According to the report titled ‘Global Automotive FCEV Market: Analysis By Vehicle Type (PVs, LCVs, Bus, Trucks), Distance Range (Short, Long), By Region, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with MarketStudyReport, global automotive FCEV market was valued at USD 415.45 million in the year 2020 and is expected to exhibit significant growth during the period 2021-2026.
 

Rising consumer awareness about product quality, strict regulatory norms concerning the environment, and supportive government standards for reducing energy consumption are factors influencing the growth of global automotive FCEV market.
 

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For the unaware, FCEV (fuel cell electric vehicles) are zero-emission vehicles that run on fixed routes and are fueled from a centralized station. They comprise of two-wheelers like bikes and scooters which are used for shorter (100km-200km) distances, and passenger vehicles which are used for longer distances, with a carrying capacity of at least eight people, at once.
 

Furthermore, massive investments by the public as well as the private sector in SMEs in anticipation of rising consumer demand and positive outlook towards the automobile and electronic sectors are further accelerating industry development.
 

Besides this, rapid industrialization throughout developed as well as emerging economies is creating lucrative opportunities for businesses in this line of work.
 

During the COVID-19 pandemic, several businesses were severely affected due to a temporary shutdown disrupting the supply chain activities. However, post it, worldwide automotive FCEV industry is predicted to witness a boom in demand attributable to increased production of trucks, EVs, etc.
 

From a regional standpoint, Asia Pacific market is poised to capture the largest revenue share by the year 2026, owing to the rising industrialization, huge investments by manufacturers in developing countries like China and India, and technological innovations promising reduction in maintenance costs.
 

The competitive landscape of global automotive FCEV market is defined by companies such as Rheinmetall AG, Daimler AG, Volkswagen AG, Honda Motor Company Ltd., ElringKlinger AG, Bayerische Motoren Werke (BMW) AG, General Motors Company, Peugeot S.A., Volvo Group, and Groupe Renault among others.