The global fuel cell electric vehicle (FCEV) market is anticipated to reach market size of around US$ 15,000 Mn by 2027 and is anticipated to grow at a CAGR of around 38% in terms of revenue during the forecast period 2020 – 2027.
The fuel cell electric vehicle (FCEV) is a viable way to prevent carbon emissions from road transport but they are not currently available commercially.
Market Insights
Increased demand to reduce carbon emission rates to boost air quality has a beneficial impact on the market share of electric vehicles in fuel cells. Increased environmental issues relating to automotive emissions led to increased use of fuel cell electric vehicle (FCEV). Shifting the preference for the introduction of advanced technology in heavy-duty freight trucks would further improve commodity penetration for well-organized vehicle efficiency. For instance, in November 2018, Nikola Company has launched a 120 kW hydrogen powered electric truck with better fuel economy. The market for hydrogen powered vehicles is growing in customer demand and increased mobility requirements. Rapid urbanization and widespread development give potential prospects for the use of environmentally friendly automobiles. The fuel cell electrical vehicle demand growth is driven by lucrative economic growth and high living standards over the planned period. Governments create numerous research initiatives and sponsored projects focused primarily on designing novel fuel cell solutions. Multiple organizations, including the FCH JU, are funding fuel cell and hydrogen energy research, technological creation and demonstration events. The advancement of successful hygiene manufacturing technologies, while helping to decrease the total fuel cell production costs, is being supported by joint programmers and initiatives.
Europe fuel cells electric vehicle is likely to show substantial development due to government-sponsored supporting programmers to build fuel cell vehicle and construct hydrogen refueling stations with zero emissions. Projects such as the European Cities Renewable Hydrogen Clean Hydrogen in European Cities (CHIC) and the Joint Initiative for hydrogen Vehicles (JIVE) are aimed at marketing fuel cell-electric buses and at further increasing regional fuel cell electric vehicle production Easier e-bike connectivity to high-traffic industries promotes the operation of this business throughout the course of the study.
FCEV suppliers focus strongly on collaborations and cooperation with vehicle manufacturers in order to expand their representation on the market. For instance, in June 2020, Toyota set up a joint venture in China with five fuel cell development firms. Beijing Automotive Group Co., Dongfeng Motor Corp., China FAW Corp., Guangzhou Auto, and Beijing SinoHytec Co are joint venture firms. The joint venture is known as United Fuel Cell System R&D, with an estimated investment of US$ 46 Mn. Market players also focus in cooperation with other players in the industry the production of electric vehicle technology to strengthen their market base. For instance, in January 2020, the engine Honda Co. Ltd. has worked on collaborative research for heavy-duty fuel cell-powered trucks with Isuzu Motor Ltd. The business plans to build in the span of two years a concept model and carry out road testing for this strategic partnership.
Some of the prominent players in the fuel cell electric vehicle (FCEV) market include Honda Motor Co., Ltd., Toyota Motor Corporation, Hyundai Motor Group, Volkswagen, SAIC Motor Corporation Limited, Audi AG, Ballard Power Systems, LLC, US Hybrid, Meritor, Inc., Nuvera Fuel Cells, Hydrogenics, Dana Limited, Sunrise Power Co. Ltd., Plug Power, Inc., Ceres Power Holdings Plc, Shanghai Shenli Technology Co. Ltd, and others.
The global fuel cell electric vehicle (FCEV) market is segmented as below:
Market Segmentation
Fuel Cell Electric Vehicle (FCEV) Market By Product
Heavy Duty Vehicles
Agriculture
Buses
Port Vehicles/Container Handling or Transport
Automotive
Class 8/ Long haul
Others
Fuel Cell Electric Vehicle (FCEV) Market By Distance
Short
Long
Fuel Cell Electric Vehicle (FCEV) Market By Geography
North America
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
CHAPTER 1. Industry Overview of Fuel Cell Electric Vehicle (FCEV)
1.1. Definition and Scope
1.1.1. Definition of Fuel Cell Electric Vehicle (FCEV)
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Fuel Cell Electric Vehicle (FCEV) Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Fuel Cell Electric Vehicle (FCEV) Market By Product
1.2.3. Fuel Cell Electric Vehicle (FCEV) Market By Distance
1.2.4. Fuel Cell Electric Vehicle (FCEV) Market by Regions
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restrain 1
3.2.2. Restrain 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Fuel Cell Electric Vehicle (FCEV) Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Fuel Cell Electric Vehicle (FCEV) Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Cost Structure Analysis
3.8.1. Price Trend of Key Raw Materials
3.8.2. Raw Material Suppliers
3.8.3. Proportion of Manufacturing Cost Structure
3.8.3.1. Raw Material
3.8.3.2. Labor Cost
3.8.3.3. Manufacturing Expense
3.9. Regulatory Compliance
3.10. Competitive Landscape, 2019
3.10.1. Player Positioning Analysis
3.10.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Manufacturing Plant Analysis
4.1. Manufacturing Plant Location and Establish Date of Major Manufacturers in 2019
4.2. R&D Status and Application Source of Fuel Cell Electric Vehicle (FCEV) Major Manufacturers in 2019
CHAPTER 5. Fuel Cell Electric Vehicle (FCEV) Market By Product
5.1. Introduction
5.2. Fuel Cell Electric Vehicle (FCEV) Revenue By Product
5.2.1. Fuel Cell Electric Vehicle (FCEV) Revenue (US$ Mn) and Forecast, By Product, 2016-2027
5.2.2. Heavy Duty Vehicles
5.2.2.1. Heavy Duty Vehicles Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.3. Agriculture
5.2.3.1. Agriculture Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.4. Buses
5.2.4.1. Buses Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.5. Port Vehicles/Container Handling or Transport
5.2.5.1. Port Vehicles/Container Handling or Transport Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.6. Automotive
5.2.6.1. Automotive Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.7. Class 8/Long Haul
5.2.7.1. Class 8/Long Haul Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.8. Others
5.2.8.1. Others Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 6. Fuel Cell Electric Vehicle (FCEV) Market Revenue By Distance
6.1. Introduction
6.2. Fuel Cell Electric Vehicle (FCEV) Revenue (US$ Mn) By Distance
6.2.1. Fuel Cell Electric Vehicle (FCEV) Revenue (US$ Mn) and Forecast By Distance, 2016 - 2027
6.2.2. Short
6.2.2.1. Short Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.3. Long
6.2.3.1. Long Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 7. North America Fuel Cell Electric Vehicle (FCEV) Market By Country
7.1. North America Fuel Cell Electric Vehicle (FCEV) Overview
7.2. U.S.
7.2.1. U.S. Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
7.2.2. U.S. Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016-2027
7.3. Canada
7.3.1. Canada Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
7.3.2. Canada Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016-2027
7.4. North America PEST Analysis
CHAPTER 8. Europe Fuel Cell Electric Vehicle (FCEV) Market By Country
8.1. Europe Fuel Cell Electric Vehicle (FCEV) Market Overview
8.2. U.K.
8.2.1. U.K. Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
8.2.2. U.K. Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016-2027
8.3. Germany
8.3.1. Germany Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
8.3.2. Germany Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016-2027
8.4. France
8.4.1. France Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
8.4.2. France Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016-2027
8.5. Spain
8.5.1. Spain Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
8.5.2. Spain Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016-2027
8.6. Rest of Europe
8.6.1. Rest of Europe Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
8.6.2. Rest of Europe Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016-2027
8.7. Europe PEST Analysis
CHAPTER 9. Asia Pacific Fuel Cell Electric Vehicle (FCEV) Market By Country
9.1. Asia Pacific Fuel Cell Electric Vehicle (FCEV) Market Overview
9.2. China
9.2.1. China Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
9.2.2. China Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016 - 2027
9.3. Japan
9.3.1. Japan Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
9.3.2. Japan Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016 - 2027
9.4. India
9.4.1. India Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
9.4.2. India Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016 - 2027
9.5. Australia
9.5.1. Australia Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
9.5.2. Australia Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016 - 2027
9.6. South Korea
9.6.1. South Korea Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
9.6.2. South Korea Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016 - 2027
9.7. Rest of Asia-Pacific
9.7.1. Rest of Asia-Pacific Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
9.7.2. Rest of Asia-Pacific Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016 - 2027
9.8. Asia Pacific PEST Analysis
CHAPTER 10. Latin America Fuel Cell Electric Vehicle (FCEV) Market By Country
10.1. Latin America Fuel Cell Electric Vehicle (FCEV) Market Overview
10.2. Brazil
10.2.1. Brazil Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
10.2.2. Brazil Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016 - 2027
10.3. Mexico
10.3.1. Mexico Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
10.3.2. Mexico Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016 - 2027
10.4. Rest of Latin America
10.4.1. Rest of Latin America Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
CHAPTER 11. Middle East & Africa Fuel Cell Electric Vehicle (FCEV) Market By Country
11.1. Middle East & Africa Fuel Cell Electric Vehicle (FCEV) Market Overview
11.2. Saudi Arabia
11.2.1. Saudi Arabia Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
11.2.2. Saudi Arabia Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016 - 2027
11.3. UAE
11.3.1. UAE Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
11.3.2. UAE Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016 - 2027
11.4. Rest of Middle East & Africa
11.4.1. Rest of Middle East & Africa Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
11.4.2. Rest of Middle East & Africa Fuel Cell Electric Vehicle (FCEV) Market Revenue (US$ Mn) and Forecast By Distance, 2016 - 2027
CHAPTER 12. PLAYER ANALYSIS OF STROKE MANAGEMENT
12.1. Fuel Cell Electric Vehicle (FCEV) Market Company Share Analysis
12.2. Competition Matrix
12.2.1. Competitive Benchmarking of key players by price, presence, market share, and R&D investment
12.2.2. New Product Launches and Product Enhancements
12.2.3. Mergers And Acquisition In Global Fuel Cell Electric Vehicle (FCEV) Market
12.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 13. COMPANY PROFILE
13.1. Honda Motor Co., Ltd.
13.1.1. Company Snapshot
13.1.2. Business Overview
13.1.3. Financial Overview
13.1.3.1. Revenue (US$ Mn), 2019
13.1.3.2. Honda Motor Co., Ltd. 2019 Fuel Cell Electric Vehicle (FCEV) Business Regional Distribution
13.1.4. Product/ Service and Specification
13.1.5. Recent Developments & Business Strategy
13.1.6. Manufacturing Plant Footprint Analysis
13.2. Toyota Motor Corporation
13.3. Hyundai Motor Group
13.4. Volkswagen
13.5. SAIC Motor Corporation Limited
13.6. Audi AG
13.7. Ballard Power Systems, LLC
13.8. US Hybrid
13.9. Meritor, Inc.
13.10. Nuvera Fuel Cells
13.11. Hydrogenics
13.12. Dana Limited
13.13. Sunrise Power Co. Ltd.
13.14. Plug Power, Inc.
13.15. Ceres Power Holdings Plc
13.16. Shanghai Shenli Technology Co. Ltd
13.17. Others
