Fuel Cell Electric Vehicle (FCEV) Market Size By Vehicle (Heavy Duty Vehicles, Agriculture, Buses, Port Vehicles/Container Handling Or Transport, Automotive, Class 8/Long Haul), By Distance (Short, Long), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Sep 2020  |  Report ID: GMI2375  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 235   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Fuel Cell Electric Vehicle Market size exceeded USD 1 billion in 2019 and is expected to grow at over 38% CAGR between 2020 and 2026. Increasing consumer awareness related to healthy air quality and harmful effects of vehicular emissions is likely to drive the market growth.
 

Growing investments from local & state governments in the development of hydrogen refueling infrastructure is boosting the FCEV industry expansion. Rapidly changing technology landscape is providing robust growth opportunities. 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.
 

Fuel Cell Electric Vehicle Market

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The high costs and initial investments are one of the prominent factors restricting the fuel cell electric vehicle market demand. 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.
 

The fuel cell electric vehicle market is projected to witness a sluggish growth until the first half of 2021. Market analysis and trends attribute the stagnant demand for FCEVs to the plummeting automobile sales due to the COVID-19 pandemic. The pandemic has led to huge financial losses, causing a steep decline in consumers’ spending capacity. High cost of fuel cell electric vehicles coupled with rising financial insecurities among customers is restricting the industry statistics. The pandemic has also hampered the production capacity of manufacturers, causing a wide demand-supply gap in the industry.
 

Fuel Cell Electric Vehicle (FCEV) Market Report Coverage
Report Coverage Details
Base Year:2019
Market Size in 2019:1 Billion (USD)
Forecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:38%
2026 Value Projection:14 Billion (USD)
Historical Data for:2016 to 2019
No. of Pages:235
Tables, Charts & Figures:317
Segments covered:Vehicle, Distance
Growth Drivers:
  • Stringent emission regulations in North America
  • Government initiatives for developing FCEV technologies in Europe
  • Increasing adoption of electric vehicles in Asia Pacific
  • Growing preference for low emission mobility solutions in Latin America
  • Economic growth supporting the adoption of electric vehicles in Middle East & Africa
Pitfalls & Challenges:
  • High vehicle cost and lack of hydrogen fueling infrastructure

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Supportive government initiatives is driving the automotive FCEV market

The automotive vehicles valued at USD 670 million in 2019 and is poised to register growth rate of around 35% through 2026. Growing demand for low emissions and low-noise mobility solutions is augmenting the segment growth.
 

Supportive government initiatives such as subsidies offered on the purchase of FCEVs are supporting the adoption of electric cars and bikes powered by fuel cells. Moreover, companies are launching low-cost hydrogen-powered electric passenger cars to attract consumers.
 

Increasing needs for short range FCEVs in diversified applications

Fuel Cell Electric Vehicle (FCEV) Market

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The market size of the short distance segment is set to expand at a CAGR of over 38% through 2026. Rising demand for low-emission fuel cell electric vehicles such as bikes and scooters for short distance travels is contributing to the escalating the adoption. Additionally, growing usage of such vehicles across diversified applications including material handling and transportation of goods in ports will provide a positive market outlook. In response to the rising needs, FCEV industry participants are launching new models.
 

Policies and government support is fueling the Asia Pacific market revenue

APAC FCEV Market

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The Asia Pacific fuel cell electric vehicle market crossed USD 770 million in 2019 as Japan and China will foresee significant growth with increasing fuel cell stack shipments for the transport industry. Industry participants including Hydrogenic, and Ballard are collaborating with Chinese manufacturers to develop innovative fuel cell modules and technology. Further, initiatives such as deployment of zero-emission vehicles in events, such as Tokyo summer games 2021, will positively influence the regional market statistics. The growth in APAC has been backed by government policies such as exemption of purchase taxes by government authorities in South Korea, India, and Japan.
 

Partnerships and collaboration are the key strategies adopted by industry players

Manufacturers of FCEVs are laying a strong emphasis on partnerships and collaborations with automobile OEMs to improve their market representation. For instance, in June 2020, Toyota formed a joint venture with five companies for the development of fuel cells in China. The companies in the joint venture are Beijing Automobile Group Co., China FAW Corp., Dongfeng Motor Corp., Guangzhou Auto, and Beijing SinoHytec Co. This joint venture is named the United Fuel Cell System R&D and has attracted an initial investment of USD 46 million.
 

Key players operating in the fuel cell electric vehicle 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 participants are also emphasizing on the development of electric vehicle technologies in collaboration with other industry players to strengthen their foothold.
 

This fuel cell electric vehicle (FCEV) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2020 to 2026 for the following segments:

Market, By Product

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

Market, By Distance

  • Short
  • Long

The above information has been provided for the following 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

 

Frequently Asked Questions (FAQ) :

The global fuel cell electric vehicle market size, in 2019 was USD 1 billion and is projected to witness a CAGR of 38% through 2026.
In 2019, the market was valued at USD 670 million and is projected to grow at 35% CAGR through 2020, due to supportive government initiatives fostering the adoption of EVs powered by fuel cells.
The short distance segment is projected to grow at a CAGR of 38% through 2026. The rising demand for low emission FCEVs like scooters and bikes for short-distance travel is contributing to market growth.
In 2019, the FCEV market revenue was over USD 770 million in the Asia Pacific region. Presence of leading industry players and supportive government policies across nations like China and South Korea will fuel the regional business share.

Premium Report Details

  • Published Date: Sep 2020
  • Pages: 235
  • Tables: 294
  • Charts / Figures: 23
  • Companies covered: 16
  • Countries covered: 20

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