Publishing: August 2021 | Report Code: AT12198 | Available Format: PDF
The global fuel cell electric vehicle market was valued at $3,059.5 million in 2020. The major influencers for the growth of the market are the strict norms for carbon emissions, increasing adoption of electric vehicles in emerging economies, longer drive range offered by these vehicles, and growing need for better fuel efficiency.
The market has been negatively impacted by the epidemic of COVID-19. With lockdowns implemented globally, manufacturing facilities were shut down. The effects were observable in the crude prices as well, which went historically low, into negatives. Thus, the high prices of FCEVs, along with the low prices of crude oil, discouraged people from adopting FCEVs.
The passenger vehicle category held the larger share in the fuel cell electric vehicle market in 2020, on the basis of vehicle type. This can be attributed to the rising per capita income in the developing markets, high demand for clean personal mobility, and stringent government norms to curb vehicular pollution. Moreover, many countries are planning the conversion of taxi and cab fleets into FCEVs. For instance, South Korea is targeting to deploy approximately 120,000 fuel cell vehicles by the end of 2040.
The short category is projected to witness the faster growth in the market during the forecasted period, based on range. This can be attributed to the rising demand for low-emission vehicles for short-distance travel or commuting. Moreover, such vehicles are being increasingly used across diverse applications, including transportation of goods within ports and airports and by e-commerce companies to reduce their carbon footprint, which renders a positive market outlook.
The presence of stringent government regulations is one of the main factors responsible for the fastest growth of the Asia-Pacific (APAC) market for fuel cell electric vehicle, globally. In addition, the major countries in the region have been investing heavily for the development of hydrogen fuel cell vehicles. Toyota Motor Corporation and Hyundai Motor Company offer fuel cell passenger cars, buses, and logistical vehicles in the region.
Fuel cell vehicles have gained popularity in recent years as a result of their improved performance, shorter refueling time, and longer range. Other than these advantages and reduced emissions, the technology results in superior power and higher torque. Furthermore, a fuel cell vehicle has a driving range of 300 to 380 miles. Moreover, recent catalyst developments are key for the future of the fuel cell technology, as they will improve durability through innovative catalyst layer designs. Thus, the continuous technological advancements in the fuel cell technology can be viewed as a major trend in the market for fuel cell electric vehicle.
Stringent carbon emission regulations, including those with respect to fuel efficiency, implemented at the international and country levels continue to drive the growth of the fuel cell electric vehicle market. The mounting concerns over carbon dioxide emissions globally are leading to the reducing demand for conventional vehicles, ultimately benefiting the market for fuel cell electric vehicle. For instance, the U.S. Environmental Protection Agency (EPA) emphasizes the usage of FCEVs to reduce carbon dioxide emissions. Furthermore, the European Union is dedicated to reducing vehicular emissions by 80% by the year 2050 from the 1990 levels, by promoting the adoption of green vehicles.
|Base Year (2020) Market Size||$3,059.5 Million|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Analysis, Companies’ Strategic Developments, Impact of COVID-19, Company Profiling|
|Market Size by Segments||Type, Vehicle Type, Range, Region|
|Market Size of Geographies||U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa|
|Secondary Sources and References (Partial List)||American Trucking Associations (ATA), Association for the Advancement of Artificial Intelligence (AAAI), Automotive Parts Manufacturer's Association (APMA), Bureau of Transportation Statistics (BTS), European Association for Artificial Intelligence (EurAI), European Automobile Manufacturers Association (ACEA), Institute of Electrical and Electronics Engineers (IEEE), Insurance Regulatory and Development Authority of India (IRDAI), Mobile Technology Association of Michigan (MTAM), National Highway Traffic Safety Administration (NHTSA), Society of Automotive Engineers (SAE)|
The key strategies adopted by the manufacturers of FCEVs are partnerships and collaborations with other automobile original equipment manufacturers (OEMs).
The fuel cell electric vehicle market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Type
Based on Range
Based on Vehicle Type
Market Segment Analysis of Countries
The implementation of strict carbon emission norms, surging deployment of electric vehicles, and rising demand for better fuel efficiency are the major fuel cell electric vehicle market growth drivers.
Due to the enactment of strict government regulations, the fuel cell electric vehicle industry will exhibit the fastest growth in APAC during 2021–2030.
The fuel cell electric vehicle industry is expanding rapidly in South Korea.
The players in the market for fuel cell electric vehicles are focusing on partnerships and collaborations.
The COVID-19 pandemic has hampered the progress of the market for fuel cell electric vehicles.
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