Global Fuel Cell Electric Vehicles Market Overview:
The global fuel cell electric vehicles market is expected to grow at a significant rate during the forecast period, according to the AMA study. This is owing to the rising demand for zero-emission vehicles across different applications and the increasing shift of consumers towards electric vehicles from traditional fossil fuel-powered vehicles. In addition, an increased range of fuel cell electric vehicles over battery electric vehicles and faster refueling time is another major factor acting as an advantage for its adoption over electric vehicles. Different governments are supporting the adoption and development of fuel cell electric vehicles in order to replace traditional fuel vehicle fleet from electric and fuel cell electric vehicles. For instance, the government of Japan has planned to achieve the construction of 160 hydrogen fueling stations before the Tokyo Olympics 2020 to which the current number of hydrogen fuel stations in Japan is around 80. The government of Japan is also expecting to raise its fuel cell electric vehicle fleet from 3,000 units in 2019 to 200,000 till 2026 which will further drive the market for fuel cell electric vehicles in the region. Currently, North America has the largest market share in this market owing to the largest number of fuel cell electric vehicles across the United States cities due to the high adoption of high-powered fuel cell sports cars. According to AMA, the Global Fuel Cell Electric Vehicles market is expected to see growth rate of 45.0%
- Growing Demand for Zero-Emission Vehicles Across Different Applications
- Shifting of Consumers From Fossil Fuel to Electric Vehicles
- Increased Range of FCEV compared to Traditional Electric Vehicles
- Faster Refueling Time Over Electric Vehicles
- The electric vehicles have less range when compared to traditional fossil fuel vehicles due to limited battery power and required recharging after discharging of battery which requires approximately 6 to 11 hours of charging time for a full battery. FCEV provides more range than electric vehicles & also it requires 2-3 minutes for refueling hydrogen tanks. Thus, the adoption of fuel cell vehicles is expected to rise owing to an advantage over the electric vehicles during the forecast period.
- High Cost of Vehicles
- Performance Dependency of Vehicle on Available Oxygen in the Atmosphere
- Growing Research and Developments on Fuel Cell Technologies for Implementation in Different Types of Vehicles of Different Transportation Industry. For instance, there are so many companies that have already developed fuel cell technologies for aerospace and marine applications such as Ballard. Moreover, there are some automotive companies such as General Motors, Toyota and Honda which have already launched fuel cell electric vehicles in countries such as Japan and the United States.
- Lack of Fuel Station Infrastructure in Different Regions
- Lack of Initiation Among Automobile Manufacturers
The companies in this market are collaborating and partnering with fuel cell manufacturing companies for testing the fuel cell technologies in a different range of vehicle models to make it a commercial product in the market. For instance, General Motors have already launched the plans to launch 20 new fuel cell, electric vehicle models, by 2023. This will create huge opportunities for automotive OEMs as well as aftermarket players to gain market share during the forecast period.
Some of the key players profiled in the report are Toyota Motor Corporation (Japan), Honda Motor Co. Ltd (Japan), Hyundai Motor Group (South Korea), Audi AG (Germany), Volkswagen AG (Germany), SAIC Motor Corporation Limited (China), General Motors (United States) and Pininfarina (Italy). Analyst at AdvanceMarketAnalytics see Japan, Germany Vendors to retain maximum share of Global Fuel Cell Electric Vehicles market by 2025. Considering Market by End Use, the sub-segment i.e. Original Equipment Manufacturers will boost the Fuel Cell Electric Vehicles market. Considering Market by Range, the sub-segment i.e. Short Range will boost the Fuel Cell Electric Vehicles market. Considering Market by Component, the sub-segment i.e. Batteries will boost the Fuel Cell Electric Vehicles market.
In 2013, General Motors and Honda announced that both have signed a collaboration agreement to co-develop next-generation fuel cell system and hydrogen storage technologies, aimed for the year 2020 time frame.
In January 2020, Japan's Honda Motor Co. and Isuzu Motors Ltd signed a partnership agreement wherein they will jointly research the use of fuel cell technology for heavy-duty vehicle applications. Under the two-year deal, Isuzu will test Honda's fuel cell powertrain which is used by Honda in its fuel cell electric passenger vehicles in commercial trucks.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be provided prior to purchase
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Fuel Cell Electric Vehicles market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Fuel Cell Electric Vehicles market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.