The Global Fuel Cell Electric Vehicle (FCEV) Market was valued at USD 1,123.5 million in 2020 and is anticipated to reach USD XX.X million by 2030 at a CAGR of 40.7% from 2021 to 2030. In terms of volume, the global fuel cell electric vehicle (FCEV) market was XX thousand units in 2020 and is anticipated to reach XX thousand units by 2030, at a CAGR of XX.X% during the forecast period.
The major factors that are contributing to the growth of the global fuel cell electric vehicle (FCEV) market are increasing concern about vehicle combustion related pollution, stringent government norms and regulations, advancement of automotive transmission, popularity of alternate fuel sourced vehicles, government initiatives towards green technology and development of refueling infrastructures.
Fuel cell electric vehicle (FCEV) is an advanced automotive technology, where the engine of the vehicle is powered by hydrogen gas instead of the battery or combustion of fossil fuel. The demand for fuel cell electric vehicles (FCEV) are increasing day by day, as it is environment friendly with zero emission of pollution causing sulphur, nitrogen, and carbon-based gases. The only emission from a FCEV is water and hot air that may not have any negative effect on the environment.
Like electric vehicles, in FCEV, hydrogen is stored in cylinders within the vehicle, which is then converted into energy in the vehicle engine by the attached fuel cell. The first commercially available fuel cell electric vehicle (FCEV) was Hyundai ix35 FCEV by vehicle manufacturers Hyundai in 2013. Later, Toyota launched Mirai in 2015 and subsequently, Japanese leading automotive manufacturers “Honda” entered the global FCEV market by launching “Clarity”.
The major factors responsible for the growth of the FCEV are increasing environment-related norms and regulations regarding vehicle emissions and government initiatives towards the development of renewable energy related infrastructures across regions. Further, initiatives towards the development of hydrogen fuel stations infrastructures are anticipated to provide a positive outlook for global FCEV market. On the other hand, lack of awareness, high pricing of vehicles, and developing phase of the ancillary infrastructures are some of the major challenges faced by the FECV vehicles market.
Quince Market Insights foresees global fuel cell electric vehicle (FCEV) market to be a very promising transportation sector in the world and is predicted to have many market related activities, growth initiatives, and various government participation to promote the industry across regions. It is also anticipated that a huge amount of dollar will be spent in the coming days on R&D activities to provide the best and influential technologies and vehicles for FCEV market. Apart from these, active government participation, incentives and monetary benefits to vehicle manufacturers along with customers will help the global FCEV market reach a point of concertation in the global transportation industry.
FIGURE 1: GLOBAL FUEL CELL ELECTRIC VEHICLE (FCEV) MARKET
The global fuel cell electric vehicle (FCEV) market has been segmented by distance, by vehicle type, by fuel cell type, and by region.
FIGURE 2: GLOBAL FUEL CELL ELECTRIC VEHICLE (FCEV) MARKET SEGMENTATION
Global Fuel Cell Electric Vehicle (FCEV) Market, By Distance
By distance, the global fuel cell electric vehicle (FCEV) market has been segmented into long and short. The global market for fuel cell electric vehicle (FCEV) is dominated by short distance segment of FCEV that captured a market share of more than two third of the global market in 2020. The demand for city ride two three wheelers, along with the short-range commercial FCEV, is anticipated to promote the growth of this market segment.
The maximum distance that can be covered by a FCEV is 320 Kms to 410 Kms in a single refuelling, which is cheaper to that of the conventional fuel operated vehicles. The manufacturers are also focusing on developing and manufacturing long range FCEV along with the short-range FCEV, which will further promote the growth of the global market for fuel cell electric vehicle (FCEV).
Global Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type
By composite matrix, global fuel cell electric vehicle (FCEV) market is segmented into passenger vehicles, commercial vehicles, and others. The passenger vehicles are further segmented into sedans, microcars, SUVs, and others, while the commercial vehicles are segmented into LCV and HCV. The commercial vehicles segment captured the largest market share in 2020 and is projected to capture a healthy market share till 2030.
The increasing use of city ride short distance ride haling commercial FCEV vehicles contribute towards the growth of this market segment. Apart from this, increasing environment-related pollution restrictions and growing awareness about environment-friendly automotive emission technologies will provide a major impetus to the growth of the commercial vehicle type FCEV market.
Global Fuel Cell Electric Vehicle (FCEV) Market, By Fuel Cell Type
By form, global fuel cell electric vehicle (FCEV) market is segmented into proton-exchange membrane fuel cells (PEMFCS), phosphoric acid fuel cell (PAFC), solid acid fuel cell (SAFC), alkaline fuel cell (AFC), electric storage fuel cell, and others. Among these, the proton-exchange membrane fuel cells (PEMFCS) type segment of the market captured the largest market share of XX.X% in 2020 and is anticipated to remain the largest segment till the forecast period. This market was valued at USD XX.X million in 2020 and is anticipated to reach USD XX.X million by 2028, at a CAGR of XX.X%.
The proton-exchange membrane fuel cells (PEMFCS) offer benefits such as it can operate at room temperature, quick start along with high power density, and lightweight as compared to other fuel cell type. This is anticipated to promote the growth of the market segment in the coming years.
FIGURE 3: GLOBAL FUEL CELL ELECTRIC VEHICLE (FCEV) MARKET SNAPSHOT, 2021-2030
Global Fuel Cell Electric Vehicle (FCEV) Market, By Region
By region, the global market for fuel cell electric vehicle (FCEV) is segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Europe and North American regions captured the largest share of 73.8% in the global fuel cell electric vehicle (FCEV) market in 2020 and are anticipated to remain the largest regional markets till the forecast period. The European fuel cell electric vehicle (FCEV) market was valued at USD XX.X million in 2020 and is anticipated to reach USD XX.X billion by 2030 with a CAGR of XX.X%.
Besides Europe, North America and Asia Pacific have captured a prominent market share in the global market for fuel cell electric vehicle (FCEV). The Asia Pacific market for fuel cell electric vehicle (FCEV) is anticipated to grow at the highest CAGR of XX.X% during the forecast period till 2030. Increasing environmental awareness due from vehicle emissions, governments initiative to develop and promote renewable energy resources and infrastructures will further contribute to the Asia Pacific region’s FCEV market.
Some Recent Developments in the Global Fuel Cell Electric Vehicle (FCEV) Market:
- April 2021 - NTPC Ltd. will issue a global tender to procure 20 hydrogen fuel cell operated vehicles for pilot projects to be run in New Delhi and Leh. The government of India has asked the country operated vehicle manufacturers to focus more on green fuel technology to cater to the environmental norms and regulations. Hyundai, Toyota, and Tata Motors are the vehicle manufacturers who are focusing on this ambitious project by the Indian Government.
- March 2021 - India’s first hydrogen fuel cell powered passenger vehicle was tested in October 2020 by CSIR (Council of Scientific and Industrial Research) and KPIT Technologies. The joint institutes developed 10 kWe (Kilowatt-electric) automotive grade LT-PEMFC stack based on CSIR’s technology that are used in the passenger vehicle.
- February 2021 - Nikola Corporation has recently announced the hydrogen fuel cell-based vehicle lineup that has driving range of up to 1,448 kms. The new product line includes FCEV based trucks such as Tre Cabover and Nikola Two FCEV Sleeper, which is a long-range freight vehicle that will be mainly operated in the North American region.
- December 2020 – Leading global automaker Toyota launched its redesigned fuel cell electric vehicle Mirai, which is a luxury car segment with a driving range of 850 kms, about 30% more than the previous model. The first model of this car was launched in 2014, and the launch of the new model will help the company to retain a competitive market position in the global hydrogen technology-based vehicles.
What does This Report Provide?
This report provides a detailed understanding of the global fuel cell electric vehicle (FCEV) demand from a qualitative and quantitative perspective with a forecast for the next 10 years. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global fuel cell electric vehicle (FCEV) market. The major market drivers, challenges, restraints, and opportunities for the global market for fuel cell electric vehicle (FCEV) have also been covered in the report.
This report further includes the market shares of the leading companies operating in the fuel cell electric vehicle (FCEV) market, along with their production capacities and the growth strategies adopted by them. An in-depth pricing analysis, patent analysis, and distribution channel analysis have also been covered in the report. Besides these, how COVID-19 pandemic has affected the global market for fuel cell electric vehicle (FCEV) is also covered in this study, both in terms of qualitative and quantitative analysis.
Market Segmentation:
By Distance:
- Long
- Short
By Vehicle Type:
- Passenger Vehicles
- Sedans
- Microcars
- SUVs
- Others
- Commercial Vehicles
- LCV
- HCV
- Buses
By Type:
- Proton-Exchange Membrane Fuel Cells (PEMFCS)
- Phosphoric Acid Fuel Cell (PAFC)
- Solid Acid Fuel Cell (SAFC)
- Alkaline Fuel Cell (AFC)
- Electric Storage Fuel Cell
- Others
By Region:
North America Fuel Cell Electric Vehicle (FCEV) Market
- North America Fuel Cell Electric Vehicle (FCEV) Market, by Country
- US
- Canada
- Mexico
- North America Fuel Cell Electric Vehicle (FCEV) Market, by Distance
- North America Fuel Cell Electric Vehicle (FCEV) Market, by Vehicle Type
- North America Fuel Cell Electric Vehicle (FCEV) Market, by Type
Europe Fuel Cell Electric Vehicle (FCEV) Market
- Europe Fuel Cell Electric Vehicle (FCEV) Market, by Country
-
- Germany
- Russia
- UK
- France
- Italy
- Spain
- The Netherlands
- Rest of Europe
- Europe Fuel Cell Electric Vehicle (FCEV) Market, by Distance
- Europe Fuel Cell Electric Vehicle (FCEV) Market, by Vehicle Type
- Europe Fuel Cell Electric Vehicle (FCEV) Market, by Type
Asia Pacific Fuel Cell Electric Vehicle (FCEV) Market
- Asia Pacific Fuel Cell Electric Vehicle (FCEV) Market, by Country
-
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Rest of Asia Pacific
- Asia Pacific Fuel Cell Electric Vehicle (FCEV) Market, by Distance
- Asia Pacific Fuel Cell Electric Vehicle (FCEV) Market, by Vehicle Type
- Asia Pacific Fuel Cell Electric Vehicle (FCEV) Market, by Type
Middle East & Africa Fuel Cell Electric Vehicle (FCEV) Market
- Middle East & Africa Fuel Cell Electric Vehicle (FCEV) Market, by Country
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa Fuel Cell Electric Vehicle (FCEV) Market, by Distance
- Middle East & Africa Fuel Cell Electric Vehicle (FCEV) Market, by Vehicle Type
- Middle East & Africa Fuel Cell Electric Vehicle (FCEV) Market, by Type
South America Fuel Cell Electric Vehicle (FCEV) Market
- South America Fuel Cell Electric Vehicle (FCEV) Market, by Country
-
- Brazil
- Argentina
- Rest of South America
- South America Cell Electric Vehicle (FCEV) Market, by Distance
- South America Fuel Cell Electric Vehicle (FCEV) Market, by Vehicle Type
- South America Fuel Cell Electric Vehicle (FCEV) Market, by Type
Major Companies: In this report, the following major companies are studied - Hyundai Motor Company, Nikola Corporation, Ballard Power Systems Inc., Nuvera Fuel Cells, LLC, Meritor, Inc., US Hybrid corporation, Hydrogenics, Dana Incorporated, Plug Power, Inc., Ceres Power Holdings Plc, Shanghai Shenli Technology Co. Ltd., Toyota Motor Corporation, Honda Motor Co. Ltd., SAIC Motor Corporation Limited, Volkswagen AG, and Proton Power Systems PLC, among others.
Objectives of This Report:
- To estimate the market size for the fuel cell electric vehicle (FCEV) market on a regional and global basis.
- To identify major segments in the fuel cell electric vehicle (FCEV) market and evaluate their market shares and demand.
- To provide a competitive scenario for the fuel cell electric vehicle (FCEV) market with major developments observed by key companies in the historic years.
- To evaluate key factors governing the dynamics of fuel cell electric vehicle (FCEV) market with their potential gravity during the forecast period.
- To evaluate the leading company-wise pricing analysis for the mentioned applications
- COVID-19 impact on global fuel cell electric vehicle (FCEV) market
Reasons to Buy This Report:
- Provides niche insights for decision about every possible segment helping in strategic decision making process.
- Market size estimation of the fuel cell electric vehicle (FCEV) market on a regional and global basis.
- A unique research design for market size estimation and forecast.
- Identification of major companies operating in the market with related developments
- Exhaustive scope to cover all the possible segments helping every stakeholder in the fuel cell electric vehicle (FCEV) market.
Customization:
This study is customized to meet your specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
- Product Specific Competitive Analysis
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