Fuel Cell Vehicle Market, Share, Size, Growth, Impact of COVID-19, Global Forecast 2021-2030 – Renub Research

“According to our analysis, the global fuel cell vehicle industry is expected to grow at a massive CAGR of 44.32% from 2020 to 2030.”

The hydrogen fuel cell vehicle market amounted to 25.00 thousand units in 2020. By technology, impact of COVID-19, opportunity business analysis and global forecast 2021-2030.

A fuel cell is an electrochemical reactor that converts chemical energy and an oxidizing agent directly into electricity. In recent years the word fuel cell has been used almost exclusively to describe a reactor that uses hydrogen as its main source of energy. Hydrogen has long been used as a fuel for versatility. More than 200 years ago, hydrogen was used in the first internal combustion engines by igniting the hydrogen itself, as is the case today with the combustion of gasoline. However, this turned out to be not entirely successful due to safety aspects and the low energy density. Hydrogen is preferably an energy carrier in a modern fuel cell in that it reacts with oxygen to form electricity.

In addition, fuel cell vehicles have become more lucrative in recent years due to higher performance, shorter refueling times and the long range of the systems. Exhaust fumes related to water, degradation of the emission dimension, and superior power and torque output also play an important role in the introduction of fuel cell technologies for automobiles. In addition, the increasing environmental problems such as climate change and poor air quality can be attributed to the strong growth in regional traffic. The high consumption of fossil fuels has created the need for clean energy sources and thus promoted market growth in the forecast period. According to Renub Research, the global fuel cell vehicle market is projected to reach 980.00 thousand units by 2030.

Effects of COVID-19 on the Global Fuel Cell Vehicle Market:

The production and sales of innovative vehicles had stalled around the world as the entire ecosystem was hampered with the first COVID 19 outbreak. Fuel cell vehicles had to pause until the locks were lifted to continue to flourish, which affected their businesses. As a result, the vehicle manufacturers had to adjust the production volume. In addition, the automotive industry is very capital intensive and relies on frequent financing to keep business going. For example, the production suspension and lower demand in the first few months of the outbreak had an unprecedented impact on both fuel cell vehicle manufacturers and automotive fuel cell manufacturers.

For example, according to the Times of India, Honda Motor Company’s sales fell more than 15% in the third quarter of 2020, while operating profit plummeted around 13% for the year as a whole. Toyota Motor Corporation’s revenue declined 50% in the first quarter of 2020. However, demand for fuel cell vehicles recovered quickly after the first few months of 2020. Therefore, sales increased along with the demand for emission-free vehicles in the last months of 2020. Our research suggests that the global market for hydrogen fuel cell vehicles in 2020 was 25.00 thousand units.

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The technology for global fuel cells vehicles

Worldwide, fuel cell vehicles are typically categorized according to the technology used. The most popular fuel cell technologies include Polymer Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC) and Molten Carbonate Fuel Cells (MCFC). Of these, PEMFC is the common commercialized type today because of its low operating temperature (50-100 ° C), compact start-up time, and ease of use as an oxidizer (atmospheric air). These properties make PEMFC ideal for mobility solutions. They are one of the reasons for the rapid development of FCEVs from the 1990s onwards. According to our analysis, the global fuel cell vehicle industry is projected to grow at a massive CAGR of 44.32% from 2020 to 2030.

Regional analysis of the fuel cell vehicle industry

The global Fuel Cell Vehicle Market report centers around key regions including Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. In North America, the United States has a huge number of hydrogen filling stations serving the market. Both the US and Canada support the low-emission vehicle market. Fuel cell vehicles are in high demand in some states such as California in the US and British Columbia in Canada. In addition, the Asia-Pacific region is a rapidly growing market for hydrogen refueling stations. China, South Korea and Japan currently lead the fuel cell vehicle market in the Asia-Pacific region. China is converging more on buses and trucks for FCEVs.

In the coming years, nations like China, Japan, and South Korea are expected to play a role in advancing fuel cell electric vehicle technology. Big corporations like Toyota are trying to become leaders in fuel cell technology. As with most technologies, the initial stages of development and adoption of fuel cell technology are highly dependent on government policies and incentives. To varying degrees and for several reasons, governments of China, the United States, European nations, and Japan have encouraged the development of the fuel cell industry. The federal states invest heavily in nuclear technology research and define funding policies and medium- and long-term strategic plans.

Overview of the guidelines in the main markets:

• In Europe Hydrogen Roadmap Europe: A transition to a third of extremely low-carbon hydrogen production is planned by 2030.
• Similarly, Japan has a policy for full production, transportation and storage of carbon-free hydrogen by 2040.
• In addition, the California Fuel Cell Partnership in the United States has also set targets for 1,000,000 FCEVs by 2030.

The global fuel cell market is dominated by established players such as Toyota Motor Corporation, Volkswagen, Daimler AG, Honda Motor Company, and Ford Motor Company. These companies contribute extensive products and solutions to the fuel cell vehicle industry, have strong global sales networks, and invest heavily in research and development to develop new products.

Recent developments among fuel cell car manufacturers:

• In March 2021, Toyota Corporation unveiled a new hydrogen production facility and filling station at its disused auto factory in Melbourne, Australia, before unveiling its second-generation fuel cell car, the Mirai FCEV. The facility includes a 200-kilowatt electrolyser powered by an 84-kilowatt solar array and a 100-kilowatt battery.
• In March 2021, Toyota Motor Corporation and Beijing SinoHytec announced a joint venture to manufacture hydrogen fuel cell vehicles for the Chinese market. According to the joint statement, the two companies will sell $ 72 million in Huafeng Fuel Cell Co. Ltd. invest. The company’s first car will be modeled after Toyota’s MIRAI hydrogen fuel cell vehicle and is scheduled to begin production in 2023.

Renub research current report “Global Fuel Cell Vehicle Market, Global Forecast by Technology (Polymer Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC), and Molten Carbonate Fuel Cells (MCFC), Region ( North America, Europe, Asia-Pacific, Middle East and Africa and Latin America), companies (Volkswagen, Daimler AG, Toyota Motor Corporation, Honda Motor Company and Ford Motor Company) ” provides a detailed analysis of the global fuel cell vehicle industry.

Follow the link for the full report with a detailed table of contents and a list of figures and tables: https://www.renub.com/fuel-cell-vehicle-market-p.php

Technology – Fuel cell electric vehicle was treated under 5 aspects:

1. Polymer exchange membrane fuel cells (PEMFC)

2. Solid oxide fuel cells (SOFC)

3. Direct methanol fuel cells (DMFC)

4. Phosphoric acid fuel cells (PAFC)

5.Melted carbonate fuel cells (MCFC)

Region – fuel cell electric vehicle was treated from 5 points of view:

1. North America

2. Europe

3. Asia Pacific

4. Middle East and Africa

5. Latin America

Company insights:

• Overview

• Recent developments and strategies

• Financial insights

Business analysis

1. Volkswagen

Toyota Motor Corporation

3. Daimler AG

4. Ford Motor Company

5. Honda Motor Company

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