Fuel Cell Electric Vehicle (FCEV) Market Report 2022-2032

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Fuel Cell Electric Vehicle (FCEV) Market Report 2022-2032




Forecasts by vehicle type (passenger vehicle, bus, light commercial vehicle, truck), by range (short distance, long distance), by type (PEMFC (proton exchange membrane fuel cells), AMFC (membrane fuel cells) alkaline), DMFC (Direct Methanol Fuel Cell) AND Analysis of leading regional and national market PLUS Analysis of leading companies AND COVID-19 recovery scenarios

New York, March 18, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the “Fuel Cell Electric Vehicle (FCEV) Market Report 2022-2032” – https://www.reportlinker.com/p06245874/? utm_source = GNW

Despite notable advances, batteries and fuel cell technology are still unable to meet the very high power demands

Despite notable advances, batteries and fuel cell technology are still unable to meet the very high power demands associated with the severe circumstances encountered by many heavy-duty vehicles (particularly in the off-road category). For example, mining trucks use several megawatts of electricity, operate around the clock, and are subject to intense vibrations and heat development, as well as dirt in the air.

Internal combustion engines have met these standards for decades, and switching from diesel to hydrogen could be a reasonably simple solution to decarbonise existing engines, requiring only modest additional technological innovation. Even in areas where batteries and fuel cells are technically possible, hydrogen combustion has the potential to carve out new markets. The low capital expenditures for combustion engines, the drop in hydrogen costs, and the relatively high efficiencies achieved by H2-ICEs (hydrogen internal combustion engines) at high loads contribute to the likelihood that hydrogen combustion is a competitive TCO (total cost of ownership) alternative.

Roadmap for the hydrogen economy

In the transport sector, hydrogen-powered FCEVs could be used in conjunction with BEVs to achieve profound decarbonisation in all modes of transport. FCEVs find their use in applications that require extended reach, heavy payloads and a lot of flexibility. Therefore, in the forecast period from 2022 to 2032; hydrogen will reduce the total cost of ownership of trains and forklifts. These cost savings will require a large increase in production capacity. If implemented, FCEVs would have cheaper investment costs in long haul segments than BEVs, as well as much shorter refueling periods.

Commercially usable FCEV nozzles, midsize cars and forklifts are now available. More models of medium and large cars, buses, trucks, vans and trains will be introduced in the next five years, with other sectors such as smaller cars and minibuses expected to follow until 2030. By 2030, when sales will start to increase in the rest of the world, 1 in 12 vehicles sold in California, Germany, South Korea and Japan are expected to run on hydrogen. Thousands of passenger ships and trains, as well as more than 350,000 hydrogen cars and 50,000 hydrogen buses, could carry people without releasing carbon or local pollutants. By 2050, we expect hydrogen to be a feedstock for renewable fuels in the freight and commercial aviation sectors.

As the energy system becomes more connected to renewable energy, hydrogen can play an increasingly important role in the storage and generation of clean energy. Hydrogen is a crucial facilitator in the transition to renewable energy because it allows for the effective storage and transport of renewable energy for long periods

Japan plans to electrify all new cars by the mid-1930s, according to METI

In a statement released by the Prime Minister in October 2020, Japan declared its ambition to be carbon neutral by 2050. The Ministry of Economy, Trade and Industry (METI) published the Strategy for green growth, which contains action plans for 14 sectors. It will promote greater electrification, use of next generation fuel cells and batteries in the transport sector.

It supported the revision of fuel efficiency regulations, the public procurement of electric vehicles, the development of charging infrastructure and large-scale investments in electric vehicle supply chains to achieve this. A decision on the choices will be made in mid-2021. According to speculation, the fuel economy criteria for light commercial vehicles could be improved to meet the more ambitious targets for mid-2030 and carbon neutrality.

Japan was one of the few countries where sales of electric vehicles fell faster than total car sales in 2020. After Japan increased its subsidies for registered passenger ZEVs after the end of 2020, it is expected that sales will increase. Other tax breaks for BEV, PHEV and FCEV have been extended for another two years. Sales of electric vehicles increased approximately 35% in January 2021 compared to January 2020.

Lower hydrogen supply prices will make most road transport segments cost-competitive

Lower hydrogen supply prices will make most road transport segments cost-competitive compared to conventional choices without a carbon tax by 2030. Fuel cell electric vehicles are developing as complementary alternative, especially for heavy trucks and long haul sectors, as battery technology advances. If hydrogen is made available at US $ 4.5 per kg per pump, the FCEV option could break even with diesel in heavy long haul haulage by 2028.

Also, in areas with extremely high power and uptime demands, such as large mining vehicles, hydrogen combustion (H2 ICE) is a viable option. Trains, ships and planes are making progress with hydrogen. Hydrogen and hydrogen-based fuels can help aviation achieve cost-effective decarbonisation. LH2 (liquid hydrogen) is the most cost effective way for the aviation industry to decarbonise short and medium range aircraft. To be cost competitive, other end applications will require a higher carbon cost. Multiple groundbreaking initiatives in the UK, for example, are testing the integration of hydrogen into natural gas systems for home heating. Hydrogen is also gaining popularity as a backup power source, particularly for high-power applications such as data centers.

What are the market drivers?
• Strict vehicle regulations in developed economies
• Government investments for the development of FCEV technologies
• Growing zero-emission initiatives around the world to support market development
• Carbon emissions regulations in all geographic areas to fuel the growth of the FCEV market
• Technological advances to increase the growth of the FCEV market over the next decade

What are the market restrictions?
• Lack of infrastructure for hydrogen refueling
• High initial costs of FCEVs
• Fears of electric shock and flammability regarding hydrogen fuel cells
• Competition from other alternative fuel vehicles such as battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs)

What are the market opportunities?
• FCEV solves the problems faced by battery electric vehicles
• Korea leads the distribution of the FCEV
• Publicly accessible charging facility designed to offer profitable growth prospects

Find out how to stay ahead

Our 560+ page report provides over 500 tables and charts / graphs. Read on to discover the most profitable areas in the industry and the future prospects of the market. Our new study makes it possible to assess forecasted global sales of the world and regional market. View financial results, trends, opportunities and revenue forecasts. Many opportunities remain in this growing fuel cell electric vehicle (FCEV) market. Find out how to take advantage of the opportunities.

Forecasts to 2032 and other analyzes reveal the commercial outlook
• In addition to revenue forecast through 2032, our new study provides recent results, growth rates and market shares.
• Find original analyzes, with business prospects and developments.
• Learn about qualitative analyzes (including market dynamics, drivers, opportunities, restraints and challenges), Porter’s five forces and SWOT analysis, product profiles and business developments.

Find out the sales forecasts for the world market and sub-markets

vehicle type
• Passenger vehicle
• Pulman
• Light commercial vehicle
• Truck

• Short range distance
• Long range distance


In addition to revenue forecasts for the global market and segments, you will also find revenue forecasts for 13 major national markets:

By Region
• WE
• China
• Korea
• Germany
• France
• Holland
• UK
• Norway
• Swiss
• Belgium
• Italy
• Rest of the world

Leading companies and market growth potential

Global revenue for the fuel cell electric vehicle (FCEV) market will exceed US $ 1 billion in 2022, our work calculates. We expect strong revenue growth through 2032. Our work identifies the organizations with the greatest potential. Learn about their capabilities, progress and business prospects, helping you stay on the cutting edge.

How the Fuel Cell Electric Vehicle (FCEV) market report helps you

In summary, our 560+ page report provides the following insights:
• Revenue forecasts up to 2032 for the fuel cell electric vehicle (FCEV) market, with forecasts by type, range and vehicle type, each forecast globally and regionally – discover the industry outlook, finding the best locations profitable for investments and revenues
• Revenue forecasts up to 2032 for 13 key national markets: see the forecast for the fuel cell electric vehicle (FCEV) market in the United States, China, Japan, Korea, Germany, France, Netherlands, United Kingdom, Norway , Switzerland, Belgium and, among others, significant savings.
• Outlook for established companies and those looking to enter the market, including company profiles for 15 of the major companies involved in the fuel cell electric vehicle (FCEV) market. Some of the companies profiled in this report include Ballard Power Systems, BorgWarner Inc., Cummins Inc., Doosan Fuel Cell Co Ltd., HONDA MOTOR CO., LTD., Hyundai Motor Group, Nissan, Nikola Corporation, Nedstack Fuel Cell Technology BV, NUVERA FUEL CELLS, LLC, PLUG POWER INC., Robert Bosch GmbH, SFC Energy AG, Toyota and Watt Fuel Cell Corporation, among other major players.

Read the full report: https://www.reportlinker.com/p06245874/?utm_source=GNW

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