The global electric vehicle fuel cell market size was valued 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.
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.
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.
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
Market, By Distance
Based on Vehicle Type
Based on Regions and Countries:
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