Product Code: 2375
Global Fuel Cell Electric Vehicle (FCEV) Market is slated to garner robust growth through 2032 owing to the stringent regulations imposed by the governments, concerning reducing pollution levels caused by diesel engines. Moreover, the cost of conventional, non-renewable fuels such as petrol and diesel is rising, opening new market possibilities for electric cars powered by fuel cells.
Factors such as improved technology and added features have drawn consumer interest towards fuel-cell electric cars. Additionally, industry players are concentrating on enhancing their market positions by introducing new products. For instance, in November 2022, Honda announced developing FCEVs centered on its CR-V crossover, starting 2024. Honda's fuel cell electric car is set to include a plug-in feature that enables switching between an onboard battery for short journeys and a hydrogen flow for longer ones.
The fuel cell electric vehicle market has been divided in terms of vehicle, distance, and region.
Based on vehicle, the buses segment is expected to hold sizable market share over the review period. The adoption of fuel cell technology in buses is credited to governments' increasing focus on making investments to improve public transportation. The advantages of incorporating fuel cells into buses to support traveling long distances, in tandem with lower refueling times & higher driving ranges as compared to electric vehicles, are expected to accelerate the segmental growth.
With respect to distance, the long segment is speculated to attain strong gains through the forecast years. The growth of fuel cell technologies in automobiles, buses, and trucks is propelling the long-distance FCEV market. Since hydrogen has a greater energy density than electrical storage devices such as batteries, it can travel farther than systems that rely on batteries as energy sources. Besides, restricted network availability of hydrogen fuel stations has enabled automobile OEMs to offer longer driving ranges for their cars, thus influencing the segmental growth.
From the regional perspective, the Middle East & Africa FCEV market is anticipated to flourish through 2032. The regional market growth can be credited to the rising investments in the construction of a hydrogen refueling infrastructure across the developing economies. The widespread use of hydrogen fuel cell-based automobiles in MEA will also increase with the growing demand for hydrogen fueling stations.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market definitions
- 1.2 Base estimates & calculations
- 1.3 Forecast calculation
- 1.4 Data Sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 FCEV360 degree synopsis, 2018 - 2032
- 2.2 Business trends
- 2.2.1 Total Addressable Market (TAM)
- 2.3 Vehicle trends
- 2.4 Distance trends
- 2.5 Regional trends
Chapter 3 FCEV Industry Insights
- 3.1 Impact on COVID-19 impact
- 3.1.1 Regional impact
- 3.1.1.1 North America
- 3.1.1.2 Europe
- 3.1.1.3 Asia Pacific
- 3.1.1.4 Latin America
- 3.1.1.5 MEA
- 3.2 Russia- Ukraine war impact on Fuel cell electric vehicle
- 3.3 Industry ecosystem analysis
- 3.3.1 Raw material supplier
- 3.3.2 Component suppliers
- 3.3.3 Manufactures/OEM
- 3.3.4 Technology provider
- 3.3.5 Infrastructure providers
- 3.3.6 Distribution channel analysis
- 3.3.6.1 Distributors
- 3.3.6.2 Dealerships
- 3.3.6.3 Franchise networks
- 3.3.7 End-user
- 3.3.8 Vendor matrix
- 3.3.9 Profit margin analysis
- 3.4 EV Infrastructure
- 3.5 Pricing analysis
- 3.5.1 Regional pricing
- 3.5.1.1 North America
- 3.5.1.2 Europe
- 3.5.1.3 Asia Pacific
- 3.5.1.4 Latin America
- 3.5.1.5 MEA
- 3.6 Technology and innovation landscape
- 3.6.1 Proton Exchange Membrane or Polymer Electrolyte Membrane (PEM) Technology
- 3.6.2 Efficient catalyst material for polymer electrolyte membrane fuel cell (PEMFC)
- 3.6.3 Fuel cell technology powered by solid carbon
- 3.7 Patent analysis
- 3.8 Key news and initiatives
- 3.9 Regulatory landscape
- 3.9.1 International standards
- 3.9.2 North America
- 3.9.3 Europe
- 3.9.4 Asia Pacific
- 3.9.5 Latin America
- 3.9.6 MEA
- 3.10 Impact forces
- 3.10.1 Growth drivers
- 3.10.1.1 Strict vehicular emission regulations in North America
- 3.10.1.2 Government investments in the development of FCEV technologies in Europe
- 3.10.1.3 Rise in adoption of electric vehicles in Asia Pacific
- 3.10.1.4 High inclination towards low emission mobility solutions in Latin America
- 3.10.1.5 Growth in economic indicators supporting the adoption of electric vehicles in Middle East & Africa
- 3.10.2 Industry pitfalls & challenges
- 3.10.2.1 High cost of FCEV
- 3.10.2.2 Limited hydrogen fueling infrastructure
- 3.11 Growth potential analysis
- 3.12 Porter's analysis
- 3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
- 4.1 Introduction
- 4.2 Company market share, 2022
- 4.3 Competitive analysis of key market players, 2022
- 4.3.1 Toyota Motor Corporation
- 4.3.2 Honda Motor Co., Ltd.
- 4.3.3 Hyundai Motor Company
- 4.3.4 SAIC Motor Corporation Limited
- 4.3.5 Anhui Heli Co., Ltd.
- 4.3.6 Solaris Bus & Coach
- 4.4 Competitive positioning matrix, 2022
- 4.5 Strategic outlook matrix, 2022
Chapter 5 Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle (Revenue, Shipments/Units)
- 5.1 Key trends, by Vehicle
- 5.2 Heavy duty vehicle
- 5.2.1 Market estimates and forecast, 2018 - 2032
- 5.3 Agriculture
- 5.3.1 Market estimates and forecast, 2018 - 2032
- 5.4 Buses
- 5.4.1 Market estimates and forecast, 2018 - 2032
- 5.5 Port Vehicles/Container Handling or Transport
- 5.5.1 Market estimates and forecast, 2018 - 2032
- 5.6 Automotive
- 5.6.1 Market estimates and forecast, 2018 - 2032
- 5.7 Class 8/Long Haul
- 5.7.1 Market estimates and forecast, 2018 - 2032
- 5.8 Forklift
- 5.8.1 Market estimates and forecast, 2018 - 2032
- 5.9 E-bikes
- 5.9.1 Market estimates and forecast, 2018 - 2032
Chapter 6 Fuel Cell Electric Vehicle (FCEV) Market, By Distance (Revenue, Shipments/Units)
- 6.1 Key trends, by distance
- 6.2 Short
- 6.2.1 Market estimates and forecast, 2018 - 2032
- 6.3 Long
- 6.3.1 Market estimates and forecast, 2018 - 2032
Chapter 7 Fuel Cell Electric Vehicle (FCEV) Market, By Region (Revenue, Shipments/Units)
- 7.1 Key trends, by region
- 7.2 North America
- 7.2.1 Market estimates and forecast, 2018 - 2032
- 7.2.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.2.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.2.4 U.S.
- 7.2.4.1 Market estimates and forecast, 2018 - 2032
- 7.2.4.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.2.4.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.2.5 Canada
- 7.2.5.1 Market estimates and forecast, 2018 - 2032
- 7.2.5.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.2.5.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.3 Europe
- 7.3.1 Market estimates and forecast, 2018 - 2032
- 7.3.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.3.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.3.4 Germany
- 7.3.4.1 Market estimates and forecast, 2018 - 2032
- 7.3.4.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.3.4.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.3.5 UK
- 7.3.5.1 Market estimates and forecast, 2018 - 2032
- 7.3.5.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.3.5.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.3.6 France
- 7.3.6.1 Market estimates and forecast, 2018 - 2032
- 7.3.6.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.3.6.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.3.7 Sweden
- 7.3.7.1 Market estimates and forecast, 2018 - 2032
- 7.3.7.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.3.7.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.3.8 Italy
- 7.3.8.1 Market estimates and forecast, 2018 - 2032
- 7.3.8.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.3.8.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.3.9 Norway
- 7.3.9.1 Market estimates and forecast, 2018 - 2032
- 7.3.9.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.3.9.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.3.10 Spain
- 7.3.10.1 Market estimates and forecast, 2018 - 2032
- 7.3.10.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.3.10.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.3.11 Netherlands
- 7.3.11.1 Market estimates and forecast, 2018 - 2032
- 7.3.11.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.3.11.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.4 Asia Pacific
- 7.4.1 Market estimates and forecast, 2018 - 2032
- 7.4.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.4.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.4.4 China
- 7.4.4.1 Market estimates and forecast, 2018 - 2032
- 7.4.4.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.4.4.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.4.5 Japan
- 7.4.5.1 Market estimates and forecast, 2018 - 2032
- 7.4.5.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.4.5.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.4.6 India
- 7.4.6.1 Market estimates and forecast, 2018 - 2032
- 7.4.6.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.4.6.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.4.7 South Korea
- 7.4.7.1 Market estimates and forecast, 2018 - 2032
- 7.4.7.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.4.7.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.5 Latin America
- 7.5.1 Market estimates and forecast, 2018 - 2032
- 7.5.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.5.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.5.4 Brazil
- 7.5.4.1 Market estimates and forecast, 2018 - 2032
- 7.5.4.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.5.4.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.5.5 Mexico
- 7.5.5.1 Market estimates and forecast, 2018 - 2032
- 7.5.5.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.5.5.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.5.6 Argentina
- 7.5.6.1 Market estimates and forecast, 2018 - 2032
- 7.5.6.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.5.6.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.6 Middle East &Africa
- 7.6.1 Market estimates and forecast, 2018 - 2032
- 7.6.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.6.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.6.4 Saudi Arabia
- 7.6.4.1 Market estimates and forecast, 2018 - 2032
- 7.6.4.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.6.4.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.6.5 UAE
- 7.6.5.1 Market estimates and forecast, 2018 - 2032
- 7.6.5.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.6.5.3 Market estimates and forecast, by distance, 2018 - 2032
- 7.6.6 South Africa
- 7.6.6.1 Market estimates and forecast, 2018 - 2032
- 7.6.6.2 Market estimates and forecast, by vehicle, 2018 - 2032
- 7.6.6.3 Market estimates and forecast, by distance, 2018 - 2032
Chapter 8 Company Profiles
- 8.1 Fuel Cell Engine Space Providers
- 8.1.1 Ballard Power Systems
- 8.1.1.1 Business Overview
- 8.1.1.2 Financial Data
- 8.1.1.3 Product Landscape
- 8.1.1.4 Strategic Outlook
- 8.1.1.5 SWOT Analysis
- 8.1.2 Nuvera Fuel Cells, LLC
- 8.1.2.1 Business Overview
- 8.1.2.2 Financial Data
- 8.1.2.3 Product Landscape
- 8.1.2.4 Strategic Outlook
- 8.1.2.5 SWOT Analysis
- 8.1.3 Meritor, Inc.
- 8.1.3.1 Business Overview
- 8.1.3.2 Financial Data
- 8.1.3.3 Product Landscape
- 8.1.3.4 Strategic Outlook
- 8.1.3.5 SWOT Analysis
- 8.1.4 US Hybrid
- 8.1.4.1 Business Overview
- 8.1.4.2 Financial Data
- 8.1.4.3 Product Landscape
- 8.1.4.4 Strategic Outlook
- 8.1.4.5 SWOT Analysis
- 8.1.5 Hydrogenics
- 8.1.5.1 Business Overview
- 8.1.5.2 Financial Data
- 8.1.5.3 Product Landscape
- 8.1.5.4 Strategic Outlook
- 8.1.5.5 SWOT Analysis
- 8.1.6 Dana Limited.
- 8.1.6.1 Business Overview
- 8.1.6.2 Financial Data
- 8.1.6.3 Product Landscape
- 8.1.6.4 Strategic Outlook
- 8.1.6.5 SWOT Analysis
- 8.1.7 Sunrise Power Co., Ltd.
- 8.1.7.1 Business Overview
- 8.1.7.2 Financial Data
- 8.1.7.3 Product Landscape
- 8.1.7.4 Strategic Outlook
- 8.1.7.5 SWOT Analysis
- 8.1.8 Plug Power, Inc.
- 8.1.8.1 Business Overview
- 8.1.8.2 Financial Data
- 8.1.8.3 Product Landscape
- 8.1.8.4 Strategic Outlook
- 8.1.8.5 SWOT Analysis
- 8.1.9 Ceres Power Holdings Plc
- 8.1.9.1 Business Overview
- 8.1.9.2 Financial Data
- 8.1.9.3 Product Landscape
- 8.1.9.4 Strategic Outlook
- 8.1.9.5 SWOT Analysis
- 8.1.10 Shanghai Shenli Technology Co., Ltd.
- 8.1.10.1 Business Overview
- 8.1.10.2 Financial Data
- 8.1.10.3 Product Landscape
- 8.1.10.4 Strategic Outlook
- 8.1.10.5 SWOT Analysis
- 8.2 Electric Vehicle Manufacturers
- 8.2.1 Anhui Heli Co., Ltd.
- 8.2.1.1 Business Overview
- 8.2.1.2 Financial Data
- 8.2.1.3 Product Landscape
- 8.2.1.4 Strategic Outlook
- 8.2.1.5 SWOT Analysis
- 8.2.2 Audi AG
- 8.2.2.1 Business Overview
- 8.2.2.2 Financial Data
- 8.2.2.3 Product Landscape
- 8.2.2.4 Strategic Outlook
- 8.2.2.5 SWOT Analysis
- 8.2.3 Hyster-Yale Materials Handling
- 8.2.3.1 Business Overview
- 8.2.3.2 Financial Data
- 8.2.3.3 Product Landscape
- 8.2.3.4 Strategic Outlook
- 8.2.3.5 SWOT Analysis
- 8.2.4 Honda Motor Co., Ltd.
- 8.2.4.1 Business Overview
- 8.2.4.2 Financial Data
- 8.2.4.3 Product Landscape
- 8.2.4.4 Strategic Outlook
- 8.2.4.5 SWOT Analysis
- 8.2.5 Hyundai Motor Company
- 8.2.5.1 Business Overview
- 8.2.5.2 Financial Data
- 8.2.5.3 Product Landscape
- 8.2.5.4 Strategic Outlook
- 8.2.5.5 SWOT Analysis
- 8.2.6 KION Group
- 8.2.6.1 Business Overview
- 8.2.6.2 Financial Data
- 8.2.6.3 Product Landscape
- 8.2.6.4 Strategic Outlook
- 8.2.6.5 SWOT Analysis
- 8.2.7 SAIC Motor Corporation Limited
- 8.2.7.1 Business Overview
- 8.2.7.2 Financial Data
- 8.2.7.3 Product Landscape
- 8.2.7.4 Strategic Outlook
- 8.2.7.5 SWOT Analysis
- 8.2.8 Solaris
- 8.2.8.1 Business Overview
- 8.2.8.2 Financial Data
- 8.2.8.3 Product Landscape
- 8.2.8.4 Strategic Outlook
- 8.2.8.5 SWOT Analysis
- 8.2.9 Toyota Motor Corporation
- 8.2.9.1 Business Overview
- 8.2.9.2 Financial Data
- 8.2.9.3 Product Landscape
- 8.2.9.4 Strategic Outlook
- 8.2.9.5 SWOT Analysis
- 8.2.10 Volkswagen AG
- 8.2.10.1 Business Overview
- 8.2.10.2 Financial Data
- 8.2.10.3 Product Landscape
- 8.2.10.4 Strategic Outlook
- 8.2.10.5 SWOT Analysis