According to a research 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 Market Study Report, global automotive FCEV market was valued at USD 415.45 million in 2020 and is projected to grow substantially during the forecast period.
 

Research findings state that increase in demand for consumer goods, technological advancements in automotive industry, and rising population are the major factors catalyzing worldwide automotive FCEV industry growth.
 

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Furthermore, strict regulatory standards on environment conservation, government initiatives promoting efficient energy consumption, and rising consumer awareness regarding product quality are contributing to market progression. Recent technology developments have been effectuating major reduction in vehicle maintenance costs, which is adding substantial traction to overall industry growth. Moreover, the market is also anticipated to garner substantial returns during the post COVID-19 pandemic stage, with a rise in demand for the fuel cell trucks and subsequent upsurge in production of the electric vehicles.
 

For the unversed, a fuel cell powered vehicle (FCEV) uses hydrogen as fuel, which is stored in a refillable tank. Fuel cells in vehicles generate electricity using oxygen from the air and compressed hydrogen.
 

Based on distance range, global automotive FCEV market is split into short range, and long-range variants. Fuel cell electric vehicles (FCEV’s) such as scooters and bikes are used for short distance range. The distance range covered in this segment range from 100-300 kms, above which are the long-range electric cars.
 

By vehicle type, the industry is fragmented passenger vehicles, light commercial vehicles, trucks and buses. Passenger vehicles at transportation hubs for fleet are good for hydrogen fueling as they generally operate on fixed routes or within fixed areas and can be fueled from a centralized charging station, which will likely infuse growth in this segment over the forecast duration.
 

On the regional front, Asia Pacific is anticipated to contribute significantly to overall market remuneration in the ensuing years. Factors such as low production costs, and increasing investments by top companies in developing economies such as India and China are supporting the regional industry expansion. Moreover, growth of the automobile and electronic sectors coupled with rapid industrialization in developed and developing countries will enhance the industry remuneration in this region.
 

Top contenders in global automotive FCEV market are Bayerische Motoren Werke A.G (BMW), Peugeot S.A, Daimler A.G, Volkswagen Group, General Motors Company, Groupe Renault, Rheinmetall A.G, The Volvo Group, Honda Motor Co., Ltd., and ElringKlinger A.G