Global Fuel Cell Electric Vehicles Market Insights

Global Fuel Cell Electric Vehicles Market Size was over USD XX.XX billion in 2017 and is anticipated to surpass a market size of USD XX.XX billion by 2025, growing at a CAGR of XX.XX% from 2018 to 2025.

Hydrogen is an energy source, which is having a potential to ease significant deductions in CO₂ emissions. Very small amounts of hydrogen could be stored under limited volume space and can also be ensured appropriate vehicle mass requirements to ease long distances, which will limit global temperature rises and can also reduce air pollutants.

Rising pollution levels had led several government bodies to initiate various laws to encourage the use of zero emission automobiles for the improvement of the air quality. Manufacturing vehicles at a large scale, along with technological enhancements will further enable the global fuel cell electric vehicles market size to reduce the gaps in costs and can further attribute to the conventional automobiles market. Reducing number of public refueling stations is one of key factors which can restrain the growth of fuel cell electric vehicles market size. Establishment of these stations might require large investments which may affect the market growth rate negatively. Additionally, the prices of these vehicles are the very high, which will further restrict the penetration for transportation.

The factors restraining the growth of fuel cell electric vehicles market are rising demand for electric and hybrid vehicles, insufficient hydrogen storage capabilities, and high prices of hydrogen-powered vehicles.

Fuel Cell Electric Vehicles Market: Segmentation, By Vehicle

By vehicle, the market for fuel cell electric vehicles is segmented into PCVs and HCVs. PCVs are anticipated to dominate by the end of the projected period, due to growth in product manufacture across the world. Increasing government investments will further boost the demand for these vehicles.

Fuel Cell Electric Vehicles Market: Segmentation, By Distance

By distance, the market for FCEVs is segmented into short distance travelling automobiles, and long distance travelling automobiles. FCEV’s for short distance travelling are estimated to capture a dominant share in terms of volume, over the forecast time span. PCVs and forklifts are majorly preferred for travelling short distances.

Long distance travelling automobiles are anticipated to grow at a faster CAGR over the coming period. The manufacturers are continuously working on developing various modern automobiles which can travel more than 300 miles along with internal powertrain development and the integration of fuel-cell components for yielding vehicles’ higher efficiency.

Fuel Cell Electric Vehicles Market: Segmentation, By Region

Asia Pacific fuel cell electric vehicles market size is anticipated to lead the global market over the projected years, majorly credited to increasing automobile production across this region, specifically in developing nations such as India and China. Rising domestic product demand, coupled with rising vehicle production will further spur the region’s market size over the anticipated period.

North America fuel cell electric vehicles market size is anticipated to grow at a faster CAGR, owing to the presence of key players in the U.S. and Canada. Moreover, tightening rules and regulations, along with rising government funds will boost the regional market size over the coming period.

Fuel Cell Electric Vehicles Market: Key Players

Ballard Power Systems, Automotive Fuel Cell Cooperation Corp., Acumentrics SOFC Corporation, Acal Energy, Belenos Clean Power Holding, Ceramic Fuel Cells Ltd, Bosch Thermo-technology, Michelin, Daimler AG, GreenGT, General Motors, BMW AG, and Tesla Motors, etc. are some of the key players operating in the global fuel cell electric vehicles market.

Fuel Cell Electric Vehicles Market: Strategic Analysis

FCEVs have the potential to reduce our dependence on petrol & diesel, the combustion of which produces harmful greenhouse gases, that prove to be detrimental to the environment. By promoting, the usage of these cheap, yet eco-friendly hydrogen powered automobiles, while imposing increasingly stricter regulations on the usage of vehicles that run on fuel, the government can effectively coerce the buyers of private transport vehicles, to switch their preferences from vehicles that run on gasoline, to the FCEVs. To make sure that the increased demand of FCEVs is sustained in the future, it is imperative for the government to widen the network of FCEV fueling stations. The key players in the market for FCEVs should invest in research and development, in order to come up with cheaper and cost-effective ways of extracting hydrogen from methane and water, which serves as fuel for these automobiles. R&D should also be conducted to minimize the cost of production and maintenance of these vehicles.

Fuel Cell Electric Vehicles Market: Growth Summary

Fuel cell electric vehicles market is currently being dominated by the Asia Pacific region, where China remains the largest producers of automobiles. North American FCEV market size is anticipated to grow, owing to the presence of well-established players in the region.