Rising Government Focus on Reducing CO2 Emissions Driving Fuel Cell Electric Vehicle Demand

The European Union (EU) implemented the Regulation (EU) 2019/631 on 1 January 2020 to set EU fleet-wide carbon dioxide CO2 emission targets to be applied from 2020, 2025, and 2030 and provide a mechanism to incentivize the uptake of zero- and low-emission vehicles (ZLEVs). Similarly, the Government of Canada encourages the uptake of new energy vehicles through its nationwide Zero Emission Vehicle Strategy. Implementation of such stringent vehicular emission standards and extensive focus of governments on deploying fuel-efficient vehicles are encouraging the adoption of environment-friendly automobiles, such as fuel cell electric vehicles (FCEVs) worldwide.

Additionally, the burgeoning demand for increased driving range and improved vehicle performance will strengthen the fuel cell electric vehicle market during 2021–2030. According to P&S Intelligence, the market generated around $3 billion revenue in 2020. Over the last few years, FCEVs have gained popularity due to their longer range, shorter refueling time, and improved performance. In addition, these automobiles also offer superior power and higher torque and emit a lesser amount of CO2 and greenhouse gases (GHGs) than conventional vehicles.

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Prominent manufacturers of PAFC and PEMFC powered passenger and commercial vehicles are Honda Motor Co., SAIC Motor Corporation Limited, Tata Motors Limited, Hyundai Motor Company, Solaris Bus & Coach sp. z o.o., Toyota Motor Corporation, Nikola Corporation, and Daimler AG. FCEVs offered by these companies are available in long as well as short range. In the upcoming years, an enormous number of short-range FCEVs will be purchased due to the booming demand for low-emission vehicles for commuting short distances and surging use of such vehicles for delivering goods by e-commerce companies and airport and port authorities.

In the coming years, the Asia-Pacific (APAC) fuel cell electric vehicle market will exhibit the highest growth rate due to the presence of stringent vehicular emission norms in the region. Additionally, the existence of leading FCEV manufacturers, such as SAIC Motor Corporation Limited, Toyota Motor Corporation, and Hyundai Motor Company, also facilitates the adoption of such new energy vehicles in the region.

Furthermore, hefty investments being made in the development of hydrogen fuel cell vehicles are also encouraging the people of APAC to shift toward such energy-efficient vehicles.

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Therefore, the implementation of stringent government regulations for reducing CO2 emissions and encouraging the adoption of ZLEVs and the soaring need for vehicles with improved performance and longer driving range will encourage the usage of FCEVs in the forthcoming years.

Market Segmentation by Type

Polymer Electrolyte Membrane Fuel Cell (PEMFC)
Phosphoric Acid Fuel Cell (PAFC)
Others
Market Segmentation by Range

Short
Long
Market Segmentation by Vehicle Type

Passenger Vehicle
Commercial Vehicle
Market Segmentation by Region

North America Fuel Cell Electric Vehicle Market
By type
By range
By vehicle type
By country – U.S. and Canada
Europe Fuel Cell Electric Vehicle Market
By type
By range
By vehicle type
By country – Germany, France, U.K., Italy, Spain, and Rest of Europe
Asia-Pacific (APAC) Fuel Cell Electric Vehicle Market
By type
By range
By vehicle type
By country – Japan, China, India, Australia, South Korea, and Rest of APAC
Latin America (LATAM) Fuel Cell Electric Vehicle Market
By type
By range
By vehicle type
By country – Brazil, Mexico, and Rest of LATAM
Middle East and Africa (MEA) Fuel Cell Electric Vehicle Market
By type
By range
By vehicle type
By country – Saudi Arabia, South Africa, and Rest of MEA
Market Segment Analysis of Countries

Further breakdown of 16 listed countries will be provided as per below segmentation:
By type
By range
By vehicle type

P&S Intelligence
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.