A fuel cell is an electrochemical reactor that converts the chemical energy and an oxidant directly to electricity. In recent years, the word fuel cell has been used almost solely to describe a reactor using hydrogen as the chief energy source. Hydrogen has a protracted history of being employed as fuel for versatility. More than 200 years ago, hydrogen was adopted in the first internal combustion engines by igniting the hydrogen itself, like burning gasoline today. Though, this did not prove to be quite successful due to safety affairs and low energy density. Preferably, hydrogen is an energy carrier in a modern fuel cell by reacting with oxygen to form electricity.
Moreover, fuel cell vehicles have become more lucrative in recent years due to higher performance, reduced refuelling time, and long-range offered by the systems. Also, the exhaust in terms of water, a deterioration in emissions dimension, and superior power and torque output play a significant role in adopting fuel cell technologies for automobiles. In addition, the rising environmental issues, such as climate change and low air quality, are due to substantial growth in the regional transportation sector. High fossil fuel consumption has generated the need for clean energy sources, thereby boosting the market's growth over the forecast period. According to the publisher, the Global Fuel Cell Vehicle Market awaits to reach 980.00 Thousand Units by 2030.
The production & sales of innovative vehicles had come to a standstill across the globe as the entire ecosystem had been obstructed in the initial outbreak of COVID 19. Fuel Cell Vehicles had to pause until lockdowns were lifted to continue blooming, which influenced their businesses. Consequently, vehicle manufacturers had to modify the production volume. Moreover, the automotive industry is highly capital-intensive and relies on frequent financing to continue operations. Thus, during the initial months of the outbreak, the production suspension and lower demand had an unprecedented impact on Fuel Cell Vehicles manufacturers and automotive fuel cell producers.
For example, according to the Times of India, Honda Motor Company's sales declined by more than 15% throughout the third quarter of 2020, while operating profit plunged by around 13% overall during the whole year. Toyota Motor Corporation's sales went down by 50% in the first quarter of 2020. However, demand for Fuel Cell Vehicles recovered at a fast rate after the initial months of 2020. Hence, the sales also increased along with the demand for zero-emission vehicles during the latter months of 2020. the research suggests that the Worldwide Hydrogen Fuel Cell Vehicle Market was 25.00 Thousand Units in 2020.
Globally, fuel cell vehicles are typically categorized by the technology used. Prominent technologies of fuel cells include Polymer Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC) and Molten Carbonate Fuel Cells (MCFC). Of these, PEMFC is the common commercialized type today due to its low operating temperature (50-100°C), compact start time, and its oxidant (atmospheric air) ease of use. These characteristics make PEMFC ideal for mobility solutions. They are part of the reason for the rapid development of FCEVs starting from the 1990s. As per the analysis, the Global Fuel Cell Vehicle Industry is expected to grow with a massive CAGR of 44.32% from 2020 - 2030.
The global fuel cell vehicle market report revolves around crucial regions, including Europe, North America, Asia Pacific, Middle East and Africa and Latin America. In North America, the United States has a massive number of hydrogen fuel stations provisioning to the market. Both US and Canada have been supporting the market for low emission vehicles. Fuel cell vehicles are in tremendous demand in some states like California in the US and British Columbia in Canada. Also, Asia-Pacific is a fast-growing market for hydrogen fuel stations. China, South Korea and Japan are currently leading the fuel cell vehicle market in Asia-Pacific. China is converging more on buses and trucks for FCEV's.
In the upcoming years, nations such as China, Japan, and South Korea are expected to pivot in advancing fuel cell electric vehicle technology. Large corporations such as Toyota are trying to become the leader in fuel cell technology. As with most technologies, fuel cell technology's initial development and deployment phases heavily depend on government policies and incentives. To various extents and for multiple reasons, governments of China, the United States, European nations and Japan have encouraged the development of the fuel cell industry. The countries invest heavily in core technology research and establish subsidy policies and medium/long-term strategic plans.
In Europe Hydrogen Roadmap Europe: a transition to one-third ultra-low carbon hydrogen production by 2030 has been devised.
Similarly, in Japan policy for the full-fledged manufacturing operation, transportation and storage of zero-carbon emission hydrogen by 2040 have been planned.
In addition, in the United States, the California Fuel Cell Partnership has also outlined targets for 1,000,000 FCEVs by 2030.
The Global Fuel Cell Market is dominated by established players such as Toyota Motor Corporation, Volkswagen, Daimler AG, Honda Motor Company, and Ford Motor Company. These companies contribute extensive products and solutions for the fuel cell vehicle industry, have strong global distribution networks, and invest heavily in R&D to develop new products.
This latest report “Global Fuel Cell Vehicle Market, Global Forecast By Technology (Polymer Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC) and Molten Carbonate Fuel Cells (MCFC), Region (North America, Europe, Asia Pacific, Middle East and Africa and Latin America), Companies (Volkswagen, Daimler AG, Toyota Motor Corporation, Honda Motor Company, and Ford Motor Company)” provides a detailed analysis of Global Fuel Cell Vehicle Industry.
1. Polymer Exchange Membrane Fuel Cells (PEMFC)
2. Solid Oxide Fuel Cells (SOFC)
3. Direct Methanol Fuel Cells (DMFC)
4. Phosphoric Acid Fuel Cells (PAFC)
5. Molten Carbonate Fuel Cells (MCFC)
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. Latin America
1. Volkswagen
2. Toyota Motor Corporation
3. Daimler AG
4. Ford Motor Company
5. Honda Motor Company
Impact of COVID-19 on Global Fuel Cell Vehicle Market:
The production & sales of innovative vehicles had come to a standstill across the globe as the entire ecosystem had been obstructed in the initial outbreak of COVID 19. Fuel Cell Vehicles had to pause until lockdowns were lifted to continue blooming, which influenced their businesses. Consequently, vehicle manufacturers had to modify the production volume. Moreover, the automotive industry is highly capital-intensive and relies on frequent financing to continue operations. Thus, during the initial months of the outbreak, the production suspension and lower demand had an unprecedented impact on Fuel Cell Vehicles manufacturers and automotive fuel cell producers.
For example, according to the Times of India, Honda Motor Company's sales declined by more than 15% throughout the third quarter of 2020, while operating profit plunged by around 13% overall during the whole year. Toyota Motor Corporation's sales went down by 50% in the first quarter of 2020. However, demand for Fuel Cell Vehicles recovered at a fast rate after the initial months of 2020. Hence, the sales also increased along with the demand for zero-emission vehicles during the latter months of 2020. the research suggests that the Worldwide Hydrogen Fuel Cell Vehicle Market was 25.00 Thousand Units in 2020.
The technology used for Global Fuel Cells Vehicles
Globally, fuel cell vehicles are typically categorized by the technology used. Prominent technologies of fuel cells include Polymer Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC) and Molten Carbonate Fuel Cells (MCFC). Of these, PEMFC is the common commercialized type today due to its low operating temperature (50-100°C), compact start time, and its oxidant (atmospheric air) ease of use. These characteristics make PEMFC ideal for mobility solutions. They are part of the reason for the rapid development of FCEVs starting from the 1990s. As per the analysis, the Global Fuel Cell Vehicle Industry is expected to grow with a massive CAGR of 44.32% from 2020 - 2030.
Regional Analysis of Fuel Cell Vehicle Industry
The global fuel cell vehicle market report revolves around crucial regions, including Europe, North America, Asia Pacific, Middle East and Africa and Latin America. In North America, the United States has a massive number of hydrogen fuel stations provisioning to the market. Both US and Canada have been supporting the market for low emission vehicles. Fuel cell vehicles are in tremendous demand in some states like California in the US and British Columbia in Canada. Also, Asia-Pacific is a fast-growing market for hydrogen fuel stations. China, South Korea and Japan are currently leading the fuel cell vehicle market in Asia-Pacific. China is converging more on buses and trucks for FCEV's.
In the upcoming years, nations such as China, Japan, and South Korea are expected to pivot in advancing fuel cell electric vehicle technology. Large corporations such as Toyota are trying to become the leader in fuel cell technology. As with most technologies, fuel cell technology's initial development and deployment phases heavily depend on government policies and incentives. To various extents and for multiple reasons, governments of China, the United States, European nations and Japan have encouraged the development of the fuel cell industry. The countries invest heavily in core technology research and establish subsidy policies and medium/long-term strategic plans.
Policy Overview across Major Markets:
In Europe Hydrogen Roadmap Europe: a transition to one-third ultra-low carbon hydrogen production by 2030 has been devised.
Similarly, in Japan policy for the full-fledged manufacturing operation, transportation and storage of zero-carbon emission hydrogen by 2040 have been planned.
In addition, in the United States, the California Fuel Cell Partnership has also outlined targets for 1,000,000 FCEVs by 2030.
The Global Fuel Cell Market is dominated by established players such as Toyota Motor Corporation, Volkswagen, Daimler AG, Honda Motor Company, and Ford Motor Company. These companies contribute extensive products and solutions for the fuel cell vehicle industry, have strong global distribution networks, and invest heavily in R&D to develop new products.
Recent Developments in Fuel Cell Car Companies:
- In March 2021, Toyota Corporation revealed a new hydrogen production facility and refuelling station at its decommissioned car factory in Melbourne, Australia, before its second-generation fuel-cell car, the Mirai FCEV. The facility includes a 200-kilowatt electrolyzer powered by an on-site 84-kilowatt solar array and a 100-kilowatt battery.
- In March 2021, Toyota Motor Corporation and Beijing SinoHytec proclaimed a joint venture to produce hydrogen fuel cell vehicles concerning the Chinese market. As per the joint statement, the two companies are foreseen to invest USD 72 million into Huafeng Fuel Cell Co. Ltd. The company's first car will be modelled after Toyota's hydrogen fuel cell vehicle MIRAI and is slated to begin production in 2023.
This latest report “Global Fuel Cell Vehicle Market, Global Forecast By Technology (Polymer Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC) and Molten Carbonate Fuel Cells (MCFC), Region (North America, Europe, Asia Pacific, Middle East and Africa and Latin America), Companies (Volkswagen, Daimler AG, Toyota Motor Corporation, Honda Motor Company, and Ford Motor Company)” provides a detailed analysis of Global Fuel Cell Vehicle Industry.
Technology - Fuel Cell Electric Vehicle has been covered from 5 viewpoints:
1. Polymer Exchange Membrane Fuel Cells (PEMFC)
2. Solid Oxide Fuel Cells (SOFC)
3. Direct Methanol Fuel Cells (DMFC)
4. Phosphoric Acid Fuel Cells (PAFC)
5. Molten Carbonate Fuel Cells (MCFC)
Region - Fuel Cell Electric Vehicle has been covered from 5 viewpoints:
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. Latin America
Company Insights:
- Overview
- Recent Development & Strategies
- Financial Insights
Company Analysis
1. Volkswagen
2. Toyota Motor Corporation
3. Daimler AG
4. Ford Motor Company
5. Honda Motor Company
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Fuel Cell Electric Vehicle Market
4. Market Dynamics
6. Volume Share - Fuel Cell Electric Vehicle
7. Technology - Fuel Cell Electric Vehicle
8. Region - Fuel Cell Electric Vehicle
9. Company Analysis
List of Figures:
List of Tables:
Companies Mentioned
- Volkswagen
- Toyota Motor Corporation
- Daimler AG
- Ford Motor Company
- Honda Motor Company
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 90 |
| Published | September 2021 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value in 2020 | 25 Thousand Units |
| Forecasted Market Value by 2030 | 980 Thousand Units |
| Compound Annual Growth Rate | 44.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
