Automotive Fuel Cell Electric Vehicles (FCEV) Market to grow at over 50% during forecast period

Europe fuel cell electric vehicles (FCEV) market will witness significant growth owing to supportive government projects for developing zero emission fuel cell vehicles and installation of hydrogen refueling stations. Projects such as Clean Hydrogen in European Cities (CHIC) and Joint Initiative for hydrogen Vehicles (JIVE) are striving for commercialization of fuel cell electric buses, further augmenting the regional demand for fuel cell electric vehicles. Easier availability of e-bikes offering ease of operation in high traffic areas is strengthening the fuel cell electric vehicles (FCEV) market size over the study timeframe.

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Fuel Cell Electric Vehicles (FCEV) Market for Long haul segment will witness potential growth prospects owing to rapid deployment of fuel cell electric trucks offering emission free freight transportation. Proliferating freight volumes in conjunction with increasing greenhouse gas emissions are positively inducing the utilization of fuel cell electric trucks. Introduction of EURO VI standards for buses and deployment of electric powertrains are encouraging industry players to introduce alternative fuel vehicles for catering the increasing consumer demand.

Shifting preference for utilizing zero emission vehicles owing to their commercialization and provision of government subsidies are boosting the fuel cell electric vehicles (FCEV) market size over the forecast timeframe. Increasing demand for automotive fuel cell stacks in conjunction with expansion of production facilities will further strengthen the fuel cell electric vehicles (FCEV) market share. Introduction of advanced fuel cell stacks for heavy duty vehicles is augmenting the product penetration.

Growth drivers, by region

1 North America

1.1 Stringent emission regulations

2 Europe

2.1 Government initiatives for developing FCEV technologies

3 Asia Pacific

3.1 Increasing adoption of electric vehicles

4 Latin America

4.1 Higher preference for personal mobility and increasing opportunities for low carbon transportation

5 Middle East & Africa

5.1 High spending on prohibitive cost vehicles

Rising demand for curbing carbon emission levels for improving air quality is positively influencing the fuel cell electric vehicles (FCEV) market share. Increasing environmental concerns pertaining to vehicle emissions are leading to the higher adoption of fuel cell electric vehicle (FCEV) market. Shifting preference for deploying advanced technologies in heavy-duty freight trucks for delivering efficient vehicle performance will further boost the product penetration.

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Increasing consumer spending and higher mobility requirements are escalating the hydrogen powered vehicles demand. Rapid urbanization coupled with proliferating construction activities are providing potential opportunities for the adoption of environment friendly vehicles. A lucrative growth in the economic conditions and high living standards are supporting the fuel cell electric vehicles (FCEV) market growth over the projected timeframe.

FCEV Market, by Vehicle

  • Heavy Duty Vehicles
  • Agriculture
  • Buses
  • Port Vehicles
  • Automotive
  • Class 8
  • Others

FCEV Market, by Distance

  • Short
  • Long

Proliferating sales of passenger vehicles coupled with rising requirement for zero emission transport facilities are driving the segment growth over the study timeframe. Adoption of new automobiles equipped with modern technologies is augmenting the segment share. Introduction of new generation hydrogen powered SUVs is positively influencing the fuel cell electric vehicles (FCEV) market share over the study timeframe.

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The fuel cell electric vehicles (FCEV) market is highly competitive owing to the presence of major fuel cell electric vehicle manufacturers including Volkswagen, Toyota Motor Corporation, Audi AG, SAIC Motor Corporation Limited, Hyundai Motor Group and Honda Motor Co. Ltd. Major industry players are engaged in manufacturing reliable and advanced fuel cell systems including Plug Power Inc., Nuvera Fuel Cells LLC., US Hybrid, Dana Limited, Ballard Power Systems, Hydrogenics, Meritor, Inc. and Sunrise Power.