The global fuel cell electric vehicle (FCEV) market is anticipated to reach market size of around US$ 15,000 Mn by 2027 and is anticipated to grow at a CAGR of around 38% in terms of revenue during the forecast period 2020 – 2027.
The fuel cell electric vehicle (FCEV) is a viable way to prevent carbon emissions from road transport but they are not currently available commercially.
Increased demand to reduce carbon emission rates to boost air quality has a beneficial impact on the market share of electric vehicles in fuel cells. Increased environmental issues relating to automotive emissions led to increased use of fuel cell electric vehicle (FCEV). Shifting the preference for the introduction of advanced technology in heavy-duty freight trucks would further improve commodity penetration for well-organized vehicle efficiency. For instance, in November 2018, Nikola Company has launched a 120 kW hydrogen powered electric truck with better fuel economy. The market for hydrogen powered vehicles is growing in customer demand and increased mobility requirements. Rapid urbanization and widespread development give potential prospects for the use of environmentally friendly automobiles. The fuel cell electrical vehicle demand growth is driven by lucrative economic growth and high living standards over the planned period. Governments create numerous research initiatives and sponsored projects focused primarily on designing novel fuel cell solutions. Multiple organizations, including the FCH JU, are funding fuel cell and hydrogen energy research, technological creation and demonstration events. The advancement of successful hygiene manufacturing technologies, while helping to decrease the total fuel cell production costs, is being supported by joint programmers and initiatives.
Europe fuel cells electric vehicle is likely to show substantial development due to government-sponsored supporting programmers to build fuel cell vehicle and construct hydrogen refueling stations with zero emissions. Projects such as the European Cities Renewable Hydrogen Clean Hydrogen in European Cities (CHIC) and the Joint Initiative for hydrogen Vehicles (JIVE) are aimed at marketing fuel cell-electric buses and at further increasing regional fuel cell electric vehicle production Easier e-bike connectivity to high-traffic industries promotes the operation of this business throughout the course of the study.
FCEV suppliers focus strongly on collaborations and cooperation with vehicle manufacturers in order to expand their representation on the market. For instance, in June 2020, Toyota set up a joint venture in China with five fuel cell development firms. Beijing Automotive Group Co., Dongfeng Motor Corp., China FAW Corp., Guangzhou Auto, and Beijing SinoHytec Co are joint venture firms. The joint venture is known as United Fuel Cell System R&D, with an estimated investment of US$ 46 Mn. Market players also focus in cooperation with other players in the industry the production of electric vehicle technology to strengthen their market base. For instance, in January 2020, the engine Honda Co. Ltd. has worked on collaborative research for heavy-duty fuel cell-powered trucks with Isuzu Motor Ltd. The business plans to build in the span of two years a concept model and carry out road testing for this strategic partnership.
Some of the prominent players in the fuel cell electric vehicle (FCEV) market include Honda Motor Co., Ltd., Toyota Motor Corporation, Hyundai Motor Group, Volkswagen, SAIC Motor Corporation Limited, Audi AG, Ballard Power Systems, LLC, US Hybrid, Meritor, Inc., Nuvera Fuel Cells, Hydrogenics, Dana Limited, Sunrise Power Co. Ltd., Plug Power, Inc., Ceres Power Holdings Plc, Shanghai Shenli Technology Co. Ltd, and others.
The global fuel cell electric vehicle (FCEV) market is segmented as below:
Fuel Cell Electric Vehicle (FCEV) Market By Product
Heavy Duty Vehicles
Port Vehicles/Container Handling or Transport
Class 8/ Long haul
Fuel Cell Electric Vehicle (FCEV) Market By Distance
Fuel Cell Electric Vehicle (FCEV) Market By Geography
Middle East & Africa
The market for fuel cell electric vehicle (FCEV) is expected to reach a market value of around US$ 15,000 Mn by 2027.
The fuel cell electric vehicle (FCEV) market is expected to grow at a CAGR of around 38% from 2020 to 2027.
The short is the leading segment by distance in the fuel cell electric vehicle (FCEV) market.
The major factor driving demand for fuel cell electric vehicle (FCEV) is government initiatives for developing FCEV technologies in Europe.
Honda Motor Co., Ltd., Toyota Motor Corporation, Hyundai Motor Group, Volkswagen, SAIC Motor Corporation Limited, Audi AG, Ballard Power Systems, LLC, US Hybrid, Meritor, Inc., Nuvera Fuel Cells, Hydrogenics, Dana Limited, Sunrise Power Co. Ltd., Plug Power, Inc., Ceres Power Holdings Plc, Shanghai Shenli Technology Co. Ltd, and others are the prominent players in the market.
Asia Pacific held the highest market share in the fuel cell electric vehicle (FCEV) market.
Europe is expected to be the fastest growing market over the forecast period.