BUSINESS WIRE)–#Automotive–The latest market research report by Technavio
on the global
fuel cell commercial vehicle market predicts an impressive CAGR of
close to 25% during the period 2017-2021.

The report segments the global fuel cell commercial vehicle (FCCV)
market by application (LCV and M&HCV) and by geography (the Americas,
EMEA, and APAC). It provides a detailed illustration of the major
factors influencing the market, including drivers, opportunities,
trends, and industry-specific challenges.

Here are some key findings of the global FCCV market, according to
Technavio automotive
researchers:

• Reduced emissions and optimum performance: a major market driver
• The M&HCV segment dominated the FCCV market with a market share of
  close to 78% in 2016
• APAC emerged as the dominant player in the global FCCV market with a
  market share of more than 67% in 2016
• Daimler, Renault, and Toyota Motor Corporation are the leading players
  in the market

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Market growth analysis

The increasing poor air quality index has become one of the major
factors driving the global fuel
cell commercial vehicle market. Worldwide governments are taking
initiatives to reduce air pollution, such as Euro 6 and Bharat Stage IV
incentivizing green energy vehicles such as fuel cell and electric
vehicles. The instant torque provided by green energy vehicles is very
high when compared with traditional fuel vehicles. Fuel cell vehicles
use a battery pack with a fuel cell engine, which chemically fuses
hydrogen with oxygen to release electricity. The only waste product is
oxygen.

According to Ganesh Subramaniam, a lead analyst at Technavio for automotive
manufacturing research, “The new processes used to produce
hydrogen have resulted in a decrease in the price of fuel cells. Most
fuel cell manufacturing companies in the US are carrying out R&D to find
a suitable alternative to platinum, which is used as a catalyst in fuel
cells. This will help in further reducing the price up to 40%. Such
developments augur well for the growth of the market during the forecast
period.”

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Geographical analysis

Technavio researchers anticipate high growth for the global fuel
cell commercial vehicle market in APAC due to the adoption of strict
emission norms. Japan was one of the first markets to commercialize fuel
cells due to the support from the government in the form of incentives.
From 2014, the Japanese government started to provide tax rebates up to
2 million Japanese yen (~USD19,290) per FCV purchase. The combined
rebates offered by government and OEMs amounted to 3 million Japanese
yen (USD 29,500). Similar incentives are being offered by countries
across the region.

Competitive vendor landscape

The FCV market is concentrated, with only a few vendors offering
products and services to the markets. More vendors are expected to join
the market during the forecast period. Innovation is the key to appeal
to a huge mass of consumers. The technology is still in the growing
phases and requires a lot of external support like government incentives
to become successful. Some of the prominent vendors who are trying to
contribute toward the market are Daimler, Renault, and Toyota.

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fuel cell commercial vehicle market report free of cost

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