Fuel Cell Electric Vehicle Market
Global Fuel Cell Electric Vehicle Market Size, Share & Trends Analysis Report by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Buses Trucks, and Trains), by Fuel Cell Type (Polymer Electrolyte Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Direct Methanol Fuel cell, Solid Oxide Fuel Cell, and Others), and by Range (Short, and Long), Forecast (2021-2027) Update Available - Forecast 2024-2030
The global fuel cell electric vehicle market is anticipated to grow at a substantial CAGR of 2.9% during the forecast period (2021-2027). One of the major factors of contributing to the growth of the market is the rising demand for zero-emission vehicles. The fuel cell electric vehicles have hydrogen as the mode of power to run the vehicle. It uses the fuel cell to convert electrochemical energy of stored hydrogen to electric energy which runs the electric motor with no emission except the water and heat radiations. As a result of which, this technology is adopted in different vehicles which range from passenger cars to trains. Growing awareness of a cleaner environment and noiseless transportation has increased the demand for fuel cell electric vehicles. Additionally, fuel cell electric vehicles provide benefits such as improved driving range, lower refuelling time, and emission-less transportation. Moreover, governmental campaigns such as tax credits and favourable incentives are encouraging emission-less vehicles which have further ignited the growth of the fuel cell electric vehicles market. For instance, in July 2021, the European Union proposed an effective ban on the sale of new petrol and diesel cars including a 100% cut in CO2 emissions by 2035.
Impact of COVID-19 Pandemic on Global Fuel Cell Electric Vehicle Market
The COVID-19 pandemic had adversely impacted most of the industries in the market. The pandemic led the governments to impose the lockdown which restricted the production activities including the fuel cell electric vehicles. Original Equipment Manufacturers (OEMs) and fuel cell system manufacturers, also had to face similar consequences. It caused market players a huge loss. For instance, as per the financial report of Honda group, in June 2020, sales revenue from external customers decreased by 55.1% as compared to the sales revenue from external customers from the same period of 2019. However, as the situation got normal, the Honda group witnessed significant growth. According to the financial report of Honda group on June 2021, sales revenue from external customers increased by 82.4% as compared to the sales revenue from external customers from the same period of 2020.
Segmental Outlook
The global fuel cell electric vehicle market is segmented based on the vehicle type, fuel cell type, and range. Based on the vehicle type, the market is segmented into passenger cars, light commercial vehicles, buses, trucks, and trains. Based on the fuel cell type, the market is segmented into polymer electrolyte membrane fuel cell (PEMFC), phosphoric acid fuel cell (PAFC), direct methanol fuel cell (DMFC), solid oxide fuel cell (SOFC), and others. The other fuel cell types are alkaline fuel cell, molten carbonate fuel cell, and reversible fuel cell. Based on the range, the market is sub-segmented into the short, and long. Based on range, the short-range segment is projected to grow faster during the forecast period. The short-range fuel cell electric vehicle costs much lesser, and refueling just takes a few minutes which makes it a much more suitable option for most consumers.
Global Fuel Cell Electric Vehicle Market Share by Vehicle Type, 2020 (%)
The Passenger Cars Segment Holds the Prominent Share in the Global Fuel Cell Electric Vehicle Market
The passenger cars segment holds the prominent share and is anticipated to grow fastest, among others, during the forecast period. One of the major factors contributing to the growth of the fuel cell electric passenger car is the high competitiveness in the passenger cars market which led the most market players to invest in the passenger cars as compared to the others. The high competitiveness increases options, technologies, and features at a much more affordable price for consumers which led to increases the sales. For instance, as per the data of the International Energy Agency (IEA), updated in April 2021, passenger vehicles hold the significant stock of fuel cell electric vehicles with 26,000 units followed by buses with 5,300 units.
Regional Outlooks
The global fuel cell electric vehicle market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Asia Pacific region holds the major share in the market followed by North America, and then Europe as per the data of IEA, updated on April 2021.
Global Fuel Cell Electric Vehicle Market Growth, by Region 2021-2027
The Asia-Pacific Region Holds the Considerable Share in the Global Fuel Cell Electric Vehicle Market
The Asia Pacific region is projected to hold significant share of the market and is anticipated to grow significantly during the forecast period. The presence of the major market players in the region such as Honda Motor Co., Toyota Motor Corp., China FAW Group Co., Ltd., Hyundai Motor Co., SAIC Motor Corp. Ltd., and others are accelerating the growth of the market in the region. As per the data revealed by International Energy Agency (IEA), in April 2021, Korea held the fuel cell electric vehicle market stock of approximately 10,000 vehicles followed by China with 5,300 buses and 3,200 trucks. Furthermore, in December 2021, as per the South Korean Ministry of Transport, the government of South Korea announced its plan to expand its hydrogen station to 43 along with motorways by the end of 2022.
Market Players Outlook
The major companies serving the global fuel cell electric vehicle market include BMW AG, DAIMLER AG, General Motors Co., Honda Motor Co., Toyota Motor Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2020, Toyota announced a joint venture with five companies in China for developing fuel cells. The joint venture, named as United Fuel Cell System R&D, fetched a primary investment of $46 million for the project. The participating companies in this joint venture are Dongfeng Motor Corp., China FAW Corp., Guangzhou Auto, Beijing SinoHytec Co., and Beijing Automobile Group Co.
The Report Covers
• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global fuel cell electric vehicle market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Fuel Cell Electric Vehicle Market
• Recovery Scenario of Global Fuel Cell Electric Vehicle Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. BMW AG
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. DAIMLER AG
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. General Motors Co.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Honda Motor Co., Ltd.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Toyota Motor Corp.
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Key Strategy Analysis
3.7. Impact of Covid-19 on Key Players
4. Market Segmentation
4.1. Global Fuel Cell Electric Vehicle Market by Vehicle Type
4.1.1. Passenger Cars
4.1.2. Light Commercial Vehicles
4.1.3. Buses
4.1.4. Trucks
4.1.5. Trains
4.2. Global Fuel Cell Electric Vehicle Market by Fuel Cell Type
4.2.1. Polymer Electrolyte Membrane Fuel Cell (PEMFC)
4.2.2. Phosphoric Acid Fuel Cell (PAFC)
4.2.3. Direct Methanol Fuel Cell (DMFC)
4.2.4. Solid Oxide Fuel Cell (SOFC)
4.2.5. Others (Alkaline Fuel Cell, Molten Carbonate Fuel Cell, and Reversible Fuel Cell)
4.3. Global Fuel Cell Electric Vehicle Market by Range
4.3.1. Short
4.3.2. Long
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. TheVolvo Group
6.2. AUDI AG
6.3. Beijing Automobile Group Co., Ltd.
6.4. Beijing SinoHytec Co., Ltd.
6.5. China FAW Group Co.,Ltd.
6.6. Dongfeng Motor Group Co., Ltd.
6.7. GAC MOTOR
6.8. Hyundai Motor Co.
6.9. INEOS Automotive Ltd.
6.10. Jaguar Land Rover
6.11. MAN
6.12. Mazda Motor Corp.
6.13. Mitsubishi Fuso Truck and Bus Corp.
6.14. Nikola Corp.
6.15. Nissan Corp.
6.16. SAIC Motor Corp. Ltd.
1. GLOBAL FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2020-2027 ($ MILLION)
2. GLOBAL FUEL CELL ELECTRIC PASSENGER CARS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3. GLOBAL FUEL CELL ELECTRIC LIGHT COMMERCIAL VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL FUEL CELL ELECTRIC BUSES MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
5. GLOBAL FUEL CELL ELECTRIC TRUCKS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6. GLOBAL FUEL CELL ELECTRIC TRAINS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
7. GLOBAL FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY FUEL CELL TYPE, 2020-2027 ($ MILLION)
8. GLOBAL PEMFC IN ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL PAFC IN ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL DMFC IN ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL SOFC IN ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL OTHERS IN FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
13. GLOBAL FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY RANGE, 2020-2027 ($ MILLION)
14. GLOBAL FUEL CELL ELECTRIC VEHICLE OF SHORT RANGE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
15. GLOBAL FUEL CELL ELECTRIC VEHICLE OF LONG RANGE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
16. GLOBAL FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
17. NORTH AMERICAN FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
18. NORTH AMERICAN FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2020-2027 ($ MILLION)
19. NORTH AMERICAN FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY FUEL CELL TYPE, 2020-2027 ($ MILLION)
20. NORTH AMERICAN FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY RANGE, 2020-2027 ($ MILLION)
21. EUROPEAN FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
22. EUROPEAN FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2020-2027 ($ MILLION)
23. EUROPEAN FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY FUEL CELL TYPE, 2020-2027 ($ MILLION)
24. EUROPEAN FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY RANGE, 2020-2027 ($ MILLION)
25. ASIA-PACIFIC FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
26. ASIA-PACIFIC FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2020-2027 ($ MILLION)
27. ASIA-PACIFIC FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY FUEL CELL TYPE, 2020-2027 ($ MILLION)
28. ASIA-PACIFIC FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY RANGE, 2020-2027 ($ MILLION)
29. REST OF THE WORLD FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
30. REST OF THE WORLD FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2020-2027 ($ MILLION)
31. REST OF THE WORLD FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY FUEL CELL TYPE, 2020-2027 ($ MILLION)
32. REST OF THE WORLD FUEL CELL ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY RANGE, 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL FUEL CELL ELECTRIC VEHICLE MARKET, 2020-2027 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL FUEL CELL ELECTRIC VEHICLE MARKET BY SEGMENT, 2020-2027 ($ MILLION)
3. RECOVERY OF GLOBAL FUEL CELL ELECTRIC VEHICLE MARKET, 2021-2027 (%)
4. GLOBAL FUEL CELL ELECTRIC VEHICLE MARKET SHARE BY VEHICLE TYPE, 2020 VS 2027 (%)
5. GLOBAL FUEL CELL ELECTRIC PASSENGER CARS MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
6. GLOBAL FUEL CELL ELECTRIC LIGHT COMMERCIAL VEHICLES MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
7. GLOBAL FUEL CELL ELECTRIC BUSES MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
8. GLOBAL FUEL CELL ELECTRIC TRUCKS MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
9. GLOBAL FUEL CELL ELECTRIC TRAINS MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
10. GLOBAL FUEL CELL ELECTRIC VEHICLE MARKET SHARE BY FUEL CELL TYPE, 2020 VS 2027 (%)
11. GLOBAL PEMFC ELECTRIC VEHICLE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
12. GLOBAL PAFC ELECTRIC VEHICLE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
13. GLOBAL DMFC ELECTRIC VEHICLE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
14. GLOBAL SOFC ELECTRIC VEHICLE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
15. GLOBAL OTHER FUEL CELL ELECTRIC VEHICLE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
16. GLOBAL FUEL CELL ELECTRIC VEHICLE MARKET SHARE BY RANGE, 2020 VS 2027 (%)
17. GLOBAL SHORT RANGE OF FUEL CELL ELECTRIC VEHICLE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
18. GLOBAL LONG RANGE OF FUEL CELL ELECTRIC VEHICLE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
19. GLOBAL FUEL CELL ELECTRIC VEHICLE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
20. US FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
21. CANADA FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
22. UK FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
23. FRANCE FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
24. GERMANY FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
25. ITALY FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
26. SPAIN FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
27. REST OF EUROPE FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
28. INDIA FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
29. CHINA FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
30. JAPAN FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
31. SOUTH KOREA FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
32. REST OF ASIA-PACIFIC FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
33. REST OF THE WORLD FUEL CELL ELECTRIC VEHICLE MARKET SIZE, 2020-2027 ($ MILLION)
