Fuel Cell Electric Vehicle: Growth and Regional Scope

Various technological advancements and increased number of refueling facilities are helping the fuel cell electric vehicle market growth.

According to Precedence Research, the global fuel cell electric vehicle market was reached at USD 4.98 billion in 2021 and is anticipated to worth USD 35.60 billion by 2030 growing 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.

Rapid industrialization and expansion of the production facilities is fostering the acceptance of fuel cell electric vehicles in Asia Pacific region.

Increased awareness about the environmental pollutants and stringent government policies to eliminate the carbon footprints.

Regional Snapshot

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 fuel cell 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.

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