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 Market Study Report LLC, global automotive  FCEV market was valued at USD 415.45 million in 2020 and is anticipated to register notable gains during 2021-2026.
 

Stringent regulations related to environmental protection, government initiatives & policies for energy consumption, along with growing consumer cognizance about product quality are boosting the growth of global automotive FCEV market.
 

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Additionally, investments by private and public sector in small & medium scale industries, in tandem with flourishing automotive sector creditable to technological advancements and population expansion, and surge in consumer goods demand are further augmenting the industry outlook.
 

The report cites that the market is expected to progress rapidly post the COVID-19 pandemic situation, owing to increasing demand for fuel cell trucks as several major manufacturers have begun the production of electric vehicles and trucks.
 

By vehicle type, the marketplace is bifurcated into passenger vehicles, trucks, bus, and light commercial vehicles. Among these, passenger vehicles segment is gaining traction. These vehicles have at least four wheels and are used for transportation of passengers. They are ideal for hydrogen fueling and utilize FCEVs as they mostly operate on specified routes and are fueled from a centralized power station.
 

Based on distance range, global automotive FCEV market is fragmented into short range distance, and long-range distance. Fuel cell electric vehicles like scooters and bikes are used in short distance range covering more than 100 km and less than 300 km.
 

Speaking of geographical ambit, regions like Middle East & Africa, Americas, and Asia Pacific are considered to understand the industry dynamics. Among these, Asia Pacific market is poised to record notable gains during 2021-2026, attributable to escalating demand for electric vehicles due to low production cost across countries like India and China, driven by rapid industrialization.
 

Major players like Rheinmetall AG, ElringKlinger AG, The Volvo Group, General Motors Company, Honda Motor Company Ltd., Volkswagen AG, Groupe Renault, Peugeot S.A. (Groupe PSA), Daimler AG, and Bayerische Motoren Werke AG (BMW) are profiled in global automotive FCEV market report.