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.
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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.
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Global Fuel Cell Electric Vehicle Market Segmentation
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Buses
- Trucks
- Trains
By Fuel Cell Type
- Polymer Electrolyte Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Direct Methanol Fuel Cell (DMFC)
- Solid Oxide Fuel Cell (SOFC)
- Others (Alkaline Fuel Cell, Molten Carbonate Fuel Cell, and Reversible Fuel Cell)
By Range
- Short
- Long
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- TheVolvo Group
- AUDI AG
- Beijing Automobile Group Co., Ltd.
- Beijing SinoHytec Co., Ltd.
- China FAW Group Co.,Ltd.
- Dongfeng Motor Group Co., Ltd.
- GAC MOTOR
- Hyundai Motor Co.
- INEOS Automotive Ltd.
- Jaguar Land Rover
- MAN
- Mazda Motor Corp.
- Mitsubishi Fuso Truck and Bus Corp.
- Nikola Corp.
- Nissan Corp.
- SAIC Motor Corp. Ltd.
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