Press release
Fuel Cell Electric Vehicle Market 2024: By Size, Share, CAGR, Trends And Growth Forecast To 2033
Fuel Cell Electric Vehicle Market
Fuel Cell Electric Vehicle Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $11.61 billion In 2028 At A CAGR Of 26.8%.
The fuel cell electric vehicle market size has grown exponentially in recent years. It will grow from $3.49 billion in 2023 to $4.5 billion in 2024 at a compound annual growth rate (CAGR) of 28.9%. The growth in the historic period can be attributed to government incentives and subsidies, environmental regulations, infrastructure development, increasing public awarenes, r&d investments.
The fuel cell electric vehicle market size is expected to see exponential growth in the next few years. It will grow to $11.61 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to advancements in hydrogen production, global expansion of hydrogen infrastructure, cost reductions, increased consumer acceptance, stringent emission standards. Major trends in the forecast period include hydrogen-powered commercial vehicles, integration of fcevs in sustainable mobilit, collaborations in hydrogen ecosystem, focus on lightweight materials, hydrogen fuel cell range extender.
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Fuel Cell Electric Vehicle Market Major Segments
The fuel cell electric vehicle market covered in this report is segmented -
1) By Type: Polymer Electrolyte Membrane Fuel Cell (PEMFC), Proton Exchange Membrane Fuel Cell, Phosphoric acid Fuel Cell, Other Types
2) By Range: Short Range, Long Range
3) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
Key Driver - Growing Adoption Of Electric Vehicles Drives The Fuel-Cell Electric Vehicle Market
The rise in the adoption of electric vehicles is expected to propel the growth of the fuel-cell electric vehicle market going forward. An electric vehicle refers to a vehicle that is driven by one or more electric motors that are supplied with energy by an onboard battery pack. Electric vehicles, including FCEVs (fuel-cell electric vehicles), offer significant environmental benefits by reducing greenhouse gas emissions and improving air quality. They also play a critical role in achieving a sustainable transportation future. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles doubled to 6.6 million in 2021 compared to more than 3 million reported in 2020. Therefore, the rise in the adoption of electric vehicles is driving the growth of the fuel-cell electric vehicle market.
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Prominent Trend - Fuel Cell Compressor (FCC) Technology For Enhanced Performance And Durability In Fuel-Cell Electric Vehicles
Major companies operating in the fuel-cell electric vehicle market are focused on developing innovative solutions such as electric compressor technology. Electric compressor technology refers to the use of electrically driven compressors in various applications. For instance, in June 2023, Garrett Motion Inc., a Switzerland-based differentiated solutions provider announced the launch of advanced 'Electric Fuel Cell Compressor (FCC). It is a high-performance electric air compressor technology that efficiently delivers the required airflow to optimize the power density and output of the fuel cell system. Additionally, it enhances the efficiency and durability of the fuel cell stack throughout the vehicle's lifespan, all packaged in a remarkably compact form.
Fuel Cell Electric Vehicle Market Players
Major companies operating in the fuel cell electric vehicle market report are Volkswagen AG, Toyota Motor Corporation, Mercedes-Benz Group, General Motors, Mitsubishi Corporation, Honda Motor Co. Ltd., FAW Group Ltd., SAIC Motor Corp. Ltd., Hyundai Motor Group, Nissan Motor Co. Ltd., Audi AG, Renault Group, Bayerische Motoren Werke AG, Suzuki Motor Corporation, Jaguar Land Rover, Iveco Group N.V., Dongfeng Motor Corporation, Denso Global, Tata Motors Limited, Ashok Leyland, Kenworth Truck Company, Dayun Automobile Co. Ltd., Rolls-Royce PLC, Ballard Power Systems Inc., Hyzon Motors, Nikola Corporation, H2X Global.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the fuel-cell electric vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fuel cell electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Fuel Cell Electric Vehicle Market Report Structure
3. Fuel Cell Electric Vehicle Market Trends And Strategies
4. Fuel Cell Electric Vehicle Market - Macro Economic Scenario
5. Fuel Cell Electric Vehicle Market Size And Growth
…..
27. Fuel Cell Electric Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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