The global fuel cell electric vehicle market is expected to witness a CAGR of 37.5% during the forecast period. FCEVs vehicle uses hydrogen as a source of energy to generate electricity, allowing the vehicle to be emission-free, thus, FCEVs are future eco-friendly mobility as it emits pure water and filters ultrafine dust from the atmosphere when driven.
The benefits associated with the fuel cell electric vehicle market include no harmful tailpipe emissions, longer drive range offered by these vehicles, flexibility in installation and operation, reduced dependency on oil, resulting in the growth of the fuel cell electric vehicle market.
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The rise in consumer awareness regarding healthy air quality, detrimental effects of vehicular emissions, rising investments from local and state governments in the advancement of hydrogen refueling infrastructure, and development of Polymer Electrolyte Membrane (PEM) technology will provide fuel cells to operate at low temperatures and allow quick start to FCEVs, resulting in the growth of the global fuel cell electric vehicle market. Thus, mounting demand for low emissions and low-noise mobility solutions, and government initiatives like subsidies offered on the purchase of FCEVs will support the adoption of electric cars and bikes powered by fuel cells is augmenting the FCEV market growth.
Toyota formed a joint venture in China with five other companies for the development of fuel cells. United Fuel Cell System R&D, the joint venture fetched an initial investment of $46 million. The companies involved in the joint venture are Dongfeng Motor Corp., Guangzhou Auto, China FAW Corp., Beijing Automobile Group Co., and Beijing SinoHytec Co.
The COVID-19 outbreak has led to sluggish growth in the fuel cell electric vehicle market owing to dropping automobiles sales that will lead to stable demand for FCEVs. The outbreak has hindered the manufacturers’ production capacity, creating a huge demand-supply gap in the industry and a steep decline in consumers’ disposable income. These all factors have led to decline in the fuel cell electric vehicle market.
Based on range, the global fuel cell electric vehicle market is bifurcated into short-range and long-range. Long-range is anticipated to expand significantly during the forecast period owing to long-range support backed with a short time of refueling and compact battery backup. Additionally, mounting adoption of fuel cell vehicles for public transport, the introduction of fuel cell trucks, and continuous development to surge the distance range by manufacturing companies will fuel the growth of the long-range distance segment.
Asia-Pacific is anticipated to be the highest market share in the global fuel cell vehicle market owing to the increasing fuel cell stack shipments for the transportation industry, measures such as zero-emission vehicles in Tokyo Summer Games 2021 will have positive growth in the fuel cell electric vehicle market in the region.
Some of the major players in the global fuel cell electric vehicle market include TOYOTA MOTOR CORPORATION, Honda Motor Co., Ltd., Hyundai Motor Company, ASHOK LEYLAND, Nikola Corporation, Daimler AG, Solaris Bus & Coach sp. z.o.o., SAIC Motor Corporation Limited, Tata Motors, and Volkswagen AG.