Increasing Use in Public Transport Drives Demand for Fuel Cell Vehicles, says TMR

The key driver for the global fuel cell vehicles market is the growing awareness about the importance of environmental conservation, according to a new research study from Transparency Market Research (TMR). The report, titled ‘Fuel Cell Vehicles Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,’ presents a detailed breakdown of the market’s historical development and its growth prospects in the coming years. A solid analysis of the historical and present figures regarding the global fuel cell vehicles market is used to present reliable forecasts regarding the market’s future development.

Fuel cells and hydrogen cells are among the latest technologies in the automotive industry aimed at reducing the greenhouse gas emissions from automobiles. Hydrogen cells are one of the most promising technologies invented in this endeavor, and have the potential to bring about comprehensive long-term change in the automotive industry.

One of the key drivers for the global fuel cell vehicles industry is the increasing government support to innovations that have a palpable impact on the total amount of greenhouse gases being released. Governments across the world, and particularly in the developed world, have recognized the importance of providing financial support to companies operating in the fuel cells industry, resulting in an increasing number of new entrants and capacity development initiatives from existing players. Continued government support is likely to be crucial for the fuel cell vehicles market in the coming years.

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The increasing adoption of fuel cell vehicles in public transport systems is another crucial driver for the global fuel cell vehicles market. Due to their high volume, public transport systems cumulatively account for significant quantities of greenhouse gas emissions, making the use of fuel cell vehicles an effective way of reducing the overall volume of emission. The sustained government support to the fuel cell vehicles industry will also help the global fuel cell vehicles market in this way, as public transport systems are usually run by governments and are governed by the regulatory framework set by the government.

The increasing instability in the prices of crude oil and the growing acknowledgement of the risk of petroleum reserves running out have also helped the demand for fuel cell vehicles. The reduced dependence on oil is not only environmentally more feasible, but also helpful in alleviating the trade deficit faced by many emerging companies. Apart from their benefits in relation to the current global dynamics, fuel cells offer inherent benefits such as silent operation and a high fuel-to-energy conversion ratio, which have also been instrumental in driving their demand.

The report profiles key players in the global fuel cell vehicles market to understand the competitive dynamics of the market. Leading companies examined in the study include Daimler AG, Nissan Motor Company Ltd., Ballard Power Systems, Cellkraft AB, AFC Energy, BIC Consumer Products, and Ceramic Fuel Cells Ltd.

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