Fuel Cell Electric Vehicle Market Size By Vehicle (PCV, LCV, HCV, E-Bikes, Forklifts), By Distance (Short, Long) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Sweden, Italy, Norway, Spain, Netherlands, China, Japan, India, Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

Published Date: Jan 2018 | 250 Pages | Report ID: GMI2375 | Authors: Vitika Verma, Amulya Agarwal Report Format: PDF

  Request Sample Inquiry Before Buying
Summary Table of Contents Industry Coverage Methodology Request for Customization

Industry Trends

Fuel Cell Electric Vehicle Market size was valued at over USD 728 million in 2016 and its demand is anticipated to cross 300 thousand units by 2024.

U.S. Fuel Cell Electric Vehicle Market, By Vehicle, 2016 & 2024, (USD Million)
U.S. Fuel Cell Electric Vehicle Market, By Vehicle, 2016 & 2024, (USD Million)

Get more details on this report by requesting a free sample copy


Increasing pollution levels has led several government bodies to take initiatives to encourage usage of zero emission automobiles for improving the air quality. For instance, Federal Fuel Economy Standards promotes usage of zero emission automobiles which requires auto manufacturers support to produce and sell hydrogen powered automobiles. Government and manufacturers support in transition to alternate fuel automobiles will contribute in the fuel cell electric vehicle market size from 2017 to 2024.

Manufacturing product at large scale and technological enhancements will enable fuel cell electric vehicles market to close the gap in costs and attributes with the conventional automotive. For instance, Toyota is reducing the usage of platinum from approximately 100g to 30g via nanotechnological changes resulting in reduced automobile costs.

Hydrogen is a flexible energy carrier having potential to facilitate significant reductions in CO2 emissions. Small amount of hydrogen can be stored under limited space and ensure appropriate automobile weight requirements to permit long distances. This will limit the global temperature rise and reduce local air pollutants along with noise emissions. These benefits will accelerate the market share over the forecast timeline.

Though hydrogen is abundantly found in nature, pure hydrogen suitable for usage in automobiles is captured from water or methane and then compressed. This process can be expensive and energy intensive which may slowdown the industry growth rate. Reduced network of public fuelling stations is one of the major factors hampering the fuel cell electric vehicle market size. Establishing of these stations may require substantial investments which will negatively affect the industry growth rate. Moreover, cost of these automobiles is the most significant restricting factors for the penetration as an alternative for transportation.

Fuel Cell Electric Vehicle Market, By Vehicle

PCVs segment is anticipated to surpass USD 5 billion in the business over the projected time span due to increase in manufacturing of these automobiles across the globe. Rising government investments is boosting the segment demand. For instance, State of California has committed USD 20 million funding per year until 100 stations are set up for public use. Moreover, the U.S. is seeking to establish the infrastructure nationwide via H2USA public-private partnership along with private automakers support in this endeavour.

HCVs is expected to hold over 15% revenue share by 2024. Major projects involving hydrogen technologies in heavy duty automobiles will show immense potential in revenue generation. Greater automobile efficiency and availability of accessible infrastructure to these transportation means will enhance the industry size. This advanced technology may prove to be a key for longer distance duty cycles.

Fuel Cell Electric Vehicle Market, By Distance

Short distance travelling automobiles are estimated to capture approximately 95% of the volume share over the forecast time span. Mainly PCVs and forklifts contribute in travelling short distances. APAC region contributes majorly in the improvement of fuel cell electric vehicle market volume size.

Long distance travelling automobiles are expected to hit the market with substantial gains over the next eight years. The auto manufacturers are engaged in developing modern automobiles that can travel over 300 miles along with internal development of powertrain and fuel-cell components yielding high efficiency. For instance, in 2018, Hyundai will introduce longer range hydrogen powered SUV having a range of 360 miles that will yield 9% efficiency boost over its first generation.

In March 2016, The London Hydrogen Network Expansion project (LHNE) broke two new distance records for FCEVs in the UK. This project partners managed to travel 400 miles. However, there are only 4 publicly accessible stations in the nation but plans to build 12 more in Scotland and England in the next two years.

Fuel Cell Electric Vehicle Market, By Region

Asia Pacific is anticipated to dominate the market in terms of volume and will cross USD 2 billion by 2024. This high revenue generation in the region can be credited to increased automobile production and fuel economy standards. In 2016, China accounted for the largest share in the region. India showcased a growth rate of almost 36% in the forecast time span. Rising penetration of zero emission automobiles will support the region’s dominance till 2024.

North America fuel cell electric vehicle market share is expected to grow at over 43% over the forecast period. Technological advancements will lead the industry growth in developed countries. Stringent policies and government funding will further enhance the regional growth over the projected time frame.

Competitive Market Share

Honda, Toyota, Mercedes-Benz, Hyundai, Riversimple Rasa, Audi, General Motors, and Daimler are among the prominent industry players in the fuel cell electric vehicle market. The industry participants believe in public private partnership as the appropriate structure to support technology shift. For instance, in California the Fuel Cell Partnership has enabled auto makers to come together and improve the automobiles to increase its penetration. Through such programs the Department of Energy is investing USD 40 million in research conducted between industrial partners and national laboratories.

Manufacturers are indulged in partnerships along with research activities to gain competitive edge in the market. For instance, BMW collaborated with Toyota to develop fuel cell electric vehicle where in Toyota will construct fuel cell and BMW will focus on electric motor and hydrogen tank.

Industry Background


Fuel Cell Electric Vehicle Market Segmentation

Get more details on this report by requesting a free sample copy

Fuel cell electric vehicle is designed for reducing carbon emissions from automobiles. Stringent government regulations associated with air quality improvement will enhance the industry growth rate. Rising government funding has resulted in high production rate of these automobiles along with increasing number of new hydrogen refuelling stations.

Various fuel cell electric vehicle manufacturers are investing in this technology. For instance, in June 2016, Daimler announced its plans to invest approximately USD 8 billion in green powertrain technologies over the next two years. Moreover, in 2017, Mercedes Benz will launch GLC F-Cell.

What Information does this report contain?

Historical data coverage: 2013 to 2016; Growth Projections: 2017 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

Our Market Research Reports Include:

  • Market snapshot
  • Market Segmentation
  • Value Chain Analysis
  • Growth Dynamics
  • Potential Market Opportunities
  • Regulatory Overview
  • Technology Evolution
  • Innovation & Sustainability

Why Global Market Insights?

 Comprehensive Research
  • All-inclusive coverage
  • In-depth and granular data (ex: information for 8 to 15 countries, with clients open to add to this list, in each report)
  • Penetrative insights & latest trends
  • Offers holistic understanding of the market
 Data Accuracy & Reliability
  • Unique methodology
  • Iterative in nature to eliminate errors
  • Detailed methodology, scope, assumptions and data sources available for reference
 Post-Sales Support
  • Committed to making a positive difference for our clients
  • Given the nature of this industry, we are committed to ensure that our clients get maximum return on their investment in our services
  • Every purchase comes with an option to obtain additional information:
    • up to 10% of the original cost
    • 45-minute analyst tele-call to obtain further clarity on the market.
 Security & Confidentiality
  • Global Market Insights, Inc. strictly adheres to PCI-DSS security norms.
  • Only PCI-DSS compliant payment methods used for highest level of client data security
This site is protected by Trustwave's Trusted Commerce program Authorize.Net Merchant - Click to Verify

Connect with our sales team

We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. More info. I Agree