Fuel Cell Vehicles Market Size Worth $6.05Bn, Globally, by 2028 at 40.1% CAGR - Exclusive Report by The Insight Partners

The Fuel Cell Vehicles Market Size, Growth driven by increasing demand for clean energy and declining cost of green hydrogen. The PEMFC segment led the global market with a share of more than 99% in 2020. APAC to register highest CAGR in the global market during 2021–2028.

NEW YORK, Feb. 7, 2022 /PRNewswire/ -- According to the new market research report "Fuel Cell Vehicles Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Electrolyte (PEMFC and PAFC), Power Output (Less than 100 kW, 100–200 kW, and Above 200 kW), and Vehicle Type (Passenger Car, Buses, Trucks, and Light Commercial Vehicles)", published by The Insight Partners, the global fuel cell vehicles market is projected to reach $6,051.17 million by 2028 from $570.43 million in 2021; it is estimated to register a CAGR of 40.1% during 2021–2028.

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Fuel Cell Vehicles Market: Competitive Landscape and Key Developments

Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc; General Motors; AB Volvo; Honda Motors Co., Ltd.; Riversimple; Hyzon Motors; Daimler AG; and Ballard Power Systems Inc are among the key players in the global fuel cell vehicles market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.

In April 2021, Daimler Truck AG, a leading commercial vehicle manufacturer and AB Volvo had introduced a cellcentric joint venture to produce hydrogen fuel cells for long-haul trucks with an aim to bring large-scale gigafactory production levels of hydrogen fuel cells in Europe by 2025.

Air pollution remains one of the major concerns for government bodies across the globe. Air pollution impacts both the population and the environment. Some of the common impacts on the citizens include respiratory and heart diseases. Further, air pollution causes numerous environmental effects such as global warming, acid rain, and depletion of the ozone layer. Government bodies across the globe have taken numerous steps to increase the adoption of clean energy sources to power vehicles. For instance, the Government of China increased the deployment of electric vehicles in China from 20,000 in 2010 to 5 million in 2020. The initiatives have driven China to become one of the largest markets for electric vehicles. Further, the declining cost of green hydrogen is expected to boost the demand for fuel cell vehicles globally. Industry-level scaling of green hydrogen producers and technology developers has intensified the competition among players in the industry, thereby driving down the prices of green hydrogen. Further, industry-level scaling has enabled manufacturers to adopt continuous manufacturing and automation processes, which further effects the declining prices of green hydrogen globally. Such factors are expected to influence the growth of the fuel cell vehicles market during the forecast period.

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Impact of COVID-19 Pandemic on Global Fuel Cell Vehicles Market:

According to the latest situation report from World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Italy, Germany, Argentina, and South Africa are some of the worst-affected countries due to the COVID-19 outbreak. The COVID-19 crisis affected industries worldwide, and the global economy was worst hit until mid-2021. The fuel cell vehicles market industry was adversely affected by shutdowns, travel bans, trade bans, and border lockdowns.

Increasing Focus on Net-Zero to Propel Fuel Cell Vehicle Market Growth in Coming Years:

According to data from the United Nations, the transportation sector accounts for ~20% of the carbon emissions annually. Thus, government bodies and automobile manufacturers have taken up numerous strategies to boost the development and adoption of fuel cell and electric vehicles worldwide. Numerous government bodies across the globe have taken up strategies to decrease the emissions to zero by 2050 gradually. According to data from the United Nations, more than 130 countries have setup strategies to reduce emissions to net-zero by 2050. It is estimated that approximately USD 250 trillion in investments will be required to reduce emissions to net-zero by 2050. For instance, China is one of the major carbon emitters in the world, and achieving net-zero is a major challenge for the country by 2060. China is currently working on the development of strategies to move toward its goal of net-zero by 2060. Further, the Indian Government announced its objective of attaining net-zero by 2070. The objective is expected to substantially impact the adoption of fuel cell vehicles in the country during the forecast period. Such initiatives by governing bodies and automobile manufacturers are expected to create numerous opportunities for the fuel cell vehicle market during the forecast period.

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Fuel Cell Vehicles market: Deployment Overview

Based on electrolyte, the fuel cell vehicle market is bifurcated into PEFC and PAFC. In 2020, the PEMFC segment led the fuel cell vehicle market, accounting for a larger market share. PEMFC are primarily used for transportation applications; however, they are also used in other applications, including power generation and distributed generation. The cost of PEMFC has reduced considerably in the past decade due to the substantial development of PEMFC technology. PEMFCs offer numerous advantages, including high current density and quiet operation, making them highly reliable in electric vehicles. Fuel cell vehicle manufacturers have successfully tested PEMFC-powered vehicles in extremely cold conditions.

Browse Adjoining Reports:

Hydrogen Fuel Cell Vehicle Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Electrolyte (PEMFC, PAFC); Power (Less Than 100 KW, 100-200 KW, More Than 200 KW); Vehicle (Passenger Car, Bus, Light Commercial Vehicle (LCV), Truck); Component (Fuel Processor , Fuel Stack, Power Conditioner) and Geography

Fuel Cell Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Solid Oxide Fuel Cell (SOFC), and Others); Application (Transport, Portable, Stationary); and End-User (Fuel Cell Vehicles, Utilities, Defense, Others)

Automotive Four-Wheel Drive Vehicle Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (4x4 Wheeled Drive and 4x2 Wheeled Drive); System Type (Automatic Four-Wheel Drive System and Manual Four-Wheel Drive System); Design (RWD Vehicles and FWD Vehicles); Components (Drive Shafts, Universal Joints and Transfer Case); Operating Mode (Part-Time Mode, Full-Time Mode and On-Demand Mode); and Application (Passenger Cars, Light Commercial Vehicle and Heavy Commercial Vehicle)

Electric Vehicle Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, Hybrid Electric Vehicles); Vehicle Category (Passenger Cars, Commercial Vehicles, Two Wheelers) and Geography

Electric Vehicle Wiring Harness Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vehicle Type [Plug-in Hybrid Electric Vehicles (PHEV), Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Fuel Cell Battery Electric Vehicles (FCBEV)], Product Type (High Voltage Wiring Harness and Medium Low Voltage Wiring Harness), and Material Type (Copper-Clad Wire, Aluminum Alloy Wire, Glass Optical fiber, Plastic Optical Fiber, and Others)

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