About Electric Vehicles Fuel Cell
Fuel cell electric vehicles use hydrogen gas to power an electric motor instead of a battery. Increasing government initiative towards controlling vehicular pollution propelling market growth. For instance, according to the Department of Energy in the United States around 500,000 fuel cell cars are expected to be on road by 2030. In addition, increasing greenhouse gases and higher carbon emissions from conventionally fueled vehicles driving the demand for alternatives such as electric vehicles expected to drive market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Electric Vehicles Fuel Cell market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Toyota Motor Corporation (Japan), Honda Motor Co. Ltd (Japan), Hyundai Motor Group (South Korea), Volkswagen (Germany), SAIC Motor Corporation Limited (China), Nuvera Fuel Cells LLC. (United States), Ballard Power Systems (Canada) and Meritor Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Hydrogenics (Canada), Plug Power Inc. (United States) and US Hybrid (United States).
Segmentation Overview
AMA Research has segmented the market of Global Electric Vehicles Fuel Cell market by Type (Proton Exchange Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC) and Molten Carbonate Fuel Cell (MCFC)) and Region.
On the basis of geography, the market of Electric Vehicles Fuel Cell has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Vehicle, the sub-segment i.e. Heavy-Duty Vehicles will boost the Electric Vehicles Fuel Cell market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distance, the sub-segment i.e. Short will boost the Electric Vehicles Fuel Cell market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Advancements in Fuel Cell towards Reducing the Overall Vehicle Cost and Increasing Applications of High-Density Hydrogen Storage Systems in Transportation Industry
Market Growth Drivers:
Rise in Environmental Concern and Government Initiatives For To Adoption of Zero-Emission Vehicles
Challenges:
Lack of Awareness in the Emerging Economies
Restraints:
High Investments Required For Establishing Hydrogen Fueling Stations
Opportunities:
Growing Awareness about Deteriorating Air Quality from Transportation and Rising Demand from the Developing Economies
Market Leaders and their expansionary development strategies
AVL, a leading development, simulation, and testing automotive company has partnered with Spark EV Technology, a zero-emission energy and range management specialist to accelerate the development of Fuel cell electric vehicles (FCEVs) technology. the significant partnership will see Spark EV Technology’s energy prediction software.
Toyota's recently launched hydrogen-based advanced fuel cell electric vehicle (FCEV) Mirai is being seen as a crucial step in the country’s shift towards zero-emission alternatives. The new launch hydrogen fuel cell battery pack that can provide a range of 650 km.
Key Target Audience
Electric Vehicles Fuel Cell Manufacturers, Electric Vehicles Fuel Cell Providers, Technology Providers, Potential Investors, Government Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.