Increasing Demand for Clean Energy to Provide Growth Opportunities for Fuel Cell Vehicle Market During 2021–2028
According to our latest market study on “Fuel Cell Vehicle Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Electrolyte, Power Output, Vehicle Type, and Geography,” the market is projected to reach US$ 6,051.17 million by 2028 from US$ 570.43 million in 2021; it is expected to grow at a CAGR of 40.1% from 2021 to 2028.
Numerous government bodies across the globe have taken up strategies to decrease the emissions to zero by 2050 gradually. According to data from the United Nations, more than 130 countries have setup strategies to reduce emissions to net-zero by 2050. It is estimated that ~US$ 250 trillion in investments will be required to reduce emissions to net-zero by 2050. According to data from the United Nations, the transportation sector accounts for ~20% of the carbon emissions annually. Thus, government bodies and automobile manufacturers have taken up numerous strategies to boost the development and adoption of fuel cell and electric vehicles worldwide. Further, the Indian government has announced its objective of attaining net-zero by 2070. The objective is expected to substantially impact the adoption of fuel cell vehicles in the country during the forecast period. Such initiative by governing bodies and automobile manufacturers is expected to create numerous opportunities for the fuel cell vehicle market during the forecast period.
China is one of the major carbon emitters globally, and achieving net-zero is a major challenge for the country by 2060. China is currently working on developing strategies to move toward its goal of net-zero by 2060. For instance, in November 2021, the Chinese government launched the Shanghai Research Institute for Energy and Carbon Neutrality Strategy that will focus on the net-zero goal for the country.
Based on electrolyte, the fuel cell vehicle market is bifurcated into PEFC and PAFC. In 2020, the PEMFC segment led the fuel cell vehicle market, accounting for a larger market share. By power output, the fuel cell vehicle market is segmented into up to 100 kW, 100-200 kW, and above 200 kW. In 2020, the up to 100 kW segment accounted for the largest market share. Based on vehicle type, the fuel cell vehicle market is segmented into passenger cars, buses, trucks, and light commercial vehicles. In 2020, the passenger cars segment accounted for the largest market share in the fuel cell vehicle market. Geographically, the fuel cell vehicle market is broadly segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. In 2020, APAC accounted for a significant share in the global fuel cell vehicle market.
Impact of COVID-19 Pandemic on global fuel cell vehicle Market
According to the latest situation report from World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Italy, Germany, Argentina, and South Africa are among the worst-affected countries due to the COVID-19 outbreak. The COVID-19 crisis affected industries worldwide, and the global economy was worst hit until mid-2021. The fuel cell vehicle market industry was adversely affected due to shutdowns, travel bans, trade bans, and border lockdowns.Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc; General Motors; AB Volvo; Honda Motors Co., Ltd.; Riversimple; Hyzon Motors; Daimler AG; and Ballard Power Systems Inc are among the major companies operating in the fuel cell vehicle market.
Fuel Cell Vehicle Market - by Geography, 2020 and 2028 (%)
Fuel Cell Vehicle Market Report – Size & Forecast 2028
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Fuel Cell Vehicle Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Electrolyte (PEMFC and PAFC), Power Output (Less than 100 kW, 100-200 kW, and Above 200 kW), and Vehicle Type (Passenger Car, Buses, Trucks, and Light Commercial Vehicles)
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