Home > Pressrelease > Fuel Cell Electric Vehicle (FCEV) Market to reach $30 Bn by 2032

Fuel Cell Electric Vehicle (FCEV) Market to reach $30 Bn by 2032

  • Published Date: March 8, 2023

Fuel Cell Electric Vehicle Market size is expected to cross USD 30 billion by 2032, according to the recent research report by Global Market Insights Inc.

The prevalent environmental concerns, particularly regarding greenhouse gas (GHG) emissions, have prompted nations across the world to commit to achieving net-zero emissions targets within the next several decades amid serious worldwide efforts toward switching to cleaner fuels and other energy sources. This is increasing the adoption of low-emission mobility solutions, thereby bolstering product uptake. Furthermore, in order to decarbonize the transportation sector, government agencies and private businesses are launching projects to harness renewable energy for the production of hydrogen and build storage and dispensing facilities, which is slated to drive FCEV market growth by 2032.


Increasing demand to lower greenhouse gas emissions to boost heavy-duty vehicles segment revenue

The heavy duty vehicles held 20% of fuel-cell electric vehicle market share in 2022. The recharging time and driving range of hydrogen fuel cells are equivalent to those of gasoline-powered trucks, and since travel routes are predictable, there is a low barrier to developing a robust fueling infrastructure. Additionally, according to the Environmental Protection Agency, heavy duty vehicles account for nearly one quarter of the fuel consumed annually in the United States, which is a major factor accelerating the shift to hydrogen fuel cell heavy-duty vehicles to reduce greenhouse gas emissions, which is expected to propel the segment expansion by 2032.

Development of fuel cell vehicles with quick charging time to boost long-distance segment growth

The FCEV market from the long distance segment was valued at over 200 million in 2022. With businesses and verticals across the world making efforts to deploy hydrogen as a source of energy in the mobility sector, the market growth is driven by the expanding adoption of fuel cell technologies to power trucks, buses and vehicles. The restricted network of hydrogen fueling stations allows automakers to provide longer driving distances for their vehicles.

Browse key industry insights spread across 250 pages with 362 market data tables & 33 figures & charts from the report, “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, Forklift, E-Bikes), By Distance (Short, Long), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:


R&D efforts for the development of fuel cell technology to augment Europe industry returns

The Europe fuel cell electric vehicle market is estimated to amass USD 2 billion by 2032 owing to ongoing R&D efforts for infrastructure development of FCEVs and hydrogen fueling stations. The mounting number of top automakers foraying into fuel-cell-powered automobiles is speculated to impel regional market progress. For instance, in December 2022, Nikola and E.ON Hydrogen partnered in Europe to deploy 5,000 hydrogen-powered heavy vehicles, which could reduce CO2 emissions by 560,000 metric tons by 2027. 

Strategic partnerships to define the industry outlook

Audi AG, Hyster-Yale Materials Handling, Ballard Power Systems, Toyota Motor Corporation, US Hybrid, Hyundai Motor Co., Ltd., Hydrogenics, Honda Motor Co., Ltd., and Anhui Hell are some of the leading manufacturers operating in the global business landscape. These firms are investing in strategic partnerships and continuous product improvements to attain a competitive edge.

Authors: Preeti Wadhwani, Shamal Gawande