Fuel Cell Electric Vehicle Market Regional Outlook, Competitive Strategies And Forecasts To 2026
Category: #business  By Ronak Bora  Date: 2021-10-13
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Fuel Cell Electric Vehicle Market Regional Outlook, Competitive Strategies And Forecasts To 2026

The fuel cell electric vehicle market is expected to gain traction by 2026 as a result of strict fuel economy standards introduced by government and regulatory authorities like the 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.

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.

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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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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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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