Automotive Fuel Cell Market to Surge at 53 5% CAGR till 2028; Japanese Government Announces Plans of Deploying 800,000 Fuel Cell Electric Vehicles by 2030: Fortune Business Insights™ einnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from einnews.com Daily Mail and Mail on Sunday newspapers.
Automotive Fuel Cell Market worth 596,255 units by 2028 - Exclusive Report by MarketsandMarkets Automotive Fuel Cell Market by Component (Fuel Processor, Fuel Cell Stack, Power Conditioner, Air Compressor, Humidifier), Power Output, Hydrogen Fuel Stations, Vehicle Type (Passenger car, LCV, Truck, Bus), Operating Miles, Region - Global Forecast 2028 , published by MarketsandMarkets, the market size is projected to grow from 20,168 units in 2021 to reach 596,255 units by 2028, at a CAGR of 62.2%. Factors such as growing demand for long range zero emissions commuting and governments supporting low emission vehicles through subsidies & tax rebates have led to automakers adopting to FCEV s and the growth of Automotive Fuel Cell Market.
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Growing concerns over increased pollution by the automotive industry is the prime reason government bodies are promoting zero emission vehicles over Petrol or Diesel ones. People have recognized the need for promoting zero emission vehicles to reduce the increasing pollution. To attract and encourage people to buy FCEV s, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, lower vehicle acquisition taxes, lower road taxes for zero emission vehicles, etc.
Asia Oceania is expected to be the largest market in the forecast
In this report, the countries considered in the Asia Oceania region are China, Japan, South Korea, India, Thailand, and Indonesia. The region is home to some of the fastest-developing economies of the world, such as China and India. The governments of these emerging economies have recognized the growth potential of the global Automotive Fuel Cell Market and, hence, have adopted va