Pune, India, Aug. 08, 2022 (GLOBE NEWSWIRE) — The world Fuel Cell Vehicle Market Size is expected to grow from USD 446.7 million in 2018 to USD 6,731.4 million by 2026, growing at a CAGR of 29.7% during the forecast period. Rising levels of air pollution caused by cars and other vehicles will propel the growth of this market, according to the new Fortune Business Insights™ report, titled “Fuel Cell Vehicle Market 2021-2026”.
Conventional fossil fueled commercial vehicles produce huge amounts of emissions, and the shift to fuel cell commercial vehicles, which produce virtually lower or near zero emissions, is expected to drive growth in the global fossil fuel cell commercial vehicle market. combustible. Major factors impacting the growth of the global market include increasing environmental concerns, increasing government initiatives to develop hydrogen fuel cell infrastructure, increasing initial infrastructure investments, and technological advancements and future potential.
- French automotive giant Groupe Renault has announced the launch of its Renault KANGOO ZE Hydrogen and Renault MASTER ZE Hydrogen in late 2019 and early 2020 respectively. This is part of the company’s expansion of its hydrogen fuel cell technology to its fleet of electric utility vehicles.
- AUDI AG and Hyundai Motor Group have entered into a multi-year licensing partnership to develop fuel cell electric vehicle (FCEV) components and advance the technology. This move is in line with both companies’ efforts to strengthen sustainability in the automotive industry.
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Report Scope and Segmentation:
|Forecast Period 2020 to 2027 CAGR||29.7%|
|2026 value projection||$6,731.4 million|
|Year of reference||2019|
|Market size in 2019||$446.7 million|
|Historical data for||2015-2017|
|Number of pages||140|
|Segments Covered||Per vehicle, per end user|
|Growth engines||Asia-Pacific will occupy a leading position; Europe will have bright prospects|
|Price barriers to prevent sales in the market|
Asia-Pacific will occupy a leading position; Europe will have bright prospects
Asia-Pacific is expected to dominate the fuel cell vehicle market share owing to the favorable environment created by governments in the region, supporting the production and adoption of these vehicles. In Japan, for example, the government subsidizes the cost of fuel cell cars to promote the use of these vehicles.
Europe market size was USD 79.5 million in 2018 and is expected to be the second largest region in this market during the forecast period. France is expected to drive the market here owing to the wide deployment of commercial vehicles in the country. In contrast, market growth in North America is expected to be stable.
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Price barriers to prevent sales in the market
The growth of the fuel cell vehicle market is facing a difficult obstacle in the form of the high initial costs of this technology. For example, hydrogen fuels cost around $14 per kg, more than twice the price of a gallon of gasoline. Additionally, the cost of producing hydrogen is prohibitive and consumers prefer regular fossil-fuel vehicles because they are more cost effective, although less energy efficient. For example, one can travel the same distance in $2.50 gallon of gasoline as in $5.50 kg of hydrogen. The main reason for the expensive nature of fuel cells is that the technology is still in its infancy and has yet to fully mature. However, despite their high price, fuel cells in vehicles have a promising future, which bodes well for this long-term market.
The major drivers for market growth are stringent carbon emission regulations, growing acceptance of electric vehicles in emerging economies, longer range offered by these vehicles, and growing demand for improved efficiency energy. Growing awareness among manufacturers of the damage caused by automotive emissions to the environment and the development of alternative energy sources are driving the growth of the market.
The United States Environmental Protection Agency (EPA) estimates that 75% of carbon monoxide pollution in the United States is caused by motor vehicles. Moreover, according to the Environmental Defense Fund (EDF), highway cars are responsible for 1/3 of the smog produced in the United States, while transport vehicles emit 27% of greenhouse gases (GHGs) in the country. This scenario has created a desperate need to advance technologies that can reduce emissions and help counter the adverse effects of global warming. Fuel cell vehicles have emerged as a viable solution, due to their proven effectiveness in reducing pollution levels, which is one of the major fuel cell vehicle market trends. For example, the US Department of Energy believes that hydrogen vehicles have the potential to become zero GHG emission machines because they eliminate the need to use fossil fuels such as petroleum and diesel. The report states that the value of this market stood at $446.7 million in 2018 and is expected to soar at a prolific rate in the coming years.
|Per end user|
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Broad Innovation Opportunities to Drive Intense Competition
Being at their early stages of evolution, automotive fuel cell technologies offer a wide range of innovation opportunities for the players in this market, the fuel cell vehicle market report states. In addition, some of the best players are collaborating to set new milestones in terms of innovation in this market.
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1.1. Search scope
1.2. Market segmentation
1.3. Research Methodology
1.4. Definitions and assumptions
2. Executive Summary
3. Market dynamics
3.1. Market factors
3.2. Market constraints
3.3. Market opportunities
4. Key information
4.1 Mergers, acquisitions and partnerships
4.2 Distributor Analysis- For Major Players
4.3 Growth and Penetration Analysis
4.4 Porter’s Five Forces Analysis
4.5 PEST analysis
4.6 Vendor Landscape
5. Global Fuel Cell Vehicle Market Analysis, Outlook and Forecast, 2015 – 2026
5.1. Main results/summary
5.2. Market Analysis, Outlook and Forecast – By Vehicle Type
5.2.1 Passenger cars
5.2.2 Commercial vehicles
5.2.3 Buses & Coaches
5.3. Market Analysis, Outlook and Forecast – By End User
5.4. Market Analysis, Outlook and Forecast – by Country
5.4.1 North America
5.4.4 Rest of the world
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