Fuel Cell Electric Vehicle Market – Global Industry Analysis and Forecast (2022-2027)

Fuel Cell Electric Vehicle Market size was valued at 1.40 Bn. in 2021 and the total revenue is expected to grow at 38.11 % through 2022 to 2027, Fuel Cell Electric Vehicle Market is reaching nearly 9.72 Bn. by 2027.

Fuel Cell Electric Vehicle Market Overview:

Hydrogen is used to control fuel cell electric vehicles (FCEV). They use less fuel than traditional internal combustion engines and only produce water vapour and warm air as waste. FCEVs, as well as the hydrogen infrastructure required to fuel them, are still in their development. FCEVs have a similar driving mechanism to electric vehicles, in which hydrogen energy is stored and converted into electrical energy using a fuel cell. These vehicles, unlike typical internal combustion engines, do not emit harmful exhaust emissions. Other advantages include increasing America's energy resiliency and economic growth through diversity. Fuel Cell Electric Vehicle Market To know about the Research Methodology :- Request Free Sample Report The reports have covered the market trends from 2017 to forecast the market through 2027. 2021 is considered a base year however 2021’s numbers are on the real output of the companies in the market. Special attention is given to 2020, the effect of lockdown on the demand and supply, and the impact of lockdown for the next two years on the market. Some companies have also done well in lockdown, and a specific strategic analysis of those companies is done in the report.

Fuel Cell Electric Vehicle Market Dynamics:

Increased driving range and improved fuel economy – compared to ICE vehicles, FCEVs have a superior fuel economy. On highways, and FCEV has a fuel economy of roughly 63 miles per gallon gasoline equivalent (MPGge), while an ICE car has a fuel efficiency of 29 MPGge. Hybridization can boost an FCEV's fuel economy by up to 3.2 %. The fuel economy of an FCEV on city roads is roughly 55 MPGge, compared to 20 MPGge for ICE vehicles. On either a full tank or a full charge, the driving range of FCEVs and BEVs differs significantly. FCEVs have a range of about 300 miles before requiring recharging. With a fully charged battery, a BEV's typical range is roughly 110 miles. In the United States, the Honda Clarity boasts the greatest EPA driving rating of any zero-emission vehicle. On a single charge, it can travel up to 366 kilometers. As a result, higher fuel efficiency and driving range will enhance demand for FCEVs. Initial investments in hydrogen fuelling infrastructure are significant – In comparison to petroleum, diesel, and other fuels, the expenses of setting up hydrogen fuel stations and accompanying infrastructure are relatively high. As a result, the going global of hydrogen fueling infrastructure has lagged behind other alternative fuels. This is due to the high expense of the equipment required for this fuel, as well as the necessary safeguards and safety measures required due to the flammability of hydrogen. A hydrogen fuel station can cost between USD 1-2 million in total, compared to USD 200,000 for a petrol station, USD 150,000 for a CNG station, and USD 200,000 for diesel and electric fuel stations. In the automotive and transportation industries, there is a growing need for fuel cell vehicles – FCEVs have a long driving range, fast refueling, quiet operation, and no greenhouse gas or air pollution emissions. As a result, fuel cells are well suited to transportation and automotive applications. Fuel cells are a versatile and scalable source of electricity that may be utilized in a wide range of transportation applications, including material handling vehicles, buses, trains, autos, defense vehicles, and light commercial vehicles (LCVs). In commercial applications, fuel cells are also used as stationary fuel sources. Fuel cells can be used as a major power source, a backup power source, and to create heat and power in CHP systems. Governments are taking steps to promote and encourage the use of fuel cells in transportation, which could increase demand for fuel cells in the automotive and transportation sectors. Vehicle prices are extremely high – The high cost of fuel cells is a major hurdle for the automotive fuel cell market. A membrane, bipolar plates, stacks, gas diffusion layers, and a catalyst are used to construct a fuel cell. In a fuel cell, hydrogen atoms are oxidized into protons and electrons. The chemical reaction is aided by the application of a catalyst. Platinum is commonly employed as a catalyst in PEM fuel cells, which are mostly used in automobiles. Platinum is one of the most expensive metals available. The catalyst accounts for around 46% of the entire fuel cell cost, making fuel cells more expensive than BEV batteries. Thanks to improved R&D in battery technology, the cost of batteries is steadily decreasing. The cost of the gasoline itself is significant, making FCEVs more expensive.

Fuel Cell Electric Vehicle Market Segment Analysis:

The Fuel Cell Electric Vehicle Market is segmented into Vehicle and Distance. Based on Vehicle, the market is sub-segmented into Passenger cars, Fuel processors, Power conditioners, Air compressors, and humidifiers. In 2021, the passenger vehicle segment accounted for the largest share of the fuel cell electric vehicle market. This is due to increase per capita income in developing markets, high demand for clean personal transportation, and strict government regulations aimed at reducing vehicular pollution. Many countries are considering converting their taxi and cab fleets to FCEVs. South Korea, for example, plans to install around 120,000 fuel cell vehicles by the year 2040. By 2027, Asia and Oceania are expected to be the major markets for fuel cell passenger cars. Japan is expected to be the world's largest passenger automobile market, with a high fuel cell car adoption rate. Toyota and Hyundai, in particular, have a strong presence in the region. These firms are the world's major FCEV manufacturers. Also, Japan, China, and Korea have established short- and long-term goals for the number of fuel cell vehicles on the road. Governments and OEMs are expected to increase their investments and research to promote fuel cell automobiles in these nations, boosting the Asia Oceania market. Because of the growing development of fuel cell infrastructure in California, North America is expected to have the second greatest market share of fuel cell cars in 2021. Because of the increased demand for FCEV passenger cars in Europe, it will be the fastest expanding market. Based on Distance, the market is sub-segmented into Long distance and short distance. Based on range, the short category is expected to develop at a faster rate in the market throughout the forecasted period. The increased demand for low-emission automobiles for short-distance trips or commuting can be ascribed to this. Additionally, such vehicles are rapidly being employed in a variety of applications, including freight delivery within ports and airports, as well as by e-commerce enterprises to minimize their carbon footprint, indicating a healthy market outlook.

Fuel Cell Electric Vehicle Market Regional Analysis:

In 2021, the Asia Pacific fuel cell electric vehicle market surpassed USD 770 million, with Japan and China expected to witness strong growth as fuel cell stack shipments for the transportation industry increase. Hydrogenics and Ballard are among the industry participants working with Chinese manufacturers to create breakthrough fuel cell modules and technology. Initiatives like the deployment of zero-emission vehicles at events like the Tokyo Summer Games 2021 will also have a positive impact on regional market data. Government regulations, such as the exemption of purchase taxes by government agencies in South Korea, India, and Japan, have aided APAC's growth. The objective of the report is to present a comprehensive analysis of the global Fuel Cell Electric Vehicle Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps understand the global Fuel Cell Electric Vehicle Market dynamics and structure by analyzing the market segments and projects the global Fuel Cell Electric Vehicle Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Fuel Cell Electric Vehicle Market make the report investor’s guide.

Fuel Cell Electric Vehicle Market Scope: Inquire before buying

Global Fuel Cell Electric Vehicle Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2021-2027
Historical Data: 2017 to 2022 Market Size in 2021: US $ 1.40 Bn.
Forecast Period 2021 to 2027 CAGR: 38.11 % Market Size in 2027: US $ 9.72 Bn.
Segments Covered: by Vehicle • Passenger Car • LCV • Bus • Truck
by Distance • Short • Long

Fuel Cell Electric Vehicle Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Fuel Cell Electric Vehicle Market Key Players

Honda • Toyota • Mercedes-Benz • Hyundai • Riversimple Rasa • Audi • General Motors • Daimler • Volkswagen • SAIC Motor Corporation Limited • Ballard Power Systems, LLC • Meritor, Inc. • US Hybrid • Nuvera Fuel Cells • Hydrogenics • Sunrise Power Co. Ltd. • Dana Limited, Plug Power, Inc. • Shanghai Shenli Technology Co. Ltd. • Ceres Power Holdings Plc. Frequently Asked Questions: 1. Which region has the largest share in Global Fuel Cell Electric Vehicle Market? Ans: Asia Pacific region holds the highest share in 2021. 2. What is the growth rate of Global Fuel Cell Electric Vehicle Market? Ans: The Global Fuel Cell Electric Vehicle Market is growing at a CAGR of 38.11 % during forecasting period 2022-2027. 3. What is scope of the Global Fuel Cell Electric Vehicle market report? Ans: Global Fuel Cell Electric Vehicle Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Fuel Cell Electric Vehicle market? Ans: The important key players in the Global Fuel Cell Electric Vehicle Market are – Honda, Toyota, Mercedes-Benz, Hyundai, Riversimple Rasa, Audi, General Motors, Daimler, Volkswagen, SAIC Motor Corporation Limited, Ballard Power Systems, LLC, Meritor, Inc., US Hybrid, Nuvera Fuel Cells, Hydrogenics, Sunrise Power Co. Ltd., Dana Limited, Plug Power, Inc., Shanghai Shenli Technology Co. Ltd., Ceres Power Holdings Plc. 5. What is the study period of this market? Ans: The Global Fuel Cell Electric Vehicle Market is studied from 2021 to 2027.
1. Global Fuel Cell Electric Vehicle Market: Research Methodology 2. Global Fuel Cell Electric Vehicle Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Fuel Cell Electric Vehicle Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Fuel Cell Electric Vehicle Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-17.6 Impact 4. Global Fuel Cell Electric Vehicle Market Segmentation 4.1. Global Fuel Cell Electric Vehicle Market, by Vehicle (2021-2027) • Passenger Car • LCV • Bus • Truck 4.2. Global Fuel Cell Electric Vehicle Market, by Distance (2021-2027) • Short • Long 5. North America Fuel Cell Electric Vehicle Market (2021-2027) 5.1. North America Fuel Cell Electric Vehicle Market, by Vehicle (2021-2027) • Passenger Car • LCV • Bus • Truck 5.2. North America Fuel Cell Electric Vehicle Market, by Distance (2021-2027) • Short • Long 5.3. North America Fuel Cell Electric Vehicle Market , by Country (2021-2027) • US • Canada • Mexico 6. European Fuel Cell Electric Vehicle Market (2021-2027) 6.1. European Fuel Cell Electric Vehicle Market , by Vehicle (2021-2027) 6.2. European Fuel Cell Electric Vehicle Market , by Distance (2021-2027) 6.3. European Fuel Cell Electric Vehicle Market , by Country (2021-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Fuel Cell Electric Vehicle Market (2021-2027) 7.1. Asia Pacific Fuel Cell Electric Vehicle Market , by Vehicle (2021-2027) 7.2. Asia Pacific Fuel Cell Electric Vehicle Market , by Distance (2021-2027) 7.3. Asia Pacific Fuel Cell Electric Vehicle Market , by Country (2021-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Fuel Cell Electric Vehicle Market (2021-2027) 8.1. Middle East and Africa Fuel Cell Electric Vehicle Market , by Vehicle (2021-2027) 8.2. Middle East and Africa Fuel Cell Electric Vehicle Market , by Distance (2021-2027) 8.3. Middle East and Africa Fuel Cell Electric Vehicle Market , by Country (2021-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Fuel Cell Electric Vehicle Market (2021-2027) 9.1. Latin America Fuel Cell Electric Vehicle Market, by Vehicle (2021-2027) 9.2. Latin America Fuel Cell Electric Vehicle Market by Distance (2021-2027) 9.3. Latin America Fuel Cell Electric Vehicle Market, by Country (2021-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Honda 10.1.1. Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Toyota 10.3. Mercedes-Benz 10.4. Hyundai 10.5. Riversimple Rasa 10.6. Audi 10.7. General Motors 10.8. Daimler 10.9. Volkswagen 10.10. SAIC Motor Corporation Limited 10.11. Ballard Power Systems, LLC 10.12. Meritor, Inc. 10.13. US Hybrid 10.14. Nuvera Fuel Cells 10.15. Hydrogenics 10.16. Sunrise Power Co. Ltd. 10.17. Dana Limited, Plug Power, Inc. 10.18. Shanghai Shenli Technology Co. Ltd. 10.19. Ceres Power Holdings Plc.

About This Report

Report ID 11882
Category Automotive and Transportation
Published Date oct 2019
Updated Date April 2022
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