Press release
Future of Fuel Cell Electric Vehicle Market: Size, Share & Forecasts to 2029
Fuel Cell Electric Vehicle
What Is the Projected Market Size Valuation of the Fuel Cell Electric Vehicle Market by 2025?
In recent times, the market size for fuel cell electric vehicles has seen a significant rise. Its expansion is projected to continue from $4.44 billion in 2024 to a staggering $5.64 billion in 2025, maintaining a compound annual growth rate (CAGR) of 27.0%. Factors contributing to this growth during the historical period include government incentives and subsidies, environmental rules, infrastructure growth, heightened public awareness, and investment in research and development.
What Is the Estimated Market Growth Value for the Fuel Cell Electric Vehicle Industry in 2029?
The market size of fuel cell electric vehicles is anticipated to experience significant expansion in the forthcoming years, reaching a value of $14.15 billion by 2029, with a compound annual growth rate (CAGR) of 25.8%. This predicted growth during the forecast period is largely due to improvements in the production of hydrogen, the worldwide proliferation of hydrogen infrastructure, reduced costs, increased popularity among consumers, and strict emission standards. Some of the main trends for this period are the rise in hydrogen-fuelled commercial vehicles, the incorporation of fuel cell electric vehicles into eco-friendly mobility, partnerships within the hydrogen industry, emphasis on the use of lighter materials, and the extension of hydrogen fuel cell range.
Explore The Complete Report Now:
https://www.thebusinessresearchcompany.com/report/fuel-cell-electric-vehicle-global-market-report
What Are the Growth Drivers and Opportunities in the Fuel Cell Electric Vehicle Market?
The uptick in electric vehicle use is predicted to drive the expansion of the fuel-cell electric vehicle industry in the future. Electric vehicles are cars powered by one or more electric engines, utilizing energy from a battery pack on board. These vehicles, which include FCEVs (fuel-cell electric vehicles), offer substantial environmental advantages by cutting down on greenhouse gas emissions and enhancing air quality. They are instrumental in securing a sustainable transport future. For instance, data from the France-based International Energy Agency in 2024 revealed that approximately 14 million electric cars were globally registered in 2023, a 35% uptick from the 10.5 million registered the previous year. Electric vehicles (EVs) constituted 18% of total automobile sales in 2023, an increase from 14% in 2022. This surge underscores the solid progress in the EV sector, with weekly registrations in 2023 surpassing 250,000. Battery electric vehicles made up 70% of the total electric car inventory in 2023. Thus, the growing adoption of electric vehicles spurs the expansion of the fuel-cell electric vehicle sector.
Get Free Sample Report Here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=12473&type=smp
What Are the Primary Segments Covered in the Global Fuel Cell Electric Vehicle Market Report?
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)
What Are the Top Growth Trends in the Fuel Cell Electric Vehicle Market?
Leading corporations in the fuel-cell electric vehicle sector are concentrating on creating breakthrough solutions such as electric compressor technology to maintain a strategic advantage in the marketplace. This technology involves the implementation of electrically propelled compressors in a variety of applications. An illustration of this is when Garrett Motion Inc., a company that provides differentiated solutions from Switzerland, unveiled an improved version of an 'Electric Fuel Cell Compressor (FCC) in June 2023. This high-performance electric air compressor technology augments the power density and output of a fuel cell system by precisely delivering the required airflow. Plus, it also boosts the fuel cell stack's efficiency and longevity throughout the vehicle's service life, all while occupying a surprisingly small space.
Customize Your Insights And Get The Full Report Here:
https://www.thebusinessresearchcompany.com/customise?id=12473&type=smp
Which Companies Are Shaping the Future of 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
Which Region Holds the Largest Market Share in the Fuel Cell Electric Vehicle Industry?
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
Speak With Our Expert:
Saumya Sahay,
Americas: +1 310-496-7795,
Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
The Business Research Company - www.thebusinessresearchcompany.com
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Future of Fuel Cell Electric Vehicle Market: Size, Share & Forecasts to 2029 here
News-ID: 4173407 • Views: …
More Releases from The Business Research Company
Top Market Shifts Transforming the Rainwater Harvesting Systems Market Landscape …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Rainwater Harvesting Systems Market Through 2025?
Over the past few years, there has been substantial growth in the market size of rainwater harvesting systems. The industry, which was valued at $1.94 billion in 2024, is predicted to rise to $2.07 billion by…
Live Concerts Fueling Surge In Percussion Instruments Market Growth: Transformat …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Percussion Instruments Industry Market Size Be by 2025?
Over the past few years, the market size of percussion instruments has examined a steady rise. With an increase from $1.44 billion in 2024 to $1.47 billion in 2025, it expects a Compound Annual Growth Rate (CAGR) of…
Emerging Trends to Drive Hydraulic Equipment Market Growth at 3.5% CAGR Through …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Hydraulic Equipment Market Size Growth Forecast: What to Expect by 2025?
The size of the hydraulic equipment market has consistently increased in the past few years. Projections show that it will rise from $45.21 billion in 2024 to $46.86 billion in 2025, recording a compound annual growth rate (CAGR)…
Emerging Trends to Reshape the Fishing Drones Market: Innovative Advancement In …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Fishing Drones Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of fishing drones has seen a swift increase in the past few years. An expansion from $0.89 billion in 2024 to $0.99 billion in 2025, representing a compound annual growth rate (CAGR)…
More Releases for Fuel
Fuel Cell Market to Expand Significantly by 2024 | Horizon Fuel Cell Technologie …
The "Fuel Cell Market" intelligence report, just published by USD Analytics, covers insurers' micro-level study of important market niches, product offers, and sales channels. In order to determine market size, potential, growth trends, and competitive environment, the Fuel Cell Market provides dynamic views. Both primary and secondary sources of data were used to generate the research, which has both qualitative and quantitative depth. Several of the major figures the study…
Electronic Fuel Management System Market Share and Future Forecast 2022 to 2028 …
The global Electronic Fuel Management System market revenue is expected to register a CAGR of 8.8% during the forecast period.
Latest Study on Industrial Growth of Electronic Fuel Management System Market 2022-2028. A detailed study accumulated to offer current insights about important features of the Electronic Fuel Management System market. The report contains different market predictions related to revenue size, production, CAGR, Consumption, value chain optimization, price, and other substantial factors. While emphasizing…
Marine Gensets Market: Information by Vessel Type (Commercial Vessel, Defense Ve …
A marine genset is a power unit generator that supplies electricity to ships. It offers reliable and fuel-efficient electric power generation for onboard power, emergency gensets, and diesel-electric propulsion. It can be fueled by gas, diesel, hybrid fuel, and others. It has application in offshore commercial vessels, defense vessels, and offshore vessels, among others. Nowadays, most of the marine gensets are fueled by diesel. However, the introduction of alternative fuels…
Fuel Card Market to 2027 - Global Analysis and Forecasts By Type (Branded Fuel C …
The global fuel card market is estimated to account US$ 6.29 Bn in 2018 and is expected to grow at a CAGR of 5.8% during the forecast period 2019 – 2027, to account to US$ 10.39 Bn by 2027.
Request Sample Pages of “Fuel Card Market” Research Report @ www.theinsightpartners.com/sample/TIPRE00003099/?utm_source=openpr&utm_medium=10387
Fuel Card Market: Key Insights
Fuel Card Market Size 2021, by manufacturer, region, types, and application, forecast till 2028 is analyzed and researched on…
Clean Fuel Technology Market – Development Assessment 2025 | Clean Fuel Develo …
Global Clean Fuel Technology Market: Overview
Clean technology in general implies the use of any service, product, or system that has as little of a negative impact on the environment as possible. Aspects of clean technology include the conservation of energy, sustainable resources, and clean sources of fuels. Clean fuels can refer to the use of renewable fuels such as biogas, or also blended fuels such as fossil fuels with renewable…
Fuel Cell Interconnectors Market By Product Type Ceramic based, Metal based; By …
Global Fuel Cell Interconnectors Market Introduction
A fuel cell is a battery that generates electricity through an electrochemical reaction where the fuel cell interconnector is a layer made up of either ceramic or metallic material, which combines the electricity generated by each individual cell. Fuel cell interconnectors are placed between each individual cell to connect the cells in the series. Ceramic fuel cell interconnectors are more suitable for high-temperature working conditions…
