02 March 2022
Visiongain has launched a new report Fuel Cell Electric Vehicle (FCEV) Market Report 2022-2032: Forecasts by Vehicle Type (Passenger Vehicle, Bus, Light Commercial Vehicle, Trucks), by Range (Short Range Distance, Long Range Distance), by Type (PEMFC (Proton-exchange Membrane Fuel Cells), AMFC (Alkaline Membrane Fuel Cell), DMFC (Direct Methanol Fuel Cell)) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
Global Fuel Cell Electric Vehicle (FCEV) Market Outlook
The global Fuel Cell Electric Vehicle (FCEV) market was valued at US$xx million in 2021. The region is expected to witness a CAGR of xx% from 2022 to 2027 and is expected to reach US$xx million in 2027 from its previous value of US$xx million in 2022. Visiongain further anticipates that the region will reach US$xx million in 2032 while growing at a CAGR of xx% from 2022 to 2032.
Fuel cell electric vehicles (FCEVs) are powered by hydrogen. They are more efficient than cars powered by internal combustion engines & emit no exhaust pollution. Hydrogen combustion is still in its infancy as one of the zero-emissions technologies. For a long period, hydrogen combustion engines were dismissed as uneconomical due to the very high cost of hydrogen. However, certain automobile OEMs, component suppliers, and start-ups are revisiting hydrogen combustion as a possible complement to batteries and fuel cells in their future powertrain portfolios.
What are the Market Drivers?
The FCEV car generates electricity from its fuel cell system using hydrogen as a source of energy, making it emission-free. The car not only emits clean water (H2O) when it generates power, but it also filters ultrafine particles from the air while it is driven. This fundamental feature of the FCEV has piqued the public's interest in the future of environmentally friendly transportation. Given that hydrogen is the most plentiful element on Earth and that the energy generation process is very environmentally friendly, large corporations throughout the world think that this technology has the potential to have a huge influence on our way of life in terms of sustainability.
Continuing Energy Demand
Energy consumption from enterprises and consumers in emerging nations throughout the world continues to rise. Traditional energy-generating techniques are less compliant, whereas newer ways are significantly more complex and may be obtained at a lower cost, resulting in a rise in energy costs. Power quality issues, market deregulation, and increased carbon dioxide emissions are all major issues with conventional energy-producing technologies.
Traditional techniques linked with a few issues such as changing demand are expected to be replaced by distributed power generation (DG) and renewable energy sources (RES). For example, sometimes the energy demand is modest, but there is also the risk that demand may outstrip supply. In the future, there will be a lot of need for long-lasting, dependable, cost-effective, and environmentally friendly storage systems to serve a wide range of applications.
What are the Market Opportunities?
FCEV Resolves Problems Faced by Battery Electric Vehicle
FCEVs solve all of the problems that battery electric vehicles face today, such as long charging times and high battery replacement costs, making it a profitable market for fuel cell electric vehicles. Furthermore, government incentives promoting fuel cell technology provide OEMs with a great opportunity to diversify their revenue streams. Many nations are creating hydrogen roadmaps by pushing the business sector to concentrate more on renewable hydrogen. For example, the Chilean government has announced a national hydrogen plan to expand the country's renewable hydrogen prospects. Similarly, by 2035, China's new five-year plan calls for 50% of the country's cars to be electric, with fuel cell vehicles included as a qualifying electric vehicle. Moreover, Finland's National Hydrogen Roadmap over the next 10 years, it will concentrate on low-carbon hydrogen generation, hydrogen for fuels, storage, transportation, and end-use.
Publicly Accessible Charging Facility Projected to Offer Lucrative Growth Prospects
Since the majority of EV charging is done at home/workplace, publicly accessible charging is anticipated to be vital when countries across the globe adopt EV. In 2020, there were 1.3 million publicly accessible chargers, with 30% of them being fast chargers. Installation of publicly accessible chargers increased by 45 percent in 2018, a slower rate than 85 percent in 2019, owing to the pandemic disrupting work in major areas. China has the most publicly available slow and fast chargers in the world.
Slow chargers (charging power<22 kW) were built at a 65% higher rate in China in 2020, totalling about 500,000 publicly accessible slow chargers. Europe is in the second position with almost 250,000 slow chargers deployed, with installations predicted to expand by one-third by 2020. The Netherlands tops Europe with around 63,000 slow chargers. Sweden, Finland, and Iceland will have doubled their slow charger stock by 2020. The number of slow chargers deployed in the U.S. increased by 28% in the year 2020 compared to the previous year, totalling 82,000. Korea's slow charger installation rate climbed by 45 percent to 54,000 in 2020, putting it second in the world.
COVID-19 Impact on Fuel Cell Electric Vehicle (FCEV) Market
One of the consumer trends that advanced during the Covid-19 epidemic was electric micro-mobility. In the United States, private e-bike sales more than doubled in 2020, outperforming overall bike sales, which were up a robust 65 percent. During the peak of the Covid-19 lockdowns in the second quarter of 2020, several shared micro-mobility companies decreased or halted services. However, once restrictions were relaxed, services resumed quickly. E-scooter services have grown significantly in Europe, with more than 100 towns offering them since July 2020.
According to preliminary statistics from operators, average journey lengths on e-scooters have climbed by roughly 25% since the outbreak began. Operators are gradually selling more powerful e-bikes, with ambitions to expand into electric mopeds, which might replace longer journeys presently accomplished by vehicle or public transportation. To boost operating efficiency and minimize emissions, some big operators are proposing swappable batteries. Although the use of swappable batteries increases the overall number of batteries required to run a fleet, it reduces operating emissions and allows cars to last longer.
Prospects for established firms and those seeking to enter the market– including company profiles for 15 of the major companies involved in the Fuel Cell Electric Vehicle (FCEV) market. Some of the companies profiled in this report include Hyundai Motor Group, Toyota, HONDA MOTOR CO., LTD., BorgWarner Inc., NUVERA FUEL CELLS, LLC, Ballard Power Systems, Cummins Inc., Nedstack Fuel Cell Technology BV, PLUG POWER INC., SFC Energy AG, Watt Fuel Cell Corporation, Doosan Fuel Cell Co Ltd., Nissan, Nikola Corporation, and Robert Bosch GmbH among other prominent players.
• Hyundai teams up with INEOS Group Ltd to look into the potential for hydrogen production and supply, as well as the global deployment of hydrogen applications & technology.
• Hyundai teams up with Cummins to commercialize electric & fuel cell powertrains. The two businesses will also look at the possibility of developing next-generation fuel cell technology for future automobiles.
Discover sales predictions for the global Fuel Cell Electric Vehicle (FCEV) market and submarkets
Along with revenue prediction for the overall world market, there are 3 segmentations of the Fuel Cell Electric Vehicle (FCEV) market, with forecasts for 3 Vehicle Types, 2 Range, and 3 Types each forecasted at a global, regional, and country-level, along with COVID-19 impact recovery pattern analysis for all segments.
Who are the major players analyzed in the market?
• Ballard Power Systems
• BorgWarner Inc.
• Cummins Inc.
• Doosan Fuel Cell Co Ltd.
• HONDA MOTOR CO., LTD.
• Hyundai Motor Group
• Nikola Corporation
• Nedstack Fuel Cell Technology BV
• NUVERA FUEL CELLS, LLC
• PLUG POWER INC.
• Robert Bosch GmbH
• SFC Energy AG
• Watt Fuel Cell Corporation
Notes for Editors
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