Fuel Cell Electric Vehicle Market Insights, Growth Forecast to 2026 Profilling Volkswagen, Toyota Motor Corporation, Audi AG, SAIC Motor Corporation Limited, Hyundai Motor Group and Honda Motor Co & More
Increasing consumer spending and higher mobility requirements are escalating the hydrogen powered vehicles demand. Rapid urbanization coupled with proliferating construction activities are providing potential opportunities for the adoption of environment friendly vehicles. A lucrative growth in the economic conditions and high living standards are supporting the fuel cell electric vehicle market growth over the projected timeframe.
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Europe fuel cell electric vehicle market will witness significant growth owing to supportive government projects for developing zero emission fuel cell vehicles and installation of hydrogen refueling stations. Projects such as Clean Hydrogen in European Cities (CHIC) and Joint Initiative for hydrogen Vehicles (JIVE) are striving for commercialization of fuel cell electric buses, further augmenting the regional demand for fuel cell electric vehicles. Easier availability of e-bikes offering ease of operation in high traffic areas is strengthening the industry size over the study timeframe.
Rising demand for curbing carbon emission levels for improving air quality is positively influencing the fuel cell electric vehicle market share. Increasing environmental concerns pertaining to vehicle emissions are leading to the higher adoption of fuel cell electric vehicles. Shifting preference for deploying advanced technologies in heavy-duty freight trucks for delivering efficient vehicle performance will further boost the product penetration. For instance, in November 2018, Nikola Corporation launched hydrogen powered electric truck incorporating 120 kW hydrogen fuel cell offering superior fuel economy.
Shifting preference for utilizing zero emission vehicles owing to their commercialization and provision of government subsidies are boosting the industry size over the forecast timeframe. Increasing demand for automotive fuel cell stacks in conjunction with expansion of production facilities will further strengthen the fuel cell electric vehicles market share. Introduction of advanced fuel cell stacks for heavy duty vehicles is augmenting the product penetration. For instance, in September 2018, Ballard Power Systems launched its new FCgen-LCS liquid-cooled fuel cell stacks offering higher power density with relative lower cost of ownership.
Long haul segment will witness potential growth prospects owing to rapid deployment of fuel cell electric trucks offering emission free freight transportation. Proliferating freight volumes in conjunction with increasing greenhouse gas emissions are positively inducing the utilization of fuel cell electric trucks. Introduction of EURO VI standards for buses and deployment of electric powertrains are encouraging industry players to introduce alternative fuel vehicles for catering the increasing consumer demand.
Industry participants are offering attractive deals for encouraging the utilization of fuel cell electric vehicles. Cost effective leasing facilities and rebate offers on new cars are further encouraging the adoption of fuel cell electric vehicles. Honda Motor Co. Ltd offers vehicle leasing facilities in California with no security deposits. Moreover, expansion of manufacturing facilities and distribution networks are some of the prominent strategies adopted by industry players for enhancing their market share. For instance, in December 2018, Nuvera Fuel Cells, LLC signed a cooperative agreement with Hangzhou district government of Fuyang to establish manufacturing facility for fuel cell stacks.
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The fuel cell electric vehicle market is highly competitive owing to the presence of major fuel cell electric vehicle manufacturers including Volkswagen, Toyota Motor Corporation, Audi AG, SAIC Motor Corporation Limited, Hyundai Motor Group and Honda Motor Co. Ltd. Major industry players are engaged in manufacturing reliable and advanced fuel cell systems including Plug Power Inc., Nuvera Fuel Cells LLC., US Hybrid, Dana Limited, Ballard Power Systems, Hydrogenics, Meritor, Inc. and Sunrise Power.
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Fuel cell electric vehicle Industry Insights
Chapter 4. Fuel cell electric vehicle Market, By Vehicle
Chapter 5. Fuel cell electric vehicle Market, By Distance
Chapter 6. Fuel cell electric vehicle Market, By Region
Chapter 7. Company Profiles
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Global Fuel Cell Electric Vehicle Market Insights, Forecast to 2025
Global Fuel Cell Electric Vehicle market size will reach 12300 million US$ by 2025, from 1000 million US$ in 2018, at a CAGR of 36.9% during the forecast period. In this study, 2018 has been considered as the base year and 2019-2025 as the forecast period to estimate the market size for Fuel Cell Electric Vehicle. Fuel Cell Electric Vehicle (FCEV) is a type of electric vehicle which uses a fuel cell, instead of a battery, or in combination with a battery or supercapacitor, to power its on-board electric motor.
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