Emission Regulations to Boost the Global FCCV Market | Technavio

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.

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Technavio has published a new report on the global fuel cell commercial vehicle market from 2017-202 ...

Technavio has published a new report on the global fuel cell commercial vehicle market from 2017-2021. (Graphic: Business Wire)

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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