Market Snapshot:
The global fuel cell electric vehicles market is expected to grow at a significant rate during the forecast period, according to the AMA study. This is owing to the rising demand for zero-emission vehicles across different applications and the increasing shift of consumers towards electric vehicles from traditional fossil fuel-powered vehicles. In addition, an increased range of fuel cell electric vehicles over battery electric vehicles and faster refueling time is another major factor acting as an advantage for its adoption over electric vehicles. Different governments are supporting the adoption and development of fuel cell electric vehicles in order to replace traditional fuel vehicle fleet from electric and fuel cell electric vehicles. For instance, the government of Japan has planned to achieve the construction of 160 hydrogen fueling stations before the Tokyo Olympics 2020 to which the current number of hydrogen fuel stations in Japan is around 80. The government of Japan is also expecting to raise its fuel cell electric vehicle fleet from 3,000 units in 2019 to 200,000 till 2026 which will further drive the market for fuel cell electric vehicles in the region. Currently, North America has the largest market share in this market owing to the largest number of fuel cell electric vehicles across the United States cities due to the high adoption of high-powered fuel cell sports cars.
Highlights from Fuel Cell Electric Vehicles Market Study
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
CAGR | 45.0% |
The key Vendors profiled in the report are Toyota Motor Corporation (Japan), Honda Motor Co. Ltd (Japan), Hyundai Motor Group (South Korea), Audi AG (Germany), Volkswagen AG (Germany), SAIC Motor Corporation Limited (China), General Motors (United States) and Pininfarina (Italy).
Geographic Breakdown and Segment Analysis
The Global Fuel Cell Electric Vehicles market presents a comprehensive analysis of the Fuel Cell Electric Vehicles market by end-user/application (Passenger Vehicles and Commercial Vehicles), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Fuel Cell Electric Vehicles industry. Investors and Vendors can easily understand the inherent opportunities and challenges for their products in geographical region of interest. For instance, while the North America holds majority of market share of the Fuel Cell Electric Vehicles market, the Asia Pacific has emerged as a crucial market for several Fuel Cell Electric Vehicles brands.
Analyst at AMA have segmented the market study of Global Fuel Cell Electric Vehicles market by Type, Application and Region. On the basis of application, Passenger Vehicle segment is dominating the market where as Commercial Vehicle segment stood as second largest market.
Influencing Trend:
The electric vehicles have less range when compared to traditional fossil fuel vehicles due to limited battery power and required recharging after discharging of battery which requires approximately 6 to 11 hours of charging time for a full battery. FCEV provides more range than electric vehicles & also it requires 2-3 minutes for refueling hydrogen tanks. Thus, the adoption of fuel cell vehicles is expected to rise owing to an advantage over the electric vehicles during the forecast period.
Market Growth Drivers:
Growing Demand for Zero-Emission Vehicles Across Different Applications, Shifting of Consumers From Fossil Fuel to Electric Vehicles, Increased Range of FCEV compared to Traditional Electric Vehicles and Faster Refueling Time Over Electric Vehicles
Challenges:
Lack of Fuel Station Infrastructure in Different Regions and Lack of Initiation Among Automobile Manufacturers
Restraints:
High Cost of Vehicles and Performance Dependency of Vehicle on Available Oxygen in the Atmosphere
Opportunities:
Growing Research and Developments on Fuel Cell Technologies for Implementation in Different Types of Vehicles of Different Transportation Industry. For instance, there are so many companies that have already developed fuel cell technologies for aerospace and marine applications such as Ballard. Moreover, there are some automotive companies such as General Motors, Toyota and Honda which have already launched fuel cell electric vehicles in countries such as Japan and the United States.
Market Developments Activities:
In 2013, General Motors and Honda announced that both have signed a collaboration agreement to co-develop next-generation fuel cell system and hydrogen storage technologies, aimed for the year 2020 time frame.
In January 2020, Japan's Honda Motor Co. and Isuzu Motors Ltd signed a partnership agreement wherein they will jointly research the use of fuel cell technology for heavy-duty vehicle applications. Under the two-year deal, Isuzu will test Honda's fuel cell powertrain which is used by Honda in its fuel cell electric passenger vehicles in commercial trucks.
The companies in this market are collaborating and partnering with fuel cell manufacturing companies for testing the fuel cell technologies in a different range of vehicle models to make it a commercial product in the market. For instance, General Motors have already launched the plans to launch 20 new fuel cell, electric vehicle models, by 2023. This will create huge opportunities for automotive OEMs as well as aftermarket players to gain market share during the forecast period.
Analyst Comment
"Fuel cell electric vehicles (FCEV) provides several advantages over normal battery powered vehicles such as increased range, no requirement of hours of charging of vehicles and zero-emissions for clean environment. However, the cost of FCEVs are much higher than that of battery electric vehicles and also has a lack of fuel infrastructure across different regions. For instance, the current infrastructure is majorly concentrated in Japan with 91 Hydrogen fuel stations, 31 stations across the United States, 14 in Germany, and Norway's hydrogen fuel stations are under construction process for building a strong network to support the FCEVs. Moreover, government of different countries are taking initiatives to support the FCEV technologies in order to reduce the harmful environmental emissions worldwide released by transportation vehicles. For instance, in 2017 there were approximately 21 hydrogen fuel stations across California which further reached to 40 stations in 2019 supporting a fleet of nearly 6,500 fuel cell electric vehicles. The support to build these stations was provided by Community Environmental Council (CEC) and Santa Barbara County Air Pollution Control District."