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Fuel Cell Electric Vehicle (FCEV) Market Report 2022-2032

Fuel Cell Electric Vehicle (FCEV) Market Report 2022-2032

  • March 2022
  • 561 pages
  • ID: 6245874
  • Format: PDF
  • Visiongain


Table of Contents

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

Despite Significant Advancements, Batteries and Fuel Cell Technology are not yet Capable of Meeting the very High Power Needs

Despite significant advancements, batteries and fuel cell technology are not yet capable of meeting the very high power needs associated with the severe circumstances encountered by many heavy-duty vehicles (particularly in the off-highway category). For example, mining trucks use several megawatts of electricity, operate 24 hours a day, and are subjected to intense vibrations and heat development, as well as airborne dirt.

Internal combustion engines have satisfied these standards for decades and switching from diesel to hydrogen might be a reasonably simple solution to decarbonize existing engines, requiring only modest additional technological innovation. Even in areas where batteries and fuel cells are technically possible, hydrogen combustion has the potential to carve out new markets. Low capital expenditures for combustion engines, falling hydrogen costs, and relatively high efficiencies attained by H2-ICEs (hydrogen internal combustion engines) at high loads all contribute to the likelihood that hydrogen combustion is a TCO (total cost of ownership) competitive alternative.

Roadmap to Hydrogen Economy

In the transportation sector, hydrogen-powered FCEVs might be used in conjunction with BEVs to accomplish profound decarbonization across all modes of transportation. FCEVs find their usage in applications that demand extended range, heavy payloads, and a lot of flexibility. Thus, over the forecast period from 2022 to 2032; hydrogen will reduce the total cost of ownership of trains & forklifts. These cost savings will need a large increase in production capacity. If implemented, FCEVs would have cheaper investment costs in long-range segments than BEVs, as well as much shorter refuelling periods.

Commercially usable FCEV buses, medium-sized automobiles, and forklifts are now available. More models in medium and large automobiles, buses, trucks, vans, and trains will be introduced during the following five years, with other sectors such as smaller cars and minibuses expected to follow until 2030. By 2030, when sales begin to ramp up in the rest of the globe, 1 in 12 vehicles sold in California, Germany, South Korea, & Japan, should be hydrogen-powered. Thousands of passenger ships and trains, as well as over 350,000 hydrogen cars and 50,000 hydrogen buses, could transport people without releasing carbon or local pollutants. By 2050, we expect hydrogen to be a feedstock for renewable fuels in freight shipping & commercial aviation sectors.

As the energy system becomes more reliant on renewables, hydrogen may play an increasingly important role in the storage and generation of clean power. Hydrogen is a crucial facilitator in the transition to renewable energy because it enables the effective storage and transportation of renewable power over extended periods

Japan plans to electrify all new passenger automobiles by the mid-2030s, according to METI

In a declaration issued by the PM in October 2020, Japan stated its ambition to be carbon neutral by 2050. The Ministry of Economy, Trade, and Industry (METI) released the Green Growth Strategy in December, which contains action plans for 14 sectors. It will promote increased electrification, fuel cell usage, and next-generation batteries, in the transportation sector.

It advocated revisiting fuel efficiency rules, public purchase of EVs, charging infrastructure development, and large-scale investment in EV supply chains to achieve this aim. In mid-2021, a decision on choices will be taken. The fuel economy criteria for LDVs may be enhanced to achieve the more ambitious mid-2030 and carbon neutrality objectives, according to speculation.

Japan was one of the few countries where EV sales fell faster than total automobile sales in 2020. After Japan boosted its subsidies for passenger ZEVs registered after the end of 2020, sales are projected to rebound. Other tax breaks for BEVs, PHEVs, & FCEVs have been extended for another two years. Electric vehicle sales climbed by roughly 35% in January 2021 compared to January 2020.

Lower Hydrogen Supply Prices Will Make Most Road Transportation Segments Cost-Competitive

Lower hydrogen supply prices will make most road transportation segments cost-competitive with conventional choices without a carbon tax by 2030. Fuel cell electric vehicles are developing as a complementary alternative, particularly for heavy-duty trucks & long-range sectors, as battery technology advances. If hydrogen is made accessible at USD 4.5 per kg at the pump, the FCEV option may break even with diesel in heavy-duty long-haul transport by 2028.

Furthermore, in areas with extremely high power and uptime needs, like large mining vehicles, hydrogen combustion (H2 ICE) is a feasible option. Trains, ships, and aircraft are all making progress with hydrogen. Hydrogen & hydrogen-based fuels may help aviation achieve cost-effective decarbonization. LH2 (liquid hydrogen) is the most cost-effective way for the aviation industry to decarbonize short- to medium-range aircraft. To be cost-competitive, other end-applications will require a higher carbon cost. Multiple ground-breaking initiatives in the United Kingdom, for example, are testing the integration of hydrogen into natural gas systems for domestic heating. Hydrogen is also gaining popularity as a backup power source, particularly for high-power applications such as data centers.

What are the Market Drivers?
• Strict Vehicular Regulations Across Developed Economies
• Government Investments Towards Development of FCEV Technologies
• Growing initiatives towards zero-emission across the globe to support market development
• Carbon emissions regulations across geographies to fuel FCEV market growth
• Technological advancements to boost FCEV market growth over the next decade

What are the Market Restraints?
• Lack of hydrogen refuelling infrastructure
• High upfront costs of FCEVs
• Electric shock & flammability fears regarding hydrogen fuel cell
• Competition from other alternate fuel vehicles such as Battery Electric Vehicles (BEVs) & Plug-in hybrid electric vehicles (PHEVs)

What are the Market Opportunities?
• FCEV resolves problems faced by battery electric vehicle
• Korea Takes Lead in FCEV Deployment
• Publicly Accessible Charging Facility Projected to Offer Lucrative Growth Prospects

Discover how to stay ahead

Our 560+ page report provides 500+ tables and charts/graphs. Read on to discover the most lucrative areas in the industry and the future market prospects. Our new study lets you assess forecasted sales at overall world market and regional level. See financial results, trends, opportunities, and revenue predictions. Much opportunity remains in this growing Fuel Cell Electric Vehicle (FCEV) Market. See how to exploit the opportunities.

Forecasts to 2032 and other analyses reveal the commercial prospects
• In addition to revenue forecasting to 2032, our new study provides you with recent results, growth rates, and market shares.
• You find original analyses, with business outlooks and developments.
• Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints, and challenges), Porter’s Five Forces, & SWOT Analysis, product profiles and commercial developments.

Discover sales predictions for the world market and submarkets

Vehicle Type
• Passenger Vehicle
• Bus
• Light Commercial Vehicle
• Trucks

• Short Range Distance
• Long Range Distance


In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for 13 leading national markets:

By Region
• U.S.
• China
• Japan
• Korea
• Germany
• France
• Netherlands
• UK
• Norway
• Switzerland
• Belgium
• Italy
• Rest of the World

Leading companies and the potential for market growth

Overall world revenue for Fuel Cell Electric Vehicle (FCEV) market will surpass US$1 billion in 2022, our work calculates. We predict strong revenue growth through to 2032. Our work identifies which organizations hold the greatest potential. Discover their capabilities, progress, and commercial prospects, helping you stay ahead.

How the Fuel Cell Electric Vehicle (FCEV) Market report helps you

In summary, our 560+ page report provides you with the following knowledge: 
• Revenue forecasts to 2032 for Fuel Cell Electric Vehicle (FCEV) Market, with forecasts for Vehicle Type, Range, and Type, each forecasted at a global and regional level– discover the industry’s prospects, finding the most lucrative places for investments and revenues 
• Revenue forecasts to 2032 for 13 key national markets– See forecasts for the Fuel Cell Electric Vehicle (FCEV) market in the U.S., China, Japan, Korea, Germany, France, Netherlands, UK, Norway, Switzerland, Belgium, and among other prominent economies. 
• 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 company’s profiled in this report include Ballard Power Systems, BorgWarner Inc., Cummins Inc., Doosan Fuel Cell Co Ltd., HONDA MOTOR CO., LTD., Hyundai Motor Group, Nissan, Nikola Corporation, Nedstack Fuel Cell Technology BV, NUVERA FUEL CELLS, LLC, PLUG POWER INC., Robert Bosch GmbH, SFC Energy AG, Toyota, and Watt Fuel Cell Corporation among other prominent players. 

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