Fuel Cell Electric Vehicle (FCEV) Market with COVID-19 Impact Analysis, By Distance Range (Short, and Long), By Vehicle Type (Commercial, and Agriculture) and By Region Size, Share & Forecast from 2022-2028
REPORT HIGHLIGHT
The global Fuel Cell Electric Vehicle (FCEV) Market size was valued at USD 1,017.2 million in 2021 and is anticipated to register a CAGR of 40.9% from 2022 to 2028.
Fuel cell electric vehicles (FCEVs) are zero-emission cars that use a fuel cell to convert hydrogen stored onboard to power an electric motor that powers the vehicle. They consume less energy than traditional internal combustion (ICE) engines and emit no exhaust emissions. They solely release water and warm air.
Market Dynamics
The increase in population has resulted in growing pollution levels, which has pushed the trend toward clean energy sources and green technologies to successfully reduce carbon emissions. This has had a positive impact on Fuel cell electric vehicle (FCEV) demand in recent years. The transition from traditional fuel cars to environmentally friendly vehicles has driven demand for Fuel cell electric vehicles (FCEVs) in recent years. Other reasons driving market expansion include stringent environmental legislation, the provision of incentives and benefits for clean fuels, and toxic gas emissions from combustion engine cars. Furthermore, growing concern about car emissions has prompted manufacturers to research alternative power trains, accelerating market growth.
The COVID-19 epidemic halted the whole ecosystem, preventing the development and sale of breakthrough autos worldwide. Fuel cell cars had to come to a halt until the lockdowns were lifted before they could continue to grow, affecting their production processes. As a result, manufacturing quantities for automobile production had to be altered, resulting in late final delivery and a revenue decrease.
Segmentation Analysis:
The fuel Cell Electric Vehicle (FCEV) Market is segmented on the basis of distance range, vehicle type, and Region.
The FCEV market may be classified into two categories based on distance range: short-range distance and long-range distance. The long-distance sector is expected to grow throughout the projection period. The long-range distance sector is expected to be driven by short refueling times and small battery backup with long-range support. Increased use of fuel-cell cars for public transportation is also expected to push the long-distance category. Furthermore, fuel cell manufacturers are developing long-distance fuel cell trucks. Manufacturing businesses' continuous development to extend the distance range is projected to boost the long-range distance sector over the projection period.
The FCEV market may be divided into three categories: commercial vehicles, agricultural vehicles, and others. Buses, trucks, and heavy-duty vehicles are all part of the commercial vehicle market. Capacity to drive long distances, improved refueling schedule, and firms like Volkswagen and Hyundai offering heavy-duty vehicles are expected to greatly enhance the commercial vehicle market throughout the projection period.
Competitive Landscape:
Because of rising acceptance and investment in the industry by commercial and government actors, the fuel cell car market may be classified as competitive. Toyota Motor Corporation, Audi AG, and Volvo AB are among the market's established participants. These firms make significant investments in research and development for fuel-cell cars. Several mergers and acquisitions, partnerships, and collaborations are projected to be among the growth tactics used by these organizations to expand their operations by using each other's experience.
For example, Plug Power Inc. and Renault Group have announced the formation of HYVIA, a joint venture to develop hydrogen fuel cells and low-carbon mobility cars. Similarly, HORIBA MIRA and Ceres announced a collaboration for fuel cell development and testing at the Ceres desk facility at the HORIBA MIRA West Midlands campus in the United Kingdom.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL FUEL CELL ELECTRIC VEHICLE (FCEV) MARKET KEY PLAYERS
- Daimler AG
- Honda Motors Co. Ltd.
- Nikola Corporation
- Toyota Motor Corporation
- Hyundai Motor Group
- Ballard Power System Inc.
- Volvo AB
- General Motors
- BMW AG
- Audi AG
GLOBAL FUEL CELL ELECTRIC VEHICLE (FCEV) MARKET, BY DISTANCE RANGE
- Short Range Distance
- Long Range Distance
GLOBAL FUEL CELL ELECTRIC VEHICLE (FCEV) MARKET, BY VEHICLE TYPE
- Commercial Vehicle
- Agriculture Vehicle
- Other
GLOBAL FUEL CELL ELECTRIC VEHICLE (FCEV) MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA
TABLE OF CONTENT
1. Fuel Cell Electric Vehicle (FCEV) Market Overview
1.1. Study Scope
2. Executive Summary
2.1. Market Snippet
2.1.1. Market Snippet by Distance Range
2.1.2. Market Snippet by Vehicle Type
2.1.3. Market Snippet by Region
2.2. Competitive Insights
3. Fuel Cell Electric Vehicle (FCEV) Key Market Trends
3.1. Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Market Opportunities
3.4. Market Future Trends
4. Fuel Cell Electric Vehicle (FCEV) Industry Study
4.1. PEST Analysis
4.2. Porter’s Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Fuel Cell Electric Vehicle (FCEV) Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Fuel Cell Electric Vehicle (FCEV) Market Landscape
6.1. Market Share Analysis, 2021
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players’ Analysis
6.2.2. Emerging Players’ Analysis
7. Fuel Cell Electric Vehicle (FCEV) Market – By Distance Range
7.1. Overview
7.1.1. Segment Share Analysis, By Distance Range, 2021 & 2028 (%)
7.1.2. Short Range Distance
7.1.3. Long Range Distance
8. Fuel Cell Electric Vehicle (FCEV) Market – By Vehicle Type
8.1. Overview
8.1.1. Segment Share Analysis, By Vehicle Type, 2021 & 2028 (%)
8.1.2. Commercial Vehicle
8.1.3. Agriculture Vehicle
8.1.4. Others
9. Fuel Cell Electric Vehicle (FCEV) Market– By Geography
9.1. Introduction
9.1.1. Segment Share Analysis, By Geography, 2021 & 2028 (%)
9.2. North America
9.2.1. Overview
9.2.2. Key Manufacturers in North America
9.2.3. North America Market Size and Forecast, By Country, 2017 - 2028 (US$ Million)
9.2.4. North America Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.2.5. North America Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.2.6. U.S.
9.2.6.1. Overview
9.2.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.2.6.3. U.S. Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.2.6.4. U.S. Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.2.7. Canada
9.2.7.1. Overview
9.2.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.2.7.3. Canada Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.2.7.4. Canada Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.3. Europe
9.3.1. Overview
9.3.2. Key Manufacturers in Europe
9.3.3. Europe Market Size and Forecast, By Country, 2017 - 2028 (US$ Million)
9.3.4. Europe Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.3.5. Europe Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.3.6. Germany
9.3.6.1. Overview
9.3.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.3.6.3. Germany Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.3.6.4. Germany Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.3.7. Italy
9.3.7.1. Overview
9.3.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.3.7.3. Italy Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.3.7.4. Italy Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.3.8. United Kingdom
9.3.8.1. Overview
9.3.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.3.8.3. United Kingdom Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.3.8.4. United Kingdom Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.3.9. France
9.3.9.1. Overview
9.3.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.3.9.3. France Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.3.9.4. France Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.3.10. Russia
9.3.10.1. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.3.10.2. Russia Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.3.10.3. Russia Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.3.11. Netherlands
9.3.11.1. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.3.11.2. Netherlands Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.3.11.3. Netherlands Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.3.12. Sweden
9.3.12.1. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.3.12.2. Sweden Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.3.12.3. Sweden Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.3.13. Poland
9.3.13.1. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.3.13.2. Poland Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.3.13.3. Poland Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.3.14. Rest of Europe
9.3.14.1. Overview
9.3.14.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.3.14.3. Rest of the Europe Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.3.14.4. Rest of the Europe Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.4. Asia Pacific (APAC)
9.4.1. Overview
9.4.2. Key Manufacturers in Asia Pacific
9.4.3. Asia Pacific Market Size and Forecast, By Country, 2017 - 2028 (US$ Million)
9.4.4. Asia Pacific Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.4.5. Asia Pacific Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.4.6. India
9.4.6.1. Overview
9.4.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.4.6.3. India Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.4.6.4. India Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.4.7. China
9.4.7.1. Overview
9.4.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.4.7.3. China Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.4.7.4. China Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.4.8. Japan
9.4.8.1. Overview
9.4.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.4.8.3. Japan Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.4.8.4. Japan Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.4.9. South Korea
9.4.9.1. Overview
9.4.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.4.9.3. South Korea Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.4.9.4. South Korea Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.4.10. Australia
9.4.10.1. Overview
9.4.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.4.10.3. Australia Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.4.10.4. Australia Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.4.11. Thailand
9.4.11.1. Overview
9.4.11.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.4.11.3. Thailand Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.4.11.4. Thailand Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.4.12. Indonesia
9.4.12.1. Overview
9.4.12.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.4.12.3. Indonesia Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.4.12.4. Indonesia Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.4.13. Philippines
9.4.13.1. Overview
9.4.13.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.4.13.3. Philippines Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.4.13.4. Philippines Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.4.14. Rest of APAC
9.4.14.1. Overview
9.4.14.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.4.14.3. Rest of APAC Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.4.14.4. Rest of APAC Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.5. Latin America
9.5.1. Overview
9.5.2. Key Manufacturers in Latin America
9.5.3. Latin America Market Size and Forecast, By Country, 2017 - 2028 (US$ Million)
9.5.4. Latin America Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.5.5. Latin America Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.5.6. Brazil
9.5.6.1. Overview
9.5.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.5.6.3. Brazil Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.5.6.4. Brazil Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.5.7. Mexico
9.5.7.1. Overview
9.5.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.5.7.3. Mexico Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.5.7.4. Mexico Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.5.8. Argentina
9.5.8.1. Overview
9.5.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.5.8.3. Argentina Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.5.8.4. Argentina Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.5.9. Colombia
9.5.9.1. Overview
9.5.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.5.9.3. Colombia Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.5.9.4. Colombia Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.5.10. Rest of LATAM
9.5.10.1. Overview
9.5.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.5.10.3. Rest of LATAM Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.5.10.4. Rest of LATAM Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.6. Middle East and Africa
9.6.1. Overview
9.6.2. Key Manufacturers in Middle East and Africa
9.6.3. Middle East and Africa Market Size and Forecast, By Country, 2017 - 2028 (US$ Million)
9.6.4. Middle East and Africa Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.6.5. Middle East and Africa Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.6.6. Saudi Arabia
9.6.6.1. Overview
9.6.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.6.6.3. Saudi Arabia Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.6.6.4. Saudi Arabia Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.6.7. United Arab Emirates
9.6.7.1. Overview
9.6.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.6.7.3. United Arab Emirates Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.6.7.4. United Arab Emirates Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.6.8. Israel
9.6.8.1. Overview
9.6.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.6.8.3. Israel Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.6.8.4. Israel Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.6.9. Turkey
9.6.9.1. Overview
9.6.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.6.9.3. Turkey Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.6.9.4. Turkey Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.6.10. Algeria
9.6.10.1. Overview
9.6.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.6.10.3. Algeria Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.6.10.4. Algeria Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.6.11. Egypt
9.6.11.1. Overview
9.6.11.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.6.11.3. Egypt Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.6.11.4. Egypt Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
9.6.12. Rest of MEA
9.6.12.1. Overview
9.6.12.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 - 2028, (US$ Million)
9.6.12.3. Rest of MEA Market Size and Forecast, By Distance Range, 2017 - 2028 (US$ Million)
9.6.12.4. Rest of MEA Market Size and Forecast, By Vehicle Type, 2017 - 2028 (US$ Million)
10. Key Vendor Analysis
10.1. Competitive Dashboard
10.2. Company Profiles
10.2.1. Daimler AG
10.2.2. Honda Motors Co. Ltd.
10.2.3. Nikola Corporation
10.2.4. Toyota Motor Corporation
10.2.5. Hyundai Motor Group
10.2.6. Ballard Power System Inc.
10.2.7. Volvo AB
10.2.8. General Motors
10.2.9. BMW AG
10.2.10. Audi AG
10.2.11. Others
11. 360 Degree Analyst View
12. Appendix
12.1. Research Methodology
12.2. References
12.3. Abbreviations
12.4. Disclaimer
12.5. Contact Us
