Fuel Cell Vehicle Market Size to Hit USD 6,731.4 Million by 2026 | Exhibit a CAGR of 29.7%

·6 min read
Fortune Business Insights
Fortune Business Insights

According to Fortune Business Insights, the global fuel cell vehicle market was valued at USD 446.7 million in 2018, and is projected to reach USD 6,731.4 million by 2026, growing at CAGR of 29.7% from 2021 to 2026. Participation of top carmakers such as BMW and AUDI to elevate market potential.

Pune, India, Aug. 08, 2022 (GLOBE NEWSWIRE) -- The global fuel cell vehicle market size is expected to grow from USD 446.7 million in 2018 to USD 6,731.4 million by 2026, exhibiting a CAGR of 29.7% during the forecast period. Increasing air pollution levels 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-fuel-based commercial vehicles produce huge amounts of emissions, and the shift towards fuel cell commercial vehicles, which produce virtually lower emissions or near-zero emissions, is expected to lead to growth of the Global Fuel Cell Commercial Vehicle market. The main factors impacting the growth of the global market include a rise in environmental concerns, increasing governmental initiatives to develop hydrogen fuel cell infrastructure, higher upfront investment in infrastructure, and advances in technology and future potential.

Industry Developments:

  • The French automotive giant, Groupe Renault, announced the launch of its Renault KANGOO Z.E. Hydrogen and Renault MASTER Z.E. Hydrogen in late 2019 and early 2020 respectively. This is part of the company’s extension of its hydrogen fuel cell technology to its electric commercial vehicle fleet.

  • AUDI AG and Hyundai Motor Group entered into a multi-year licensing partnership to develop fuel cell electric vehicle (FCEV) components and take the technology forward. The move is in line with both the companies’ effort to strengthen sustainability in the automotive industry.


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Report Scope & Segmentation:

Report Coverage

Details

Forecast Period

2019-2026

Forecast Period 2020 to 2027 CAGR

29.7%

2026 Value Projection

USD 6,731.4 million

Base Year

2019

Market Size in 2019

USD 446.7 million

Historical Data for

2015-2017

No. of Pages

140

Segments covered

By Vehicle, By End-User

Growth Drivers

Asia-Pacific to Occupy Prominent Position; Europe to Hold Bright Prospects

Price Hurdles to Inhibit Market Sales


Regional Insights-

Asia-Pacific to Occupy Prominent Position; Europe to Hold Bright Prospects

Asia-Pacific is projected 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 provides subsidizes the cost of fuel cell-enabled cars to promote the usage of these vehicles.

The market size in Europe was at USD 79.5 million in 2018 and is expected to be the second-leading region in this market during the forecast period. France is anticipated to boost the market here on account of extensive deployment of commercial vehicles in the country. On the other hand, market growth in North America is expected to be stable.


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Market Drivers-

Price Hurdles to Inhibit Market Sales

The fuel cell vehicle market growth faces a challenging obstacle in the form of high initial costs of this technology. For example, hydrogen fuels cost roughly $14 per kg, more than double the price of one gallon of gasoline. Moreover, the cost of producing hydrogen is prohibitively high and consumers are preferring regular fossil fuel-powered vehicles as they are more cost-effective, though less energy-efficient. For instance, one can travel the same distance in $2.50 gallon of gasoline as in $5.50 kg of hydrogen fuel. The main reason for the expensive nature of fuel cells is that the technology is still in its nascent stage and is yet to evolve fully. However, despite being pricey, fuel cells in vehicles have a promising future, which augurs well for this market in the long-run.

The main drivers for market growth are the stringent regulations on carbon emissions, increasing acceptance of electric vehicles in emerging economies, longer driving range offered by these vehicles, and growing demand for improved fuel efficiency. The growing awareness among manufacturers about the harm caused by automobile emissions to the environment, and development of alternative energy sources, are driving market growth.

The US Environment Protection Agency (EPA) estimates that 75% of carbon monoxide pollution in the US is caused by motor vehicles. Furthermore, according to the Environmental Defense Fund (EDF), on-road cars are responsible for 1/3rd of the smog produced in the US, while transportation vehicles emit 27% of the greenhouse gases (GHGs) in the country. This scenario has created a desperate need to evolve technologies that can curb emissions and help counter the adverse effects of global warming. Fuel cell vehicles have emerged as a viable solution, owing to their proven efficacy in lowering pollution levels, which is one of the leading fuel cell vehicle market trends. For instance, the US Department of Energy opines that hydrogen-powered vehicles can potentially emerge as zero-GHG emitting machines as they eliminate the need to use fossil fuels such as petroleum and diesel. The report states that the value of this market stood at USD 446.7 million in 2018 and is expected to soar at a prolific rate in the coming years.

Market Segmentations-

Segmentation

By Vehicle

  • Passenger Cars

  • Commercial Vehicles

  • Buses & Coaches

By End-User

  • Private

  • Commercial


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Competitive Landscape-

Wide Opportunities for Innovation to Stimulate Intense Competition

Being in its early stages of evolution, automotive fuel cell technologies offer a wide range of innovation opportunities for players in this market, says the fuel cell vehicle market report. Besides this, some of the top players are collaborating to set further milestones in terms of innovation in this market.

Companies Profiled in the Cloud Security Market Research Report:

    • BMW AG (Munich, Germany)

    • Daimler AG (Stuttgart, Baden-Wurttemberg)

    • Hyundai Motor Company (Seoul, South Korea)

    • AUDI AG (Zwickau, Germany)

    • Nissan Motor Corporation (Yokohama, Kanagawa, Japan)

    • Toyota Motor Corporation (Toyota, Aichi, Japan)

Table of Content:

1. Introduction

1.1. Research Scope

1.2. Market Segmentation

1.3. Research Methodology

1.4. Definitions and Assumptions

2. Executive Summary

3. Market Dynamics

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

4. Key Insights

4.1 Merger, 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, Insights and Forecast, 2015-2026

5.1. Key Findings / Summary

5.2. Market Analysis, Insights and Forecast – By Vehicle Type

5.2.1 Passenger Cars

5.2.2 Commercial Vehicles

5.2.3 Buses & Coaches

5.3. Market Analysis, Insights and Forecast – By End User

5.3.1 Private

5.3.2 Commercial

5.4. Market Analysis, Insights and Forecast – By Country

5.4.1 North America

5.4.2 Europe

5.4.3 Asia pacific

5.4.4 Rest of the World

Continued…


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