Fuel Cell Electric Vehicle (FCEV) Market to Remain Incremental through 2026
Category: #business  By Rahul Varpe  Date: 2022-10-04
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Fuel Cell Electric Vehicle (FCEV) Market to Remain Incremental through 2026

The global fuel cell electric vehicle (FCEV) market has witnessed considerable growth over the last couple of years due to efforts undertaken by the governments across a host of nations. Their aim is to encourage the use of zero-emission automobiles with an aim to reduce the accelerating greenhouse gas emission and contain the rapidly increasing pollution levels.

Additionally, it would be prudent to mention that the painstaking efforts being put forward by the automobile manufacturers are helping the prevailing fuel cell technology and revamping the current infrastructure of fuel cell electric vehicle platforms. Strict fuel economy standards established by the government bodies and regulatory authorities like the U.S. National Highway Traffic Safety Administration and the European Union is supporting the use of greener automobile solutions.

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Global FCEV market size is expected to hit USD 14 billion in annual revenues by 2026. With an increase in cargo transportation over the years due to the demand for import and export of goods from one country to another, there has been a robust increase in the demand for heavy-duty vehicles in the fuel cell EV market.

The market players are working towards developing heavy-duty trucks with advanced fuel cell technology to meet the surging product demand. In July 2020, the South Korean automobile giant- Hyundai Motor Co. unveiled Xcient Fuel Cell, which is the industry’s first-ever heavy-duty truck that runs on fuel cell technology.

In recent times, the fuel cell-based electric vehicle developers will largely be benefitted by the increase in preference towards fuel-cell-powered vehicles as compared to the battery-operated ones. One of the leading reasons behind the widespread adoption of FCEV is that they can be charged in a relatively lesser time duration as compared to those running on batteries.

Moreover, fuel-cell electric vehicles are known to cover longer distances after a single charge and comprise a better torque, greater off-road mobility, and improved field configuration than the battery-powered automobiles. This goes on to explain that the growing focus of various FCEV giants is working towards developing fuel-cell-powered SUVs and trucks. Due to this, long-distance traveling vehicles are set to apportion a huge revenue share of the overall fuel cell electric vehicle market in the near future.   

North America fuel cell electric vehicle market is expected to witness considerable gains in the coming years due to the wide presence of supportive fueling as well as charging infrastructure. The government organizations are constantly undertaking measures to drive FCEV adoption by investing in the construction of refueling stations. For example, during the year 2017, The California Air Resources Board announced its plan to establish over 90 hydrogen stations in the state to support the FCEV market demand.

However, the coronavirus pandemic has emerged as a leading obstacle towards the development in the fuel cell vehicles industry. The restrictions imposed by the governments towards the movement of the people and resources has caused a delay in the manufacturing of these vehicles. Although with gradual relaxations all over the world in order to revive the economy, the global fuel cell electric vehicle market will register gains.

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Prominent automobile companies along with the support of public and private institutions are constantly aiming at increasing their offerings to meet the demands of the consumers. For instance, according to reliable sources, as of September 2020 the European Investment Bank announced to add nearly €800 million or USD 949 million towards funding for Fiat Chrysler Automobiles with an aim to support the production of electric and hybrid vehicles.

In order to enhance the capacity utilization of Fiat’s Italian parts, EIB announced the investment plan for the country through 2021 that envisages the introduction of new electric as well as hybrid models. Some of the leading fuel cell electric vehicle manufacturers include Ceres Power Holdings Plc, Ballard Power Cells, Dana Limited, and U.S. Hybrid. While, the vehicle manufacturers include Toyota Motor Corporation, Audi, Volkswagen Group, and Hyundai.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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