Willing to Travel Eco-friendly? You are a Conscious Choice Away.
Most automotive sector innovations revolve around three parameters- Efficiency, Affordability, and Performance. The emergence of fuel cell vehicles is seen as a response to address the concerns of traditional IC engines. Today most global discussions around automotive mobility centered around sustainability where energy companies are likely to gain tragic growth in coming years. As a result, the global fuel cell vehicles market is expected to grow with a lucrative CAGR in the upcoming time.
Hydrogen-based fuel cell vehicles are creating the best alternative to traditional diesel or gasoline-powered vehicles. FCVs using hydrogen fuel don’t emit GHG which makes it a sustainable alternative. Moreover, it’s possible to produce hydrogen domestically which reduces the oil dependence for a country hence it's seen as a means to make economies independent. The increasing interest of governments globally has spurred research and investment in fuel cell vehicles.
The market is driven by emission-free transport motives attracting consumers willing to make sustainable choices. Based on vehicle type these FCVs are segmented into- cars, buses, and trucks. The passenger car segment has a dominant share of FCVs being sold at present. With more brands entering into fuel cell vehicle production, consumers are expected to get benefits in terms of variety and cost.