PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1148037
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1148037
The global Fuel Cell Electric Vehicle (FCEV) Market size was valued at USD 1,017.2 million in 2021 and is anticipated to register a CAGR of 40.9% from 2022 to 2028.
Fuel cell electric vehicles (FCEVs) are zero-emission cars that use a fuel cell to convert hydrogen stored onboard to power an electric motor that powers the vehicle. They consume less energy than traditional internal combustion (ICE) engines and emit no exhaust emissions. They solely release water and warm air.
Market Dynamics
The increase in population has resulted in growing pollution levels, which has pushed the trend toward clean energy sources and green technologies to successfully reduce carbon emissions. This has had a positive impact on Fuel cell electric vehicle (FCEV) demand in recent years. The transition from traditional fuel cars to environmentally friendly vehicles has driven demand for Fuel cell electric vehicles (FCEVs) in recent years. Other reasons driving market expansion include stringent environmental legislation, the provision of incentives and benefits for clean fuels, and toxic gas emissions from combustion engine cars. Furthermore, growing concern about car emissions has prompted manufacturers to research alternative power trains, accelerating market growth.
The COVID-19 epidemic halted the whole ecosystem, preventing the development and sale of breakthrough autos worldwide. Fuel cell cars had to come to a halt until the lockdowns were lifted before they could continue to grow, affecting their production processes. As a result, manufacturing quantities for automobile production had to be altered, resulting in late final delivery and a revenue decrease.
Segmentation Analysis:
The fuel Cell Electric Vehicle (FCEV) Market is segmented on the basis of distance range, vehicle type, and Region.
The FCEV market may be classified into two categories based on distance range: short-range distance and long-range distance. The long-distance sector is expected to grow throughout the projection period. The long-range distance sector is expected to be driven by short refueling times and small battery backup with long-range support. Increased use of fuel-cell cars for public transportation is also expected to push the long-distance category. Furthermore, fuel cell manufacturers are developing long-distance fuel cell trucks. Manufacturing businesses' continuous development to extend the distance range is projected to boost the long-range distance sector over the projection period.
The FCEV market may be divided into three categories: commercial vehicles, agricultural vehicles, and others. Buses, trucks, and heavy-duty vehicles are all part of the commercial vehicle market. Capacity to drive long distances, improved refueling schedule, and firms like Volkswagen and Hyundai offering heavy-duty vehicles are expected to greatly enhance the commercial vehicle market throughout the projection period.
Competitive Landscape:
Because of rising acceptance and investment in the industry by commercial and government actors, the fuel cell car market may be classified as competitive. Toyota Motor Corporation, Audi AG, and Volvo AB are among the market's established participants. These firms make significant investments in research and development for fuel-cell cars. Several mergers and acquisitions, partnerships, and collaborations are projected to be among the growth tactics used by these organizations to expand their operations by using each other's experience.
For example, Plug Power Inc. and Renault Group have announced the formation of HYVIA, a joint venture to develop hydrogen fuel cells and low-carbon mobility cars. Similarly, HORIBA MIRA and Ceres announced a collaboration for fuel cell development and testing at the Ceres desk facility at the HORIBA MIRA West Midlands campus in the United Kingdom.
Key features of the study:
This proposed research study on Fuel Cell Electric Vehicle (FCEV) Market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2022-2028), considering 2021 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Fuel Cell Electric Vehicle (FCEV) Market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Fuel Cell Electric Vehicle (FCEV) Market
Impact of COVID-19 on Fuel Cell Electric Vehicle (FCEV) Market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Fuel Cell Electric Vehicle (FCEV) Market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Fuel Cell Electric Vehicle (FCEV) Market, we have also included competitive landscape and key innovator analysis for the Fuel Cell Electric Vehicle (FCEV) Market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Fuel Cell Electric Vehicle (FCEV) Market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Fuel Cell Electric Vehicle (FCEV) Market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL FUEL CELL ELECTRIC VEHICLE (FCEV) MARKET KEY PLAYERS
Daimler AG
Honda Motors Co. Ltd.
Nikola Corporation
Toyota Motor Corporation
Hyundai Motor Group
Ballard Power System Inc.
Volvo AB
General Motors
BMW AG
Audi AG
GLOBAL FUEL CELL ELECTRIC VEHICLE (FCEV) MARKET, BY DISTANCE RANGE
Short Range Distance
Long Range Distance
GLOBAL FUEL CELL ELECTRIC VEHICLE (FCEV) MARKET, BY VEHICLE TYPE
Commercial Vehicle
Agriculture Vehicle
Other
GLOBAL FUEL CELL ELECTRIC VEHICLE (FCEV) MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA