Fuel Cell Electric Vehicle (FCEV) Market Size, Share, Growth, Trends, Analysis and Forecast 2027

The global fuel cell electric vehicle (FCEV) market is anticipated to grow at a 37.5% CAGR during 2021-2027 and is projected to reach USD 14.5 billion by 2027. The market will develop as consumers become more aware of the benefits of good air quality and the negative effects of vehicle emissions.

Also, initiatives by the government and increasing investment to improve the infrastructure of EV charging points will further accelerate the growth of the market. The rising number of hydrogen refueling facilities along with robust technological development will further create promising opportunities for the growth of the FCEV market.

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COVID-19 Analysis:

The COVID-19 pandemic has had an adverse impact on the FCEV market owing to government-enforced regulations and strict travel restrictions globally. There is a disruption in the supply chain, lack of labor force and supply of raw material, and delayed production and delivery of FCEVs may create an impact on the FCEV market. However, the industry will recover from the crisis due to ease in travel restrictions and support from the government to propel the adoption of hydrogen-powered vehicles.

Market Segmentation:

The global fuel cell electric vehicle market is divided into two categories based on the range: short-range and long-range. The long-range distance is anticipated to grow significantly owing to the short time of refueling and compact battery backup along with long-range support will drive the growth of the segment. Furthermore, industry players are continuously making advancements so as to increase the distance range and drive the demand of the segment.

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Recent News:

In June 2021, Tata Motors, one of India's largest commercial vehicle and bus manufacturers, has received a tender from the Indian Oil Corporation Limited for 15 hydrogen-based proton exchange membrane (PEM) fuel cell buses (IOCL). Tata Motors will not only supply the buses to IOCL's Research & Development Centre but will also collaborate with them on R&D initiatives and jointly investigate the potential of Fuel Cell technology for commercial vehicles. This will be achieved by collaborating together to test, maintain, and operate public transit buses in Delhi-NCR in real-world scenarios.

Region Analsysis:

Asia-Pacific is anticipated to have the significant growth owing to the robust development of Industry 4.0 technology and automated zero-emission machines in the manufacturing sector will foster the adoption of FCEVs in the region.

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Key Players:

The prominent players in the FCEV industry include SAIC Motor Corporation Limited, TOYOTA MOTOR CORPORATION, Honda Motor Co., Ltd., Hyundai Motor Company, ASHOK LEYLAND, Tata Motors, Nikola Corporation, Daimler AG, Solaris Bus & Coach sp. z.o.o., and Volkswagen AG.

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