Request Sample Inquiry
Electric Vehicles Fuel Cell Market

Electric Vehicles Fuel Cell Market

Electric Vehicles Fuel Cell Market Global Industry Assessment & Forecast

# Pages:

142

Base Year:

2021

Nov - 2021

Format:

Report Code:

VMR-2021-0565

Segments Covered
  • By Product Types Proton Exchange Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC), Molten Carbonate Fuel Cell (MCFC)
  • By Vehicle Type Passenger Car (PC), Commercial Vehicle
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: 2.42 Billion
Revenue 2028Revenue 2028: 29.00 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 36.40%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst

Key Insights

The global Electric Vehicles Fuel Cell market was valued at USD 2.42 Billion in 2020 and is projected to reach USD 29.00 Billion by 2028, growing at a CAGR of 36.40%% from 2021 to 2028.

Years Parameters
Historical Data (Actual Data) 2016-2020
Base Year Data 2020
Current Year Date 2021
Projected year data 2021-2028
Annual Market Size (2028) 29.00 Billion
Annual Market Size (2021)
CAGR (2021 - 2028) 36.40%%

Overview and Description

A fuel cell electric vehicle (FCEV) uses a fuel cell along with a small battery or super capacitor, to power its on-board electric motor. The electricity generated by fuel cells is due to the use of oxygen from the air and compressed hydrogen and hence are categorised as zero-emissions vehicles. Fuel cells are also used in several types of automobiles such as forklifts, especially in indoor applications where their clean emissions are important to air quality, and in space applications.


The global Electric Vehicles Fuel Cell market is segmented based on products, applications, regions, and countries. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028. 

Yearly Infographics 2.42 Billion 29.00 Billion

COVID-19 Impact Analysis

COVID-19 pandemic led to government of numerous countries across the globe to impose strict lockdown restrictions during the preliminary stages. In 2021, numerous countries faced the adverse effects of the pandemic due to the outbreak of second wave, which also led governments to again impose lockdown measures. Business shutdowns, partial business operations, and travel restrictions have led to challenges in supply chain and in turn production. However, it is expected that reopening of trade activities, the market will witness steady growth in the demand in the coming years. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.


The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Industry Insights

Electric vehicle fuel cells offer better fuel economy compared to ICE vehicles. The efficiency of a fuel cell electric vehicle (FCEV) is twice as high as the efficiency of a conventional petrol internal combustion engine (ICE) automobiles. Hence, better fuel efficiency and increased driving range is expected to fuel the demand for electric vehicles fuel cell market. 

The increasing environmental concerns and awareness among consumers is anticipated to augment the growth of the electric vehicles fuel cell market during the forecast period. This is due to rise in environment degradation and depletion of natural resources. Additionally, numerous technologies that support the eco-friendly concept to withstand the environment are being introduced in the market. Furthermore, increasing awareness of the consequences of air pollution and rise in greenhouse gas emission due to increasing vehicles are also supporting the of fuel cell electric vehicle, as they are categorised as zero-emissions vehicles. 

The high initial investments setting up hydrogen infrastructure is anticipated to hamper the growth of the electric vehicles fuel cell market. The costs required to set up of hydrogen fuel stations are quite high as compared to other fuels like petrol or diesel. This is owing to the expensive equipment required to set up this hydrogen fuel infrastructure and increasing necessity for safety measures since hydrogen is easily combustible fuel.

Global Electric Vehicles Fuel Cell Market Report Scope

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2020
Historic Years 2016-2020
Forecast Years 2021-2028
Market Size Provided In Terms Of Revenue & Volume
Segments Covered Product Types, Vehicle Type
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Countries Covered The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others
Companies Covered LG Chem, AFCC, Boyam Power, SFC Power, Nuvera, PowerCell Sweden AB, Johnson Controls, Doosan, Jaz Products, GS Yuasa, Nekson Power, Johnson Matthey Fuel Cells, Ballard Power, HYGS, Bloom Energy, Plug Power, Delphi, Intelligent Energy, Horizon.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis

Global Electric Vehicles Fuel Cell Market: Product Types Segment Analysis

    • Proton Exchange Membrane Fuel Cell (PEMFC)
    • Solid Oxide Fuel Cell (SOFC)
    • Molten Carbonate Fuel Cell (MCFC)

Global Electric Vehicles Fuel Cell Market: Vehicle Type Segment Analysis

    • Passenger Car (PC)
    • Commercial Vehicle

Regional Analysis: Preview

Based on region, the global Electric Vehicles Fuel Cell market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Electric Vehicles Fuel Cell market are LG Chem, AFCC, Boyam Power, SFC Power, Nuvera, PowerCell Sweden AB, Johnson Controls, Doosan, Jaz Products, GS Yuasa, Nekson Power, Johnson Matthey Fuel Cells, Ballard Power, HYGS, Bloom Energy, Plug Power, Delphi, Intelligent Energy, Horizon.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

Market Size, 2021 (USD Billion)
North America
Europe
Asia Pacific
South America
Middle East Africa

Global Electric Vehicles Fuel Cell Market: Regional Analysis

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Key Highlights – Global Electric Vehicles Fuel Cell Market

  • Global Electric Vehicles Fuel Cell Market is projected to reach USD 29.00 Billion by 2028
  • Asia Pacific held the highest share of the Electric Vehicles Fuel Cell market
  • Proton Exchange Membrane Fuel Cell (PEMFC) held the largest share of the product segment in the Electric Vehicles Fuel Cell market
  • Passenger Car held the major share of the application segment in the Electric Vehicles Fuel Cell market

FAQ
Frequently Asked Question
  • The global Electric Vehicles Fuel Cell valued at 2.42 Billion in 2020 and is expected to reach 29.00 Billion in 2028 growing at a CAGR of 36.40%%.

  • The prominent players in the market are LG Chem, AFCC, Boyam Power, SFC Power, Nuvera, PowerCell Sweden AB, Johnson Controls, Doosan, Jaz Products, GS Yuasa, Nekson Power, Johnson Matthey Fuel Cells, Ballard Power, HYGS, Bloom Energy, Plug Power, Delphi, Intelligent Energy, Horizon..

  • The market is project to grow at a CAGR of 36.40%% between 2021 and 2028.

  • The driving factors of the Electric Vehicles Fuel Cell include

    • Electric vehicle fuel cells offer better fuel economy compared to ICE vehicles. The efficiency of a fuel cell electric vehicle (FCEV) is twice as high as the efficiency of a conventional petrol internal combustion engine (ICE) automobiles. Hence, better fuel efficiency and increased driving range is expected to fuel the demand for electric vehicles fuel cell market.
    • The increasing environmental concerns and awareness among consumers is anticipated to augment the growth of the electric vehicles fuel cell market during the forecast period. This is due to rise in environment degradation and depletion of natural resources. Additionally, numerous technologies that support the eco-friendly concept to withstand the environment are being introduced in the market. Furthermore, increasing awareness of the consequences of air pollution and rise in greenhouse gas emission due to increasing vehicles are also supporting the of fuel cell electric vehicle, as they are categorised as zero-emissions vehicles.

  • Asia Pacific was the leading regional segment of the Electric Vehicles Fuel Cell in 2020.