Automotive

Electric Vehicle Fuel Cell Market Growth Expanding at a CAGR of 40% By 2030

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Electric Vehicle Fuel Cell Market was estimated at US$ 3.2 billion in 2020 and predicted to hit around  US$ 16.3 billion by 2030, growing at a 40% of CAGR from 2021 to 2030.

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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. Rapidly changing technology landscape is providing robust growth opportunities to the FCEV industry. Advancements in the field of Polymer Electrolyte Membrane (PEM) technology allow fuel cells to operate at a lower temperature and offer a quick start to FCEVs, contributing to the market growth trends. The high costs and initial investments associated with fuel cell electric vehicles are one of the prominent factors restricting the market growth. The incorporation of advanced technologies and high cost components into FCEVs increases the risks of failures and adds to maintenance and repair costs. Market players are currently focusing on reducing the initial costs of fuel cell electric vehicles by introducing low-end variants for targeting a broad customer base. Further reductions in the cost of critical components such as batteries will minimize the impacts of the industry challenges.

Technological Advancements for Improved Range and Efficiency Are Major Trends

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 Norms and Rising Adoption of Zero-Emission Vehicles To Drive 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.

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Report Highlights

By Product, the automotive segment valued at US$ 680 million in 2020 and is poised to register over 39% growth rate through 2030 propelled by the increasing demand for low emissions and low-noise mobility solutions. Supportive government initiatives such as subsidies offered on the purchase of FCEVs are driving the adoption of electric cars and bikes powered by fuel cells. Moreover, market leaders are launching low-cost hydrogen-powered electric passenger cars to attract consumers.

Based on vehicle type, the passenger vehicle category held the larger share in the fuel cell electric vehicle market in 2020. 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.

Based on distance type, the short category is projected to witness the faster growth in the market during the forecasted period. 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.

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Key Players

Key players operating in the market include Toyota Motor Corporation, Honda Motor Co., Ltd., Hyundai Motor Group, Audi AG, Volkswagen, and SAIC Motor Corporation Limited. Other prominent players include 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. and Ceres Power Holdings Plc.

Market Segmentation

By Product

  • Heavy Duty Vehicles
  • Agriculture
  • Buses
  • Port Vehicles/Container Handling or Transport
  • Automotive
  • Class 8/ Long haul
  • Others

Market, By Distance

  • Short
  • Long

Based on Vehicle Type

 

  • Passenger Vehicle
  • Commercial Vehicle

Based on Regions and Countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
    • Sweden
    • Norway
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa

Table of Contents

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics

5.1.1. Market Drivers

5.1.2. Market Restraints

5.1.3. Market Opportunities

5.2. Porter’s Five Forces Analysis

5.2.1. Bargaining power of suppliers

5.2.2. Bargaining power of buyers

5.2.3. Threat of substitute

5.2.4. Threat of new entrants

5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis

6.1.2. Key Strategies Adopted by Players

6.1.3. Vendor Landscape

6.1.3.1. List of Suppliers

6.1.3.2. List of Buyers

Chapter 7. Global Electric Vehicle Fuel Cell Market, By Product

7.1. Electric Vehicle Fuel Cell Market, by Product Type, 2021-2030

7.1.1. Heavy Duty Vehicles

7.1.1.1. Market Revenue and Forecast (2017-2030)

7.1.2. Agriculture

7.1.2.1. Market Revenue and Forecast (2017-2030)

7.1.3. Buses

7.1.3.1. Market Revenue and Forecast (2017-2030)

7.1.4. Port Vehicles/Container Handling or Transport

7.1.4.1. Market Revenue and Forecast (2017-2030)

7.1.5. Automotive

7.1.5.1. Market Revenue and Forecast (2017-2030)

7.1.6. Class 8/ Long haul

7.1.6.1. Market Revenue and Forecast (2017-2030)

7.1.7. Others

7.1.7.1. Market Revenue and Forecast (2017-2030)

Chapter 8. Global Electric Vehicle Fuel Cell Market, By Distance

8.1. Electric Vehicle Fuel Cell Market, by Distance, 2021-2030

8.1.1. Short

8.1.1.1. Market Revenue and Forecast (2017-2030)

8.1.2. Long

8.1.2.1. Market Revenue and Forecast (2017-2030)

Chapter 9. Global Electric Vehicle Fuel Cell Market, By Vehicle 

9.1. Electric Vehicle Fuel Cell Market, by Vehicle, 2021-2030

9.1.1. Passenger Vehicle

9.1.1.1. Market Revenue and Forecast (2017-2030)

9.1.2. Commercial Vehicle

9.1.2.1. Market Revenue and Forecast (2017-2030)

Chapter 10. Global Electric Vehicle Fuel Cell Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Product (2017-2030)

10.1.2. Market Revenue and Forecast, by Distance (2017-2030)

10.1.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.1.4. U.S.

10.1.4.1. Market Revenue and Forecast, by Product (2017-2030)

10.1.4.2. Market Revenue and Forecast, by Distance (2017-2030)

10.1.4.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.1.5. Rest of North America

10.1.5.1. Market Revenue and Forecast, by Product (2017-2030)

10.1.5.2. Market Revenue and Forecast, by Distance (2017-2030)

10.1.5.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.2. Europe

10.2.1. Market Revenue and Forecast, by Product (2017-2030)

10.2.2. Market Revenue and Forecast, by Distance (2017-2030)

10.2.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.2.4. UK

10.2.4.1. Market Revenue and Forecast, by Product (2017-2030)

10.2.4.2. Market Revenue and Forecast, by Distance (2017-2030)

10.2.4.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.2.5. Germany

10.2.5.1. Market Revenue and Forecast, by Product (2017-2030)

10.2.5.2. Market Revenue and Forecast, by Distance (2017-2030)

10.2.5.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.2.6. France

10.2.6.1. Market Revenue and Forecast, by Product (2017-2030)

10.2.6.2. Market Revenue and Forecast, by Distance (2017-2030)

10.2.6.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.2.7. Rest of Europe

10.2.7.1. Market Revenue and Forecast, by Product (2017-2030)

10.2.7.2. Market Revenue and Forecast, by Distance (2017-2030)

10.2.7.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.3. APAC

10.3.1. Market Revenue and Forecast, by Product (2017-2030)

10.3.2. Market Revenue and Forecast, by Distance (2017-2030)

10.3.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.3.4. India

10.3.4.1. Market Revenue and Forecast, by Product (2017-2030)

10.3.4.2. Market Revenue and Forecast, by Distance (2017-2030)

10.3.4.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.3.5. China

10.3.5.1. Market Revenue and Forecast, by Product (2017-2030)

10.3.5.2. Market Revenue and Forecast, by Distance (2017-2030)

10.3.5.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.3.6. Japan

10.3.6.1. Market Revenue and Forecast, by Product (2017-2030)

10.3.6.2. Market Revenue and Forecast, by Distance (2017-2030)

10.3.6.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.3.7. Rest of APAC

10.3.7.1. Market Revenue and Forecast, by Product (2017-2030)

10.3.7.2. Market Revenue and Forecast, by Distance (2017-2030)

10.3.7.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.4. MEA

10.4.1. Market Revenue and Forecast, by Product (2017-2030)

10.4.2. Market Revenue and Forecast, by Distance (2017-2030)

10.4.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.4.4. GCC

10.4.4.1. Market Revenue and Forecast, by Product (2017-2030)

10.4.4.2. Market Revenue and Forecast, by Distance (2017-2030)

10.4.4.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.4.5. North Africa

10.4.5.1. Market Revenue and Forecast, by Product (2017-2030)

10.4.5.2. Market Revenue and Forecast, by Distance (2017-2030)

10.4.5.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.4.6. South Africa

10.4.6.1. Market Revenue and Forecast, by Product (2017-2030)

10.4.6.2. Market Revenue and Forecast, by Distance (2017-2030)

10.4.6.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.4.7. Rest of MEA

10.4.7.1. Market Revenue and Forecast, by Product (2017-2030)

10.4.7.2. Market Revenue and Forecast, by Distance (2017-2030)

10.4.7.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by Product (2017-2030)

10.5.2. Market Revenue and Forecast, by Distance (2017-2030)

10.5.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.5.4. Brazil

10.5.4.1. Market Revenue and Forecast, by Product (2017-2030)

10.5.4.2. Market Revenue and Forecast, by Distance (2017-2030)

10.5.4.3. Market Revenue and Forecast, by Vehicle (2017-2030)

10.5.5. Rest of LATAM

10.5.5.1. Market Revenue and Forecast, by Product (2017-2030)

10.5.5.2. Market Revenue and Forecast, by Distance (2017-2030)

10.5.5.3. Market Revenue and Forecast, by Vehicle (2017-2030)

Chapter 11. Company Profiles

11.1. Toyota Motor Corporation

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Honda Motor Co., Ltd.

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. Hyundai Motor Group

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Audi AG

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Volkswagen

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. SAIC Motor Corporation Limited

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Ballard Power Systems, LLC

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. Meritor, Inc.

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. US Hybrid

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Nuvera Fuel Cells

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

11.11. Hydrogenics

11.11.1. Company Overview

11.11.2. Product Offerings

11.11.3. Financial Performance

11.11.4. Recent Initiatives

11.12. Sunrise Power Co. Ltd.

11.12.1. Company Overview

11.12.2. Product Offerings

11.12.3. Financial Performance

11.12.4. Recent Initiatives

11.13. Dana Limited

11.13.1. Company Overview

11.13.2. Product Offerings

11.13.3. Financial Performance

11.13.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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