To know the impact of COVID-19 On Fuel Cell Vehicle Market Size By Vehicle Type (Light Vehicle, Heavy Vehicle), By Fuel Cell Type (Hydrogen fuel cells, Polymer Electrolyte fuel cells, Direct Methanol fuel cells, Others) Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027 Market
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
Fuel Cell Vehicle Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Rise in demand for Green Energy is a key driving factor for the growth of Fuel Cell Vehicle Market.
Brandessence Market Research has published a new report title and According to Study “Fuel Cell Vehicle Market is valued at USD 193.9 Million in 2017 and expected to reach USD 3283.12 Million by 2027 with a CAGR of 32.7% over the forecast period.”
Scope of Fuel Cell Vehicle Market Report:
Fuel Cell Vehicle (FCV) is an electric vehicle which uses fuel cells to power onboard electric motor. This fuel cell is the combination of small battery or super capacitor which generates electricity using oxygen and compressed hydrogen. The byproducts of these vehicles are only water and heat. Hence the major benefits of fuel cell systems are efficiency, fuel production from local sources and zero or low emissions. Variety of fuels can be used in FCVs which depends on certain factors like: cost of fuel, complexity & storage, environmental factors, infrastructure and safety. The first fuel cell vehicle was modified around 1959 and still many improvements are required as technology grows. Many countries around the world are proposing different programs to improve the fuel economy. For example, global leaders of fuel cells announced in September, 2018 about the goal of decarbonizing hydrogen fuel for transport by 2030.
During the COVID-19 pandemic, Automobile Industry was hit hard by pandemic due to decreasing demand in consumption and shutdown of manufacturing processes. The sudden collapse of economy around the globe, made the global industries and organizations to adopt into green technologies. Jennifer Gordon, Managing Director of Global Energy Center said “There is a need for sustainable decarbonization of energy system due to global health crisis and decision makers has to face the reality when pandemic has passed”.
Global Fuel Cell Vehicle Market Segmentation:
Global Fuel Cell Vehicle Market report is segmented on the basis of type of vehicles, fuel cells and region & country level. Based upon vehicle type, global Fuel Cell Vehicle market is classified into Light vehicles and Heavy Vehicles. The market is classified on the basis of fuel cell type are Hydrogen fuel cells, Polymer Electrolyte fuel cells, Direct Methanol fuel cells and others.
By Vehicle Type:
- Light Vehicle
- Heavy Vehicle
By Fuel Cell Type:
- Hydrogen fuel cells
- Polymer Electrolyte fuel cells
- Direct Methanol fuel cells
The regions covered in this Global Fuel Cell Vehicle Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Fuel Cell Vehicle is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.
Key Players for Global Fuel Cell Vehicle Market Report:
Some major key players for Global Fuel Cell Vehicle Market are Toyota Motor Corp, General Motors, Hyundai, Honda, Ford, Nissan, Mercedes-Benz, Chevrolet and others.
News: Navistar collaboration with GM for fuel cell truck
January 27, 2021; Navistar International Corp aims to collaborate with General Motors Co and other to develop commercial trucks based on hydrogen powered fuel cell and support fueling network. They plan to offer International RH series in the year 2024. The driving range more than 500 miles is targeted and hydrogen fueling time is set to be less than 15 minutes.
Toyota group to develop fuel cell vehicle parts
January 24, 2021; In order to develop hydrogen fuel cell vehicle parts, Toyota Motor Corp along with its group companies are raising efforts. They plan to expand their market to meet the demand of eco-friendly and less carbon emission cars. The company also released second generation hydrogen powered Mirai sedan, world’s first mass produced fuel cell vehicle.
Rise in demand for Green Energy is a key driving factor for the growth of Fuel Cell Vehicle Market
The major factors driving the growth of global Fuel Cell Vehicle market is the rising demand for Green Energy, Safety and better Driving experience. Autonomy, Electrification and Shared Mobility are some current trends that have potential to drive the Fuel Cell Vehicle Market. More than 15,000 Hydrogen Fuel Cell Vehicles are on roads globally as of May 2020 and international governments and organizations are targeting to increase the number by 10 million by 2030. The important factor in the Market is Fuel Infrastructure which is also an obstacle and a restraining factor in the FCV market due to lack of fuel stations around the world. As of July, 2020 in the U.S. there are around 43 hydrogen refueling stations only. On the other hand, increase in product launches in the market as well as supportive government initiatives are expected to create ample opportunities in the market.
Asia-Pacific is dominating the Global Fuel Cell Vehicle Market
Asia-Pacific is expected to dominate the Global Fuel Cell Vehicle Market within the forecast period attributed to meet the highest goal for fuel cell cars. This region has some prominent manufacturers as a market leaders contributing significantly. According to International Energy Agency (IEA), in 2019 Japan had only 3600 hydrogen cars but aims to increase the number by more than 800,000 by 2030 followed by Netherlands aims to 300,000 fuel cell cars by the same time. Japan is the only country having more than 90 fuel stations followed by the U.S. having more than 40 fueling stations. Europe and North America is expected to develop significantly owing to the supportive government initiatives, strategic collaboration and product launches in the market.
Key Benefits for Global Fuel Cell Vehicle Market Report:
- Global Fuel Cell Vehicle Market report covers in-depth historical and forecast analysis.
- Global Fuel Cell Vehicle Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global Fuel Cell Vehicle Market report helps to identify opportunities in marketplace.
- Global Fuel Cell Vehicle Market report covers extensive analysis of emerging trends and competitive landscape.
Fuel Cell Vehicle Market By Regional & Country Level:
- Southeast Asia
Middle East and Africa
- Rest of Middle East and Africa
Frequently Asked Questions (FAQ) :
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Fuel Cell Vehicle Market By Size, Growth And Current trend Analysis 2021 and Analysis 2019-2025
Fuel Cell Vehicle Market Size By Vehicle Type (Light Vehicle, Heavy Vehicle), By Fuel Cell Type (Hydrogen fuel cells, Polymer Electrolyte fuel cells, Direct Methanol fuel cells, Others) Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
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