Fuel cell electric vehicles are run by fuel cells instead of batteries which makes it more efficient than conventional internal combustion engine vehicles. The spark is generated by utilizing atmospheric oxygen and compressed hydrogen in the vehicles. Fuel cell vehicles are emission less except heat radiations. Due to its emission-free nature, fuel cell technology is adopted in various kind of vehicles ranging from passenger cars to airplanes. The growing awareness towards air and noise pollution has significantly increased the demand for fuel cell electric vehicles. Additionally, governmental efforts to encourage the usage of emission-less vehicles have further fueled the market for fuel cell electric vehicles.
The fuel cell electric vehicle market is segmented on the basis of vehicles and electrolyte type. On the basis of vehicles type, the market is further segmented to commercial vehicles, passenger vehicles, boats, and other such as includes forklifts. On the basis of electrolyte type, the market is categorized to Proton-exchange membrane fuel cell (PEMFC) and Phosphoric acid fuel cell (PAFC). The passenger vehicle segment is expected to have a significant share in the fuel cell electric vehicle market, however, the production of fuel-based forklifts and trucks are expected to grow during the forecast period.
Geographically, the market is segmented on the basis of the regions that include North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia-Pacific is expected to hold a significant share in the market globally due to increased production of commercial automobiles such as cars, buses, and trucks in the region. Additionally, the region has the largest potential for green technologies due to increasing awareness in highly populated countries such as China and India. The North American and European region is expected to show significant growth due to the increased developments and infrastructures of hydrogen fueling stations, which support the mobility of fuel cell electric vehicles in the countries such as the US, Canada, Germany, France, and others.
The fuel cell electric vehicle market includes a few major companies such as Volkswagen, Inc., Toyota Motor Corp., Audi AG, Hyundai Motor Group, Audi AG, Tata Motors, Ltd., Changan Automobile Co., Ltd., amongst others.
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Market Segmentation
Global Fuel Cell Electric Vehicle Market by Vehicle
- Passenger Vehicle
- Commercial Vehicle
- Boats
- Others (Forklifts)
Global Fuel Cell Electric Vehicle Market by Electrolyte Type
- Polymer Electrolyte Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
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