The global fuel cell commercial vehicle market
is expected to witness notable growth during the forecast period 2019–2025, on
account of favorable incentive programs by governments of several countries to
boost the adoption of eco-friendly vehicles. Several governments across the
globe are focusing on decreasing air pollution by encouraging the adoption of
eco-friendly vehicles, which include fuel cell vehicles. These vehicles do not
discharge harmful pollutants, such as hydrocarbons, carbon monoxide, and
volatile organic compounds.
On the basis of vehicle type, the fuel cell commercial vehicle
market has been categorized into light commercial vehicle (LCV), medium
commercial vehicle (MCV), and heavy commercial vehicle (HCV). Among these, LCVs
held the largest share in the market in 2018. This can be mainly attributed to
the high demand for LCVs, supported by the higher adoption of fuel cell
technology in these vehicles as compared to other vehicles.
Geographically, Asia-Pacific (APAC) is expected to account for
the largest share in the fuel cell commercial vehicle market during the
forecast period. The increasing demand for low- or zero-emission vehicles in
several countries of the region, coupled with the growing focus of fuel cell
stack manufacturers on China for product manufacturing, is expected to boost
the market growth in APAC.
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Drivers
Awareness about the advantages of green energy vehicles over internal
combustion engine vehicles is increasing across the world. Many countries are
implementing plans to promote the adoption of alternate-fuel vehicles, which,
in turn, is boosting the growth of the fuel cell commercial vehicle market. For
instance, the Ohio Development Services Agency runs the Alternative Fuel
Transportation Program, which offers financial support to local governments,
non-profit organizations, businesses, and school districts for the installation
and purchase of alternative fueling, blending, and distribution facilities or
terminals. Furthermore, in Luxembourg, buyers of fuel cell vehicles are
benefitted from a tax allowance on the registration fees of $5,907.5 (EUR
5,000).
Competitive Landscape
The global fuel cell commercial vehicle market is at the nascent
stage, witnessing gradual adoption of fuel cell vehicles across various
countries. Major market players include Daimler AG, General Motors Company,
Hyundai Motor Company, New Flyer Group Inc., Toyota Motor Corporation,
Volkswagen AG, Ford Motor Company, and Tata Motors Limited.
