The Global Electric Vehicles Fuel Cell Market size is projected to register a CAGR of 8.5% during the forecast period, reaching an estimated value of USD XX billion by 2028. The demand for electric vehicles fuel cells has been increasing due to improving infrastructure, government support, and growing environmental concerns among consumers. Moreover, the development of new applications in passenger cars is anticipated to fuel the growth of this market during the next few years.
An electric vehicle's fuel cell is a device that converts the chemical energy of hydrogen into electricity, through a chemical reaction with oxygen or another oxidizing agent. This process happens in four steps- two involving the transfer of electrons to reduce protons and create current via an external circuit, one step producing water as a product, and one step creating back pressure during operation.
Electric vehicles (BEVs) usually do not require the use of any fuel. Instead, they capture energy from regenerative sources including kinetic and solar. They also convert heat to electricity through an electric generator or fuel cell stack which is known as a Fuel Cell Electric Vehicle (FCEV). The hydrogen in FCEV acts as a source for this reaction with oxygen present in the air while producing water vapor along with electrical power that drives the vehicle’s motor.
On the basis of Type, the global electric vehicles fuel cell market is segmented into passenger vehicles and commercial vehicles.
A passenger electric vehicle's fuel cell is an energy system that combines hydrogen and oxygen to make electricity. Fuel cells are used in cars, buses, boats, and planes. The main feature of passenger electric vehicles' fuel cell is that it emits zero exhaust emissions. The only byproducts are heat and water vapor, making the vehicle's operation more environmentally friendly than traditional gasoline or diesel engine. The benefits of passenger electric vehicles' fuel cells are high energy efficiency and quiet operation.
Commercial electric vehicles (EVs) use fuel cells and battery packs to power their EVs. A fuel cell is a device that converts hydrogen or methanol into electricity by an electrochemical reaction, whereas the batteries convert chemical energy stored in them into electrical energy during the discharging process. To store more electricity, a commercial EV uses both of these technologies as compared to a passenger vehicle that mostly depends on battery technology alone. The main benefits of commercial electric vehicles' fuel cells are - Ability to add hydrogen tanks for more range, with a longer refueling time. This makes it perfect for applications like buses and other heavy vehicles that require long-distance travel capabilities, Lower emissions than conventional internal combustion engine (ICE) powered trucks or buses due to the existence of water vapor as exhaust gases instead of carbon dioxide; which is less harmful to the environment, Fuel cells are able to start and stop, unlike batteries that only power electric vehicles intermittently; which is an advantage for commercial applications where time is money since fuel cell-powered trucks do not need charging in between deliveries or rounds, Very quiet operation than most another type of electrified transportation options like a battery or hybrid electric vehicle (HEV) technology due to very little noise generated by running on hydrogen as opposed to diesel engines used in most ICE-powered cars and trucks, The ability to use renewable sources such as wind power generators/hydroelectricity generation plants/solar panels etc., because they are environment friendly and produce no greenhouse gas emission which contributes towards global warming. Commercial electric vehicles' fuel cells make them attractive since these also help in reducing dependence on imported petroleum products thus saving foreign currency reserves too.
On the basis of Application, the global electric vehicles fuel cell market is segmented into for public lease and for private purchase.
The public lease applications of electric vehicles fuel cells are the buses, where the benefits include reduced dependence on petroleum and lower emissions. As of 2016, there were about 11,000 public-access electric vehicles fuel cells across the world. Public access uses include: charging stations for city buses and fleet cars; valet parking at hotels or shopping malls; e-rentals for commuters on a long-term basis such as by airports and train stations to rent an electric car while waiting for a flight/train. Electric vehicles fuel cells for public lease can be used to generate electricity for street lights and other infrastructure.
For private purchases, there are many different applications where fuel cells can be used. The most common of these is for powering a home power supply to provide electricity during the event that there is no grid service available or as an emergency solution. Another application would be to run generators on-site at industrial facilities such as manufacturing plants and mines among others. Some companies have also been working on developing small-scale unmanned aerial vehicles powered by hydrogen fuel cell technology with great success. These drones could one day replace large fleets of traditional aircraft in certain industries due to their ability to operate longer without refueling, which cost time and money otherwise.
On the basis of Region, the global electric vehicles fuel cell market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America holds a major share in this market due to the increasing number of government initiatives supporting hydrogen fuel cells technology. The Asia Pacific might be one of the most profitable markets in the near future as countries such as China and Japan are focusing on energy-efficient technologies with less carbon footprint in the all-electric vehicle sector. Moreover, various R&D activities aimed at developing advanced renewable transport fuels from non-food feedstocks will drive growth over the forecast period. Europe has been doing substantial research towards hydrogen systems that can power cars including buses/trucks by using its existing infrastructure (refineries and gas stations). Hydrogen-powered buses and trucks already exist in Norway, Germany, and Denmark.
- Improvements in battery technology and the availability of hydrogen fuel cell applications are projected to drive market growth.
- Government initiatives, incentives, and programs for fuel cell vehicles are also expected to drive the market during 2019–2028.
- Hydrogen fuel cell electric vehicles (FCEVs) are likely to achieve mainstream adoption in the coming years, due to the growing need for clean transportation technology.
- There are various technological advancements in the FCEVs, such as improvements in fuel cell stack design and cost reduction.
- Introduction of hydrogen fuelling stations is also expected to boost market growth over the forecast period.
- Increasing the number of hydrogen fueling stations, the introduction of electric two and three-wheelers has fuelled the demand for FCEVs.
- Regulatory bodies are actively supporting the market growth through investments, mainly in North America.
Up Market Research published a new report titled “Electric Vehicles Fuel Cell Sales Market research report which is segmented by Types (Passenger Vehicles, Commercial Vehicles), By Applications (For Public Lease, For Sales), By Players/Companies Honda, Hyundai, Toyota Mirai, SAIC, Yutong, Foton”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Electric Vehicles Fuel Cell Sales Market Research Report|
|By Type||Passenger Vehicles, Commercial Vehicles|
|By Application||For Public Lease, For Sales|
|By Companies||Honda, Hyundai, Toyota Mirai, SAIC, Yutong, Foton|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||221|
|Number of Tables & Figures||155|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Passenger Vehicles, Commercial Vehicles and By Application For Public Lease, For Sales.
Some of the companies that are profiled in this report are:
Electric Vehicles Fuel Cell Sales Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Electric Vehicles Fuel Cell Sales Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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