APO RESEARCH · REPORT
Fuel Cell Electric Vehicles
Fuel Cell Electric Vehicles or Fuel Cell Vehicles is a type of vehicle which uses a fuel cell to power its on-board electric motor. Fuel cells in vehicles create electricity to power an electric motor, generally using oxygen from the air and compressed hydrogen. They are more efficient than conventional internal combustion engine vehicles and produce no harmful tailpipe exhaust—they emit water vapor and warm air.
Product & engineering
Understand the product.
Fuel Cell Electric Vehicles or Fuel Cell Vehicles is a type of vehicle which uses a fuel cell to power its on-board electric motor. Fuel cells in vehicles create electricity to power an electric motor, generally using oxygen from the air and compressed hydrogen. They are more efficient than conventional internal combustion engine vehicles and produce no harmful tailpipe exhaust—they emit water vapor and warm air.
Selected research
Industry Research
Fuel Cell Electric Vehicles Industry Research Report 2026
Market perspective
Fuel Cell Electric Vehicles or Fuel Cell Vehicles is a type of vehicle which uses a fuel cell to power its on-board electric motor. Fuel cells in vehicles create electricity to power an electric motor, generally using oxygen from the air and compressed hydrogen. They are more efficient than conventional internal combustion engine vehicles and produce no harmful tailpipe exhaust—they emit water vapor and warm air.
Global Fuel Cell Electric Vehicles key players include Honda, Hyundai, Toyota Mirai, etc. Global top three manufacturers hold a share over 35%.
USA is the largest market, with a share over 30%, followed by Europe, and Japan, both have a share over 50 percent.
Read the full market overview
In terms of application, the largest application is For Sales, with a share over 65%, followed by For Public lease.
Report Scope
This report quantifies the global Fuel Cell Electric Vehicles market in revenue (US$ million) and, where applicable, sales volume (Units), using 2025 as the base year and providing annual historical and forecast data for 2021–2032.
It standardizes definitions of types and applications, harmonizes vendor attribution, and presents comparable time series by company, type, application, and region/country, including indicative price bands (US$/Units) and concentration ratios (CR5/CR10).
The outputs are intended to support strategy development, budgeting, and performance benchmarking for manufacturers, new entrants, channel partners, and investors; the report also reviews technology shifts and notable product introductions relevant to Fuel Cell Electric Vehicles.
Key Companies & Market Share Insights
This section profiles leading manufacturers, combining 2021–2025 results with a 2026–2032 outlook. It reports revenue, market share, price bands, product and application mix, regional and channel mix, and key developments (M&A, capacity additions, certifications). It also provides global revenue, average price, and—where applicable—sales volume by manufacturer, and calculates CR5/CR10 and rank changes to support comparative benchmarking.
Fuel Cell Electric Vehicles Market by Company
Honda
Hyundai
Toyota Mirai
Daimler AG.
Ford Motor Company
Nissan Motor Company Ltd
General Motors Co.
BMW AG
PSA Peugeot Citroën
Volkswagen Group
Mitsubishi Group
Suzuki Motor Corporation
SAIC Motor Corporation Limited
Van Hool NV
Solaris Bus & Coach S.A.
VDL Bus & Coach bv
Proterra Inc.
Zhengzhou Yutong Group Co., Ltd.
Fuel Cell Electric Vehicles Segment by Type
Passenger Vehicles
Commercial Vehicles
Fuel Cell Electric Vehicles Segment by Application
For Public Lease
For Sales
Fuel Cell Electric Vehicles Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Fuel Cell Electric Vehicles market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Fuel Cell Electric Vehicles and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market
5. This report helps stakeholders to gain insights into which regions to target globally
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Fuel Cell Electric Vehicles.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Research objectives, research methods, data sources, data cross-validation;
Chapter 2: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 3: Detailed analysis of Fuel Cell Electric Vehicles manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 5: Production/output, value of Fuel Cell Electric Vehicles by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 6: Consumption of Fuel Cell Electric Vehicles in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 7: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 11: The main points and conclusions of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Passenger Vehicles
- Commercial Vehicles
Applications
- For Public Lease
- For Sales
Companies covered
- Honda
- Hyundai
- Toyota Mirai
- Daimler AG.
- Ford Motor Company
- Nissan Motor Company Ltd
- General Motors Co.
- BMW AG
- PSA Peugeot Citroën
- Volkswagen Group
- Mitsubishi Group
- Suzuki Motor Corporation
- SAIC Motor Corporation Limited
- Van Hool NV
- Solaris Bus & Coach S.A.
- VDL Bus & Coach bv
- Proterra Inc.
- Zhengzhou Yutong Group Co., Ltd.
Inside the report.
1 Preface
- 1.1 Scope of Report
- 1.2 Reasons for Doing This Study
- 1.3 Research Methodology
- 1.4 Research Process
- 1.5 Data Source
- 1.5.1 Secondary Sources
- 1.5.2 Primary Sources
2 Market Overview
- 2.1 Product Definition
- 2.2 Fuel Cell Electric Vehicles by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 Passenger Vehicles
- 2.2.3 Commercial Vehicles
- 2.3 Fuel Cell Electric Vehicles by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 For Public Lease
- 2.3.3 For Sales
- 2.4 Global Market Growth Prospects
- 2.4.1 Global Fuel Cell Electric Vehicles Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global Fuel Cell Electric Vehicles Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global Fuel Cell Electric Vehicles Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global Fuel Cell Electric Vehicles Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Fuel Cell Electric Vehicles Production by Manufacturers (2021-2026)
- 3.2 Global Fuel Cell Electric Vehicles Production Value by Manufacturers (2021-2026)
- 3.3 Global Fuel Cell Electric Vehicles Average Price by Manufacturers (2021-2026)
- 3.4 Global Fuel Cell Electric Vehicles Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Fuel Cell Electric Vehicles Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global Fuel Cell Electric Vehicles Manufacturers, Product Type & Application
- 3.7 Global Fuel Cell Electric Vehicles Manufacturers Established Date
- 3.8 Global Fuel Cell Electric Vehicles Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 Honda
- 4.1.1 Honda Fuel Cell Electric Vehicles Company Information
- 4.1.2 Honda Fuel Cell Electric Vehicles Business Overview
- 4.1.3 Honda Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.1.4 Honda Product Portfolio
- 4.1.5 Honda Recent Developments
- 4.2 Hyundai
- 4.2.1 Hyundai Fuel Cell Electric Vehicles Company Information
- 4.2.2 Hyundai Fuel Cell Electric Vehicles Business Overview
- 4.2.3 Hyundai Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.2.4 Hyundai Product Portfolio
- 4.2.5 Hyundai Recent Developments
- 4.3 Toyota Mirai
- 4.3.1 Toyota Mirai Fuel Cell Electric Vehicles Company Information
- 4.3.2 Toyota Mirai Fuel Cell Electric Vehicles Business Overview
- 4.3.3 Toyota Mirai Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.3.4 Toyota Mirai Product Portfolio
- 4.3.5 Toyota Mirai Recent Developments
- 4.4 Daimler AG.
- 4.4.1 Daimler AG. Fuel Cell Electric Vehicles Company Information
- 4.4.2 Daimler AG. Fuel Cell Electric Vehicles Business Overview
- 4.4.3 Daimler AG. Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.4.4 Daimler AG. Product Portfolio
- 4.4.5 Daimler AG. Recent Developments
- 4.5 Ford Motor Company
- 4.5.1 Ford Motor Company Fuel Cell Electric Vehicles Company Information
- 4.5.2 Ford Motor Company Fuel Cell Electric Vehicles Business Overview
- 4.5.3 Ford Motor Company Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.5.4 Ford Motor Company Product Portfolio
- 4.5.5 Ford Motor Company Recent Developments
- 4.6 Nissan Motor Company Ltd
- 4.6.1 Nissan Motor Company Ltd Fuel Cell Electric Vehicles Company Information
- 4.6.2 Nissan Motor Company Ltd Fuel Cell Electric Vehicles Business Overview
- 4.6.3 Nissan Motor Company Ltd Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.6.4 Nissan Motor Company Ltd Product Portfolio
- 4.6.5 Nissan Motor Company Ltd Recent Developments
- 4.7 General Motors Co.
- 4.7.1 General Motors Co. Fuel Cell Electric Vehicles Company Information
- 4.7.2 General Motors Co. Fuel Cell Electric Vehicles Business Overview
- 4.7.3 General Motors Co. Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.7.4 General Motors Co. Product Portfolio
- 4.7.5 General Motors Co. Recent Developments
- 4.8 BMW AG
- 4.8.1 BMW AG Fuel Cell Electric Vehicles Company Information
- 4.8.2 BMW AG Fuel Cell Electric Vehicles Business Overview
- 4.8.3 BMW AG Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.8.4 BMW AG Product Portfolio
- 4.8.5 BMW AG Recent Developments
- 4.9 PSA Peugeot Citroën
- 4.9.1 PSA Peugeot Citroën Fuel Cell Electric Vehicles Company Information
- 4.9.2 PSA Peugeot Citroën Fuel Cell Electric Vehicles Business Overview
- 4.9.3 PSA Peugeot Citroën Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.9.4 PSA Peugeot Citroën Product Portfolio
- 4.9.5 PSA Peugeot Citroën Recent Developments
- 4.10 Volkswagen Group
- 4.10.1 Volkswagen Group Fuel Cell Electric Vehicles Company Information
- 4.10.2 Volkswagen Group Fuel Cell Electric Vehicles Business Overview
- 4.10.3 Volkswagen Group Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.10.4 Volkswagen Group Product Portfolio
- 4.10.5 Volkswagen Group Recent Developments
- 4.11 Mitsubishi Group
- 4.11.1 Mitsubishi Group Fuel Cell Electric Vehicles Company Information
- 4.11.2 Mitsubishi Group Fuel Cell Electric Vehicles Business Overview
- 4.11.3 Mitsubishi Group Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.11.4 Mitsubishi Group Product Portfolio
- 4.11.5 Mitsubishi Group Recent Developments
- 4.12 Suzuki Motor Corporation
- 4.12.1 Suzuki Motor Corporation Fuel Cell Electric Vehicles Company Information
- 4.12.2 Suzuki Motor Corporation Fuel Cell Electric Vehicles Business Overview
- 4.12.3 Suzuki Motor Corporation Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.12.4 Suzuki Motor Corporation Product Portfolio
- 4.12.5 Suzuki Motor Corporation Recent Developments
- 4.13 SAIC Motor Corporation Limited
- 4.13.1 SAIC Motor Corporation Limited Fuel Cell Electric Vehicles Company Information
- 4.13.2 SAIC Motor Corporation Limited Fuel Cell Electric Vehicles Business Overview
- 4.13.3 SAIC Motor Corporation Limited Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.13.4 SAIC Motor Corporation Limited Product Portfolio
- 4.13.5 SAIC Motor Corporation Limited Recent Developments
- 4.14 Van Hool NV
- 4.14.1 Van Hool NV Fuel Cell Electric Vehicles Company Information
- 4.14.2 Van Hool NV Fuel Cell Electric Vehicles Business Overview
- 4.14.3 Van Hool NV Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.14.4 Van Hool NV Product Portfolio
- 4.14.5 Van Hool NV Recent Developments
- 4.15 Solaris Bus & Coach S.A.
- 4.15.1 Solaris Bus & Coach S.A. Fuel Cell Electric Vehicles Company Information
- 4.15.2 Solaris Bus & Coach S.A. Fuel Cell Electric Vehicles Business Overview
- 4.15.3 Solaris Bus & Coach S.A. Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.15.4 Solaris Bus & Coach S.A. Product Portfolio
- 4.15.5 Solaris Bus & Coach S.A. Recent Developments
- 4.16 VDL Bus & Coach bv
- 4.16.1 VDL Bus & Coach bv Fuel Cell Electric Vehicles Company Information
- 4.16.2 VDL Bus & Coach bv Fuel Cell Electric Vehicles Business Overview
- 4.16.3 VDL Bus & Coach bv Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.16.4 VDL Bus & Coach bv Product Portfolio
- 4.16.5 VDL Bus & Coach bv Recent Developments
- 4.17 Proterra Inc.
- 4.17.1 Proterra Inc. Fuel Cell Electric Vehicles Company Information
- 4.17.2 Proterra Inc. Fuel Cell Electric Vehicles Business Overview
- 4.17.3 Proterra Inc. Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.17.4 Proterra Inc. Product Portfolio
- 4.17.5 Proterra Inc. Recent Developments
- 4.18 Zhengzhou Yutong Group Co., Ltd.
- 4.18.1 Zhengzhou Yutong Group Co., Ltd. Fuel Cell Electric Vehicles Company Information
- 4.18.2 Zhengzhou Yutong Group Co., Ltd. Fuel Cell Electric Vehicles Business Overview
- 4.18.3 Zhengzhou Yutong Group Co., Ltd. Fuel Cell Electric Vehicles Production, Value and Gross Margin (2021-2026)
- 4.18.4 Zhengzhou Yutong Group Co., Ltd. Product Portfolio
- 4.18.5 Zhengzhou Yutong Group Co., Ltd. Recent Developments
5 Global Fuel Cell Electric Vehicles Production by Region
- 5.1 Global Fuel Cell Electric Vehicles Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global Fuel Cell Electric Vehicles Production by Region: 2021-2032
- 5.2.1 Global Fuel Cell Electric Vehicles Production by Region: 2021-2026
- 5.2.2 Global Fuel Cell Electric Vehicles Production Forecast by Region (2027-2032)
- 5.3 Global Fuel Cell Electric Vehicles Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global Fuel Cell Electric Vehicles Production Value by Region: 2021-2032
- 5.4.1 Global Fuel Cell Electric Vehicles Production Value by Region: 2021-2026
- 5.4.2 Global Fuel Cell Electric Vehicles Production Value Forecast by Region (2027-2032)
- 5.5 Global Fuel Cell Electric Vehicles Market Price Analysis by Region (2021-2026)
- 5.6 Global Fuel Cell Electric Vehicles Production and Value, YOY Growth
- 5.6.1 North America Fuel Cell Electric Vehicles Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe Fuel Cell Electric Vehicles Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China Fuel Cell Electric Vehicles Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan Fuel Cell Electric Vehicles Production Value Estimates and Forecasts (2021-2032)
- 5.6.5 South Korea Fuel Cell Electric Vehicles Production Value Estimates and Forecasts (2021-2032)
- 5.6.6 India Fuel Cell Electric Vehicles Production Value Estimates and Forecasts (2021-2032)
6 Global Fuel Cell Electric Vehicles Consumption by Region
- 6.1 Global Fuel Cell Electric Vehicles Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global Fuel Cell Electric Vehicles Consumption by Region (2021-2032)
- 6.2.1 Global Fuel Cell Electric Vehicles Consumption by Region: 2021-2026
- 6.2.2 Global Fuel Cell Electric Vehicles Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America Fuel Cell Electric Vehicles Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America Fuel Cell Electric Vehicles Consumption by Country (2021-2032)
- 6.3.3 United States
- 6.3.4 Canada
- 6.3.5 Mexico
- 6.4 Europe
- 6.4.1 Europe Fuel Cell Electric Vehicles Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe Fuel Cell Electric Vehicles Consumption by Country (2021-2032)
- 6.4.3 Germany
- 6.4.4 France
- 6.4.5 U.K.
- 6.4.6 Italy
- 6.4.7 Russia
- 6.4.8 Spain
- 6.4.9 Netherlands
- 6.4.10 Switzerland
- 6.4.11 Sweden
- 6.4.12 Poland
- 6.5 Asia Pacific
- 6.5.1 Asia Pacific Fuel Cell Electric Vehicles Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific Fuel Cell Electric Vehicles Consumption by Country (2021-2032)
- 6.5.3 China
- 6.5.4 Japan
- 6.5.5 South Korea
- 6.5.6 India
- 6.5.7 Australia
- 6.5.8 Taiwan
- 6.5.9 Southeast Asia
- 6.6 South America, Middle East & Africa
- 6.6.1 South America, Middle East & Africa Fuel Cell Electric Vehicles Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa Fuel Cell Electric Vehicles Consumption by Country (2021-2032)
- 6.6.3 Brazil
- 6.6.4 Argentina
- 6.6.5 Chile
- 6.6.6 Turkey
- 6.6.7 GCC Countries
7 Segment by Type
- 7.1 Global Fuel Cell Electric Vehicles Production by Type (2021-2032)
- 7.1.1 Global Fuel Cell Electric Vehicles Production by Type (2021-2032) & (Units)
- 7.1.2 Global Fuel Cell Electric Vehicles Production Market Share by Type (2021-2032)
- 7.2 Global Fuel Cell Electric Vehicles Production Value by Type (2021-2032)
- 7.2.1 Global Fuel Cell Electric Vehicles Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global Fuel Cell Electric Vehicles Production Value Market Share by Type (2021-2032)
- 7.3 Global Fuel Cell Electric Vehicles Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global Fuel Cell Electric Vehicles Production by Application (2021-2032)
- 8.1.1 Global Fuel Cell Electric Vehicles Production by Application (2021-2032) & (Units)
- 8.1.2 Global Fuel Cell Electric Vehicles Production Market Share by Application (2021-2032)
- 8.2 Global Fuel Cell Electric Vehicles Production Value by Application (2021-2032)
- 8.2.1 Global Fuel Cell Electric Vehicles Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global Fuel Cell Electric Vehicles Production Value Market Share by Application (2021-2032)
- 8.3 Global Fuel Cell Electric Vehicles Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 Fuel Cell Electric Vehicles Value Chain Analysis
- 9.1.1 Fuel Cell Electric Vehicles Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Fuel Cell Electric Vehicles Production Mode & Process
- 9.2 Fuel Cell Electric Vehicles Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Fuel Cell Electric Vehicles Distributors
- 9.2.3 Fuel Cell Electric Vehicles Customers
10 Global Fuel Cell Electric Vehicles Analyzing Market Dynamics
- 10.1 Fuel Cell Electric Vehicles Industry Trends
- 10.2 Fuel Cell Electric Vehicles Industry Drivers
- 10.3 Fuel Cell Electric Vehicles Industry Opportunities and Challenges
- 10.4 Fuel Cell Electric Vehicles Industry Restraints
11 Report Conclusion
12 Disclaimer
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