The fuel cell electric vehicle global industry size accounted for USD 4.98 billion in 2021 and is projected to reach around USD 35.60 billion by 2030.
An awareness related to the benefits of good air quality and the bad effects of regular emissions is driving the market.
The fuel cell electric vehicle global industry size accounted for USD 4.98 billion in 2021 and is projected to reach around USD 35.60 billion by 2030, at a CAGR of 53.4% from 2022 to 2030.
As an awareness related to the benefits of good air quality and the bad effects of regular emissions is driving the market. Governments are taking initiatives to invest and enhance the infrastructure for the electric vehicles it further helps in expanding the market. Various technological advancements and increased number of refueling facilities are helping the market grow. Rapid industrialization and expansion of the production facilities is fostering the acceptance of fuel cell electric vehicles in Asia Pacific region.
The FCEV market was badly impacted by the COVID-19 pandemic due to lockdowns and restrictions on traveling. The production and delivery was delayed. The raw material supplies were also delayed. However, post pandemic, there has been a recovery as there is an ease on restrictions and there are supportive government policies.
30 countries have announced over 228 large scale hydrogen projects which will promote the fuel cell vehicles and the hydrogen refueling stations. France is aiming for fuelcell passenger cars of up to 5000 in number, to 50,000 passenger cars by the year 2028. The first country in the world to deploy a passenger train is Germany, the train will be on tracks by the year 2023. The United States President. Signed a bill on December 15, 2021 which invests in the hydrogen industry to curtail the harmful emissions.
In December 2020 Canada stated that it has a long term vision for operating more than 5,000,000 FCEV,s, by the year 2050, as a part of their hydrogen strategy for Canada. The only country to have the largest number of fuel cell vehicles in the world is South Korea. South Korea aims by the year 2040. The developmental plan states 2.9 million passenger cars will be running 80,000 taxis, 40,000 buses and 30,000 trucks. The Indian Government has formulated a scheme for electric, hybrid and fuel cell vehicles, which aims to promote the manufacturing of these green vehicles. And make India a part of the global supply chain.
As the restrict vehicle emission regulations in many nations across the world the fuel cell electric vehicle market shall boom. In North America, stringent rules are made for the emission regulations, which makes North America the greatest market. In the European countries, the governments are investing in the development of the fuel cell electric vehicle technologies Because it will drive the global market. In Asia Pacific region, adoption of electric vehicles is leading to a growth in this market. As FCEV market provides low emission mobility solutions Latin America is also adopting this technology.
Very high investments are needed for building the charging charger infrastructure. For this sector, this happens to be a challenge for the market. Also, the fuel stations are limited or not well equipped. The expansion of the industry is restricted due to the failing distribution network, Fear of electric shock and Flammability due to the use of hydrogen fuel cell, so this happens to be a restraint in the growth of the market. Apart from that it also has competition from the Battery electric vehicles, the plug-in hybrid electric vehicle that restrain the growth of the market.
The private sector and the government sector is investing in the development of hydrogen refueling infrastructure. The FCEV's have very good efficiency. It covers a good range. And his fueling time is comparable to the traditional automobiles. The fuel cell electrical vehicles resolve the problems that are faced by the electric vehicles that are battery operated. As the fuel cell vehicles provide improved performance, they have a shorter refueling time and they cover longer range. These vehicles are preferred by many consumers. The fuel cell vehicle has a driving range of up to 380 miles. The Environmental Protection Agency USA emphasizes on the usage of FCEV'S to reduce the environmental pollutants. In order to develop the vehicle are emissions by 80%. Up to the year 2050. European Union is promoting the adoption of green vehicles.
As the Manufacturing of the FCEV involves a lot large expense the cost of the vehicles is also high. And since there is limited hydrogen fueling infrastructure, this poses a challenge for the growth of the market. The performance of the FCEV is already tested, but some technological advancements are still needed. Apart from that, the cost of an FCEV,s has to at least meet the ICE vehicles.
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