Fuel Cell Vehicle Market Size Worth Nearly $6Bn by 2028 at 40.1% CAGR with Passenger Cars Segment Driving Growth During 2021-2028 | Report by The Insight Partners

Asia Pacific held the largest market share of the global fuel cell vehicle market was valued at USD 301.69 million in 2021 and is projected to reach USD 4,113.9 million by 2028; it is expected to grow at a CAGR of 45.2% during the forecast period. The global fuel cell vehicle industry growth is driven by increasing demand for clean energy and declining cost of green hydrogen.

Pune, India, July 27, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Fuel Cell Vehicle Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and by Electrolyte, Power Output, Vehicle Type, and Geography”, the fuel cell vehicles market is projected to reach $6.05 billion by 2028 from $0.57 billion in 2021; it is estimated to register a CAGR of 40.1% during 2021–2028. The increase in environmental concern, and rising fuel prices and government activities throughout the globe. However, the high manufacturing and vehicle costs is expected hinder the growth of the market.

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Integration with Renewable Energy Sources Provides Lucrative Opportunities for Fuel Cell Vehicle Market:

Integration with renewable energy sources presents a significant fuel cell vehicle market opportunity. Fuel cell vehicles (FCVs) can be powered by hydrogen produced through electrolysis, which uses electricity to split water into hydrogen and oxygen. By integrating FCVs with renewable energy sources such as wind and solar, excess renewable energy can be harnessed during periods of high generation and used to produce hydrogen. This integration offers several benefits. Firstly, it enables the storage and utilization of renewable energy that would otherwise be wasted during excess generation. By converting this surplus energy into hydrogen, which can be stored and used later, FCVs become an efficient means of energy storage and grid balancing. This addresses one of the renewable energy integration challenges—matching supply with demand.

Secondly, integrating FCVs with renewable energy sources contributes to the overall sustainability of the transportation sector. Hydrogen from renewable sources has a significantly lower carbon footprint than hydrogen from fossil fuels. As a result, FCVs powered by renewable hydrogen offer a truly zero-emission transportation solution, further reducing greenhouse gas emissions and improving air quality. Moreover, integrating FCVs with renewable energy sources can lead to a more diversified and decentralized energy system. It reduces dependence on fossil fuels and enhances the integration of intermittent renewable energy into the overall energy mix. This diversification enhances energy security and promotes a transition towards a more sustainable and resilient energy infrastructure. Furthermore, integrating FCVs with renewable energy sources aligns with the broader goal of achieving a carbon-neutral future. It supports the development of a circular economy, where renewable energy is utilized not only for electricity generation but also for producing hydrogen as a clean fuel for transportation. This integration fosters a holistic approach to sustainability and offers an opportunity to reduce the overall carbon footprint of the transportation sector.

China has emerged as a dominant fuel cell vehicle market, showcasing remarkable growth and advancements in recent years. The country's commitment to reducing air pollution and promoting sustainable transportation has propelled its dominance in this sector. One key factor contributing to China's market domination is the strong government support and ambitious targets for fuel cell vehicle production and infrastructure development. The Chinese government has introduced generous subsidies, tax incentives, and favorable regulations to encourage the adoption of fuel cell vehicles. These policies have attracted significant investments from domestic and international automakers, creating a vibrant fuel cell vehicle production and deployment ecosystem.

Moreover, China has prioritized the development of hydrogen infrastructure, including establishing a network of hydrogen refueling stations. The government has been actively investing in constructing hydrogen production facilities, storage facilities, and distribution networks to support the growing demand for fuel cell vehicles. This commitment to infrastructure development has provided a solid foundation for the widespread adoption of fuel cell technology nationwide. In addition to government support, Chinese automakers have invested substantially in fuel cell vehicle research and development. Companies like BYD, BAIC, and Geely have dedicated significant resources to developing fuel cell vehicle models, aiming to capture a substantial share of the domestic and international markets. These efforts have produced innovative fuel cell vehicle models with improved performance, range, and affordability. China's dominance in the fuel cell vehicle market is also reinforced by its large population and increasing urbanization. As cities become more congested and pollution levels rise, a growing demand for cleaner and more sustainable transportation options is growing. Fuel cell vehicles, with their zero-emission capabilities and long-range capabilities, are seen as a viable solution to address these challenges.

Furthermore, China's strong manufacturing capabilities and technological expertise have significantly influenced its market dominance. The country has a robust automotive manufacturing sector and an extensive supply chain supporting fuel cell vehicle production and distribution. Additionally, Chinese research institutions and universities are actively engaged in fuel cell technology research, contributing to technological advancements and innovations in the sector.

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Global Fuel Cell Vehicle Market Analysis: Competitive Landscape and Key Developments

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 a few of the key companies operating in the fuel cell vehicle market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

In July 2021, Toyota announced that Caetano Bus, the Portuguese bus manufacturing company, and Toyota announced the co-branding of the battery-electric city bus, the e-City Gold, and the fuel cell electric bus, the H2. City Gold. Since 2019, TME has integrated Toyota’s fuel cell technology, including fuel cell stacks, hydrogen tanks, and other key components, into the hydrogen city buses manufactured by Caetano Bus.

In July 2021, MZK in Konin stated that it would be the first public transport operator in Poland to add a hydrogen bus to its fleet. Secured by Solaris Bus & Coach, the contract stipulates the four-year lease of a Urbino 12 hydrogen bus propelled with energy derived from hydrogen. The vehicle will be delivered to Konin in 2022.

In May 2021, Hyundai Motor Company upgraded design and performance of XCIENT Fuel Cell Truck with an additional shipping of 140 XCIENT Fuel Cells to Europe in 2021, in line with the company’s plan to roll out 1,600 units by 2025.

Global Fuel Cell Vehicle Market: Segmental Overview

Based on electrolyte, the fuel cell vehicle market is bifurcated into PEMFC and PAFC. The PEMFC segment held the largest share of the market in 2020, whereas the PAFC segment is anticipated to register the highest CAGR in the market during the forecast period. By power output, the fuel cell vehicle market is segmented into up to 100 kW, 100-200 kW, and above 200 kW. The up to 100 kW segment held the largest share of the fuel cell vehicle market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on vehicle type, the fuel cell vehicle market is segmented into passenger cars, buses, trucks, and light commercial vehicles. The passenger cars segment held the largest share of the market in 2020, whereas the light commercial vehicle segment is estimated to register the highest CAGR in the market during the forecast period.

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