Fuel Cell Electric Vehicle Market Growing Business Factors, Opportunity and Forecast 2026

Fuel cell electric vehicle market is likely to witness exponential growth over the forecast time period due to strict fuel economy standards developed by various regulatory authorities and government bodies like NHTSA and European Union. Supportive government initiatives such as subsidies on the purchase of electric vehicles is anticipated to have a positive impact on FCEV businesses. The harmful effects of vehicular emissions on the environment and growing awareness & concerns regarding the same could endorse the use of electric vehicles.
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Given to increasing significance, firms operating in the fuel cell electric vehicle market are making sizable investments in R&D and new product development. For example, in 2019, key producer of fuel cell technologies, Dana Limited announced that it would be using its extensive expertise on fuel cells to design and manufacture high performing composite and metallic bipolar plates for emerging public transportation system vehicles such as eBus and hydrail applications.
Cargo transportation services have been on a rise in recent years and has led to the burgeoning demand of heavy-duty vehicles. However, the need to reduce carbon footprint has incited vehicle manufacturers to develop vehicles that are powered by fuel cell technology. For instance, in 2020, Hyundai Motor Company introduced the Xcient Fuel Cell, which is the firm’s and the industry’s first fuel cell technology based heavy-duty truck.
The demand for FCEV is also on a rise in the public transport sector. Companies specializing in fuel cell technology are collaborating with government organization to promote greener transit solutions. In 2020, Loop Energy, a hydrogen fuel cell company that focuses on the commercial vehicle market, announced that Skywell New Energy Vehicles Group attained index approval from the Ministry of Industry & Information and Technology of China for a zero-emission public transit bus that is powered by Loop's fuel cell engines.
North America fuel cell electric vehicle market is projected to grow substantially over the forecast period owing to the presence of several fueling and charging infrastructure providers in the region. Many government organizations are investing in the construction of new refueling stations for undertaking of initiatives to drive the adoption of fuel cell electric vehicles.
Advancements in fuel cell technology as well as automation of the fuel cell manufacturing process is advocating large-scale production of commercial and passenger FCEVs. Several FCEV producers are investing greatly in research and development activities for making high performing fuel cells, further creating a positive impact on the fuel cell electric vehicle market share.
For example, in 2020, Ballard Power Systems launched the fuel cell industry’s first ever commercial zero-emission fuel cell module called the FCwave to power the propulsion system of ships and other marine vessels such as fishing boats and passenger & car ferries.
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Partial Chapter of the Table of Content
Chapter 5    Fuel Cell Electric Vehicle Market, By Vehicle
5.1    Key trends, by vehicle
5.2    Heavy duty vehicle
5.2.1    Market estimates and forecast, 2016 – 2026
5.3    Agriculture
5.3.1    Market estimates and forecast, 2016 – 2026
5.4    Buses
5.4.1    Market estimates and forecast, 2016 – 2026
5.5    Port Vehicles/Container Handling or Transport
5.5.1   Market estimates and forecast, 2016 – 2026
5.6    Automotive
5.6.1    Market estimates and forecast, 2016 – 2026
5.7    Class 8/Long Haul
5.7.1    Market estimates and forecast, 2016 – 2026
Chapter 6    Fuel Cell Electric Vehicle Market, By Distance
6.1    Key trends, by distance
6.2    Short
6.2.1    Market estimates and forecast, 2016 – 2026
6.3    Long
6.3.1    Market estimates and forecast, 2016 – 2026
Charts & Figures
FIG. 1    Fuel Cell Electric Vehicle Market Segmentation
FIG. 2    Industry ecosystem analysis
FIG. 3    New commercial vehicle sales, 2017-2019
FIG. 4    Growth potential analysis, 2019
FIG. 5    Porter’s analysis
FIG. 6    PESTLE analysis
FIG. 7    Comparison of major market players, 2019
FIG. 8    SWOT Analysis, Ballard Power System
FIG. 9    SWOT Analysis, Nuvera Fuel Cells, LLC
FIG. 10 SWOT Analysis, Meritor, Inc
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