The global fuel cell vehicles market in 2017 was priced at USD 193.8 million and is expected to exhibit a CAGR of 33.8% over the forecast years owing to growing trend of clean energy consumption.
Fuel cells have been used in various kinds of vehicles including forklifts, especially in indoor applications where their clean emissions are important to air quality, and in space applications. The first commercially produced hydrogen fuel cell automobile, the Hyundai Tucson FCEV, was introduced in 2013, Toyota Mirai followed in 2015 and then Honda entered the market. Fuel cells are also being developed and tested in trucks, buses, boats, motorcycles and bicycles, among other kinds of vehicles.
A fuel cell vehicle (FCV) or fuel cell electric vehicle (FCEV) is a type of electric vehicle which uses a fuel cell, instead of a battery, or in combination with a battery or supercapacitor, to power its on-board electric motor. Fuel cells in vehicles generate electricity to power the motor, generally using oxygen from the air and compressed hydrogen. Most fuel cell vehicles are classified as zero-emissions vehicles that emit only water and heat. As compared with internal combustion vehicles, hydrogen vehicles centralize pollutants at the site of the hydrogen production, where hydrogen is typically derived from reformed natural gas. Transporting and storing hydrogen may also create pollutants.
Market By Geography: North America,Europe,Rest of Europe,Asia-Pacific,Rest of Asia-Pacific,Latin America,Rest of Latin America,Middle East and Africa (MEA),Rest of MEA
The key players catering to the global fuel cell vehicle market are Toyota Motor Corporation, Honda Motor Company, Ltd., and Hyundai Motor Company
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