On the back of strong initiatives to reduce cost & ramp up efficiency by the automakers, the global electric vehicle market is expected to grow at a CAGR of more than 22% during 2013-2020.
Noida, UP -- (SBWIRE) -- 04/21/2014 -- The new report by RNCOS “Global Electric Vehicles Market Outlook 2020”, highlights the prospects of fuel cell electric vehicle in the near future. Fuel cell electric vehicles (FCEVs) are emerging as the new concept electric vehicles due to its numerous advantages over other electric vehicles. Automakers around the world are taking strong initiatives to make steady progress in reducing the cost and increasing the performance and durability of fuel cell propulsion systems.
And as a part of bringing the technology to the mass market, major auto manufacturers such as Daimler, Toyota, Honda, Hyundai, and General Motors are focusing on the introduction of more FCEVs models in the market and are setting plans put them on sale in the coming years. FCEVs provide all of the benefits of electric vehicles combined with the utility of a combustion-engine car. The mix of conventional conveniences and electric advantages that an FCEV offers is driving the market for the vehicles.
The FCEVs market is expected to boost with the additional benefits it possess over the hybrid varieties. Thus the major factors supporting the market growth are that these vehicles are powered by hydrogen fuel cell with a small battery offer comparable range, performance, comfort, utility and durability to today’s conventional vehicles with zero emissions.
Furthermore, there are many players making mergers to jointly develop a common FCEV system while reducing investment costs associated with the engineering of the technology, and deriving efficiencies through economies of scale. This would in turn lead to a better consumer acceptance and adoption. Thus, the FCEV market is anticipated to witness bright future in the Electric vehicle category.
Thus, the report would provide significant technological insight which would include both the presently used technologies and the forthcoming technologies to gain popularity in the market.
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