Press release
Fuel Cell Electric Vehicle Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Fuel Cell Electric Vehicle Market Share
The increase in the number of electric vehicles (EVs) being used is predicted to stimulate the expansion of the fuel-cell electric vehicle market. An electric vehicle is a car powered by one or more electric engines that derive their energy from a battery pack onboard. FCEVs (fuel-cell electric vehicles) are one type of EV that provide significant environmental advantages by lowering greenhouse gas emissions and enhancing air quality. These vehicles are instrumental in moving towards a sustainable transportation model. For example, the International Energy Agency, an organization based in France, reported that in March 2024, about 14 million electric cars were registered worldwide in 2023, showing a 35% increase compared to the 10.5 million registered in 2022. EVs represented 18% of all car sales in 2023, a rise from 14% in 2022. This growth indicates a strong upward trend in the EV market, with more than 250,000 new registrations every week in 2023. Battery electric vehicles constituted 70% of the total stock of electric cars in 2023. Hence, the increased utilisation of EVs is also boosting the fuel cell electric vehicle market's growth.
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What is the projected compound annual growth rate (CAGR) of the fuel cell electric vehicle market from 2025 to 2034, and what factors influence it?
The market of fuel cell electric vehicles has witnessed a massive expansion in the recent past. The market valuation is predicted to surge from $4.44 billion in 2024 to $5.7 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 28.4%. Factors such as government incentives and subsidies, environmental norms, development of infrastructure, rising awareness amongst public, and investments in research and development have been key to the growth observed in the historical period.
Expectations are high for the fuel cell electric vehicle market size to experience a significant growth spurt in the coming years. The market is set to reach $14.57 billion by 2029, with a compound annual growth rate (CAGR) of 26.4%. This projected growth in the forecast period is linked to various factors such as improved hydrogen production techniques, worldwide development of hydrogen infrastructure, cost reductions, and the consumers' increasing acceptance, along with stricter emission standards. The forecast period will also see specific trends dominating the market including the use of hydrogen-powered commercial vehicles, the incorporation of FCEVs into sustainable mobility programs, collaborations in the hydrogen ecosystem, emphasis on lighter materials, and the inclusion of hydrogen fuel cell range extenders.
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How are the latest trends influencing the growth of the fuel cell electric vehicle market?
Leading businesses in the fuel-cell electric vehicle market are striving to create cutting-edge solutions like electric compressor technology to secure a prominent position in the industry. Electric compressor technology involves employing electrically powered compressors for various uses. For instance, Garrett Motion Inc., a distinguished solutions provider based in Switzerland, disclosed the introduction of an innovative 'Electric Fuel Cell Compressor (FCC)' in June 2023. This novel electric air compressor technology effectively provides the necessary airflow to maximize the power density and output of the fuel cell system. Furthermore, it improves the fuel cell stack's efficiency and longevity during the car's lifetime, all within an impressively tiny package.
What are the major segments of the fuel cell electric vehicle market and their role in driving growth?
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
Subsegments:
1) By Polymer Electrolyte Membrane Fuel Cell (PEMFC): Low-Temperature, High-Temperature
2) By Proton Exchange Membrane Fuel Cell: Standard PEM Systems, Advanced PEM Systems
3) By Phosphoric Acid Fuel Cell (PAFC): PAFC Systems For Heavy-Duty Applications, PAFC Systems For Stationary Power Generation
4) By Other Types: Solid Oxide Fuel Cells (SOFC), Alkaline Fuel Cells (AFC), Direct Methanol Fuel Cells (DMFC)
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Which regions are key players in the growth of the fuel cell electric vehicle market?
Asia-Pacific was the largest region in the fuel-cell electric vehicle market in 2024. 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
Who are the key firms paving the way for growth in the fuel cell electric vehicle market?
Major companies operating in the fuel cell electric vehicle market include 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, 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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What Is Covered In The Fuel Cell Electric Vehicle Global Market Report?
• Market Size Forecast: Examine the fuel cell electric vehicle market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the fuel cell electric vehicle market for a structured understanding.
• Key Players Overview: Analyze major players in the fuel cell electric vehicle market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the fuel cell electric vehicle market.
• Segment Contributions: Evaluate how different segments drive overall growth in the fuel cell electric vehicle market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the fuel cell electric vehicle market.
• Industry Challenges: Identify potential risks and obstacles affecting the fuel cell electric vehicle market.
• Competitive Landscape: Review strategic developments in the fuel cell electric vehicle market, including expansions, agreements, and new product launches.
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