New York, March 20, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Fuel Cell Vehicles Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Electrolyte (PEMFC and PAFC), Power Output (Less than 100 kW, 100-200 kW, and Above 200 kW), and Vehicle Type (Passenger Car, Buses, Trucks, and Light Commercial Vehicles)"; the global fuel cell vehicles market growth is driven by increasing adoption of fuel cell powered trucks, increasing demand for clean energy, declining cost of green hydrogen and rising focus on net zero.
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Global Fuel Cell Vehicles Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 0.57 billion in 2021 |
| Market Size Value by | USD 6.05 billion by 2028 |
| Growth rate | CAGR of 40.1% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 148 |
| No. of Tables | 54 |
| No. of Charts & Figures | 68 |
| Historical data available | Yes |
| Segments covered | Electrolyte, Power Output, and Vehicle Type |
Fuel cell vehicles are primarily powered by hydrogen-powered fuel cells. Numerous countries across the globe are strategizing toward the higher adoption of fuel cell vehicles. Currently, most of the hydrogen produced globally is from fossil fuels; stakefolders in the fuel cell vehicle market are focusing on the adoption of green hydrogen. The declining cost of green hydrogen is expected to have a positive impact on the growth of the fuel cell vehicle market during the forecast period. According to statistics from the European Commission, green hydrogen produced through renewable sources costs between the range of US$ 2–6/kg. It is estimated that price of hydrogen will decline to below US$ 1/kg by 2030. Some of the major factors expected to drive the demand for green hydrogen include the development of electrolytes, increasing market players, economies of scale, and growing industrial applications. The US government has setup numerous strategies targeting a complete clean energy economy by 2050. For instance, the State Government of California in the US has committed to invest US$ 20 million every year until 100 hydrogen fueling stations are built in the state. Countries in Europe have also taken up numerous initiatives to boost the demand for fuel cell vehicles in the region. For instance, according to the Hydrogen Roadmap Europe, 45 million hydrogen-powered fuel cell vehicles are expected to be on the European roads by 2050. Such initiatives to boost the adoption of clean energy sources by various nations across the globe are expected to drive the demand for fuel cell vehicles during the forecast period.
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Air pollution impacts both the population and the environment. Some of the common impacts on the citizens include respiratory and heart diseases. Further, air pollution causes numerous environmental effects such as global warming, acid rain, and depletion of the ozone layer. Government bodies across the globe have taken numerous steps to increase the adoption of clean energy sources to power vehicles. For instance, the Government of China increased the deployment of electric vehicles in China from 20,000 in 2010 to 5 million in 2020. The initiatives have driven China to become one of the largest markets for electric vehicles. Further, the declining cost of green hydrogen is expected to boost the demand for fuel cell vehicles globally. Industry-level scaling of green hydrogen producers and technology developers has intensified the competition among players in the industry, thereby driving down the prices of green hydrogen. Further, industry-level scaling has enabled manufacturers to adopt continuous manufacturing and automation processes, which further effects the declining prices of green hydrogen globally. Such factors are expected to influence the growth of the fuel cell vehicles market during the forecast period.
Global Fuel Cell Vehicles Market: Competitive Landscape and Key Developments
Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc; General Motors; AB Volvo; Honda Motors Co., Ltd.; Riversimple; Hyzon Motors; Daimler AG; and Ballard Power Systems Inc are among the key players in the global fuel cell vehicles market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.
In April 2021, Daimler Truck AG, a leading commercial vehicle manufacturer and AB Volvo had introduced a cellcentric joint venture to produce hydrogen fuel cells for long-haul trucks with an aim to bring large-scale gigafactory production levels of hydrogen fuel cells in Europe by 2025.
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Global Fuel Cell Vehicles market: Deployment Overview
Based on electrolyte, the fuel cell vehicle market is bifurcated into PEFC and PAFC. In 2020, the PEMFC segment led the fuel cell vehicle market, accounting for a larger market share. PEMFC are primarily used for transportation applications; however, they are also used in other applications, including power generation and distributed generation. The cost of PEMFC has reduced considerably in the past decade due to the substantial development of PEMFC technology. PEMFCs offer numerous advantages, including high current density and quiet operation, making them highly reliable in electric vehicles. Fuel cell vehicle manufacturers have successfully tested PEMFC-powered vehicles in extremely cold conditions.
Increasing Focus on Net-Zero to Propel Fuel Cell Vehicle Market Growth in Coming Years
According to data from the United Nations, the transportation sector accounts for ~20% of the carbon emissions annually. Thus, government bodies and automobile manufacturers have taken up numerous strategies to boost the development and adoption of fuel cell and electric vehicles worldwide. Numerous government bodies across the globe have taken up strategies to decrease the emissions to zero by 2050 gradually. According to data from the United Nations, more than 130 countries have setup strategies to reduce emissions to net-zero by 2050. It is estimated that approximately USD 250 trillion in investments will be required to reduce emissions to net-zero by 2050. For instance, China is one of the major carbon emitters in the world, and achieving net-zero is a major challenge for the country by 2060. China is currently working on the development of strategies to move toward its goal of net-zero by 2060. Further, the Indian Government announced its objective of attaining net-zero by 2070. The objective is expected to substantially impact the adoption of fuel cell vehicles in the country during the forecast period. Such initiatives by governing bodies and automobile manufacturers are expected to create numerous opportunities for the fuel cell vehicle market during the forecast period.
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Impact of COVID-19 Pandemic on Global Fuel Cell Vehicles Market
According to the latest situation report from World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Italy, Germany, Argentina, and South Africa are some of the worst-affected countries due to the COVID-19 outbreak. The COVID-19 crisis affected industries worldwide, and the global economy was worst hit until mid-2021. The fuel cell vehicles market industry was adversely affected by shutdowns, travel bans, trade bans, and border lockdowns.
Key Findings of Study:
The fuel cell vehicles market is analyzed on the basis of electrolyte, power output, vehicle type, and geography. Based on electrolyte, the fuel cell vehicle market is bifurcated into PEFC and PAFC. In 2020, the PEMFC segment led the fuel cell vehicle market, accounting for a larger market share. By power output, the fuel cell vehicle market is categorized into up to 100 kW, 100–200 kW, and above 200 kW. In 2020, the up to 100 kW segment accounted for the largest market share. Based on vehicle type, the fuel cell vehicle market is segmented into passenger cars, buses, trucks, light commercial vehicles. In 2020, the passenger cars segment accounted for the largest market share.
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