The global fuel cell electric vehicles market is projected to grow at a moderate rate during the forecast period. Fuel cell electric vehicles utilize fuel cells instead of batteries and are more efficient than conventional internal combustion engine vehicles. The spark is generated by utilizing atmospheric oxygen and compressed hydrogen in the vehicles. Fuel cells are of emission-free nature therefore, they can be implemented in various kinds of vehicles ranging from passenger cars to airplanes. The increasing awareness of air and noise pollution caused by public and private transportation has increased the demand for fuel cell electric vehicles.
Additionally, governmental efforts to encourage the usage of emission-less vehicles have further fueled the fuel cell electric vehicles industry. For instance, in 2018, the California Energy Commission had awarded Shell and Toyota a contract of $8 million for developing hydrogen-truck refueling stations in the US. The Ministry of Trade, Industry, and Energy (MTIE) announced in July 2018 a target of 5 million fuel cell electric vehicles being deployed by 2030. Besides, zero-emissions nature the other benefits of using fuel cell electric vehicles to enhance the demand for fuel cell electric vehicles. Fuel cell electric vehicles use hydrogen as their combustion fuel as they possess significant carbon neutrality capacity throughout the entire value chain.
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As per the Fuel Cells and Hydrogen (FCH) Organization, in 12 years around 800 tons of CO2 can be saved by using a standard fuel cell electric bus compared to buses operating on conventional fuels. Owing to the enhanced fuel efficiency of these zero-emission vehicles industry players are actively involved in incorporating fuel cell electric vehicles in their factories and plants. For instance, in March 218, Toyota Motor Corp. announced the deployment of 20 new zero-emission forklifts in its Motomachi plant for reducing carbon emissions significantly
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Positively influenced by the benefits of these vehicles the key players of fuel cell electric vehicle market including Volkswagen, Inc., Toyota Motor Corp., Audi AG, Hyundai Motor Group, Audi AG, Tata Motors, Ltd., and Changan Automobile Co., Ltd., amongst others are adopting a variety of strategies including the merger, procurement, products and services to expand their market presence. For instance, in October 2017, Al-Futtaim Motors, distributor of Toyota in the UAE collaborated with Air Liquide for the inauguration of hydrogen refueling stations in Dubai Festival City. The facility of easily accessible fuelling stations at residential buildings and public places along with lower refueling time is expected to expand the market growth over the forecast period.
Global Fuel Cell Electric Vehicle Market- Segmentation
By Vehicle
- Passenger Vehicle
- Commercial Vehicle
- Boats
- Others (Forklifts)
By Electro Type
- Polymer Electrolyte Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
Global Fuel Cell Electric Vehicle Market- Regions
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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