PUBLISHER: The Business Research Company | PRODUCT CODE: 1271033
PUBLISHER: The Business Research Company | PRODUCT CODE: 1271033
“Fuel Cell Vehicle Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on fuel cell vehicle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for fuel cell vehicle ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The fuel cell vehicle market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the fuel cell vehicle market are Toyota Motor Corporation, Honda Motor Co., Ltd., Hyundai Motor Company, Volvo AB, General Motors, BMW AG, Audi AG, Ford Motor Company, Ballard Power System Inc., Nikola Corporation, SAIC Motor Corporation Limited, Mercedes-Benz Group, MAN SE, Plug Power Inc., and Bloom Energy Corporation.
The global fuel cell vehicle market is expected to grow from $0.94 billion in 2022 to $1.44 billion in 2023 at a compound annual growth rate (CAGR) of 52.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The fuel cell vehicle market is expected to reach $7.24 billion in 2027 at a CAGR of 49.6%.
The fuel cell vehicle market consists of sales of buses and coaches, passenger cars and commercial vehicles. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Fuel cell vehicle is an electric vehicle that powers its onboard electric motor with a fuel cell, occasionally in conjunction with a tiny battery or supercapacitor. These automotive fuel cells produce electricity by utilising oxygen from the air and compressed hydrogen.
North America was the largest region in the fuel cell vehicle market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fuel cell vehicle report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of fuel cell vehicle include passenger vehicle and commercial vehicle. Passenger vehicles are motor vehicles designed purely for the transportation of passengers and their belongings, capable of carrying no more than twelve passengers exclusive of the driver, and not towing a trailer. The different fuel cell vehicle technologies include proton exchange membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), phosphoric acid fuel cells (PAFC) and molten carbonate fuel cells (MCFC), that include private and commercial end users.
The increased demand for fuel-efficient, high-performance, and low-emission cars is expected to propel the growth of the fuel cell vehicle market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted.These vehicles are more environmentally friendly and efficient than standard combustion-powered engines, which raises demand for the low-emission cars market. For instance, according to Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increased demand for fuel-efficient, high-performance, and low-emission cars is driving the growth of the fuel cell vehicle market.
Technological advancement is the key trend gaining popularity in the fuel cell vehicle market. Major companies operating in the fuel cell vehicle market are focusing on developing new technologies to increase the efficiency and cost effectiveness of fuel cells. For instance, in July 2021, Hyzon Motors Inc. a US-based supplier of zero-emission hydrogen fuel cell-powered heavy vehicles developed new onboard hydrogen storage system technology capable of decreasing the weight and manufacturing cost of commercial vehicles driven by Hyzon's hydrogen fuel cells. It reduces overall system weight by 43%, storage system costs by 52%, and the number of required manufacturing components by 75% based on a single-rack system with the capacity to store five hydrogen cylinders. The storage system can be configured to transport a configurable number of hydrogen tanks, reducing both weight and costs. The smallest variant can carry five tanks and may be enlarged to accommodate seven tanks due to its modular architecture. A separate variation can hold ten tanks, making it appropriate for long-distance trucks.
In October 2021, Pure Hydrogen Corporation Limited, an Australia-based clean energy solutions company acquired 24% H2X Global Limited for an undisclosed amount. With this acquisition, Pure Hydrogen's experience in hydrogen logistics will ensure the refuelling needs of H2X's cars. H2X Global Limited an Australia-based hydrogen fuel cell electric vehicle company.
The countries covered in the fuel cell vehicle market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The fuel cell vehicle market research report is one of a series of new reports from The Business Research Company that provides fuel cell vehicle market statistics, including fuel cell vehicle industry global market size, regional shares, competitors with a fuel cell vehicle market share, detailed fuel cell vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the fuel cell vehicle industry. This fuel cell vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.