The
global fuel cell commercial vehicle market
is expected to grow at a CAGR of 59.84% during the forecast period. Based on
the application, the global fuel cell commercial vehicle market has been
segmented into M&HCV and LCV.
M&HCV segment includes trucks and
buses that have adopted fuel cell technology. Demand for M&HCV is
particularly strong in emerging markets in APAC compared to developed countries
in the North American and European regions amid increasing infrastructure and
mining activities. The growing focus of regulators to reduce emission levels of
M&HCVs will promote the adoption of fuel cell technology in the segment.
Fuel cell technology has already found adoption in buses, while prominent OEMs
are working to introduce fuel cells in trucks across various regions.
The global demand for fuel cell trucks
is increasing amid the urgency in reducing emissions from medium- and
heavy-duty trucks. Growing developments in fuel cell trucks are also
encouraging customers to place orders for such trucks in advance. Apart from
OEMs, Tier-1 suppliers are also adopting a collaborative approach to promote
the use of fuel cell technology. Hence, the growing interest among OEMs and
Tier-1 suppliers in fuel cell technology for M&HCVs is positive for the
growth of the global fuel cell commercial vehicle market during the forecast
period.
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