Fuel Cell Electric Vehicle Market Generated $3,059.5 Million Revenue in 2020 Finds P&S Intelligence


The surging requirement for automobiles with low carbon emissions, because of the implementation of stringent carbon emission norms, and rapid advancements being made in the fuel cell technology are expected to power the global fuel cell electric vehicle market during 2021–2030.

Fuel cell electric vehicle market generated revenue of $3,059.5 million in 2020, the COVID-19 pandemic has hampered the progress of the fuel cell electric vehicle market. Because of the imposition of lockdowns in several countries, manufacturing activities have come to a halt. The ripple effects were clearly visible in crude prices, which fell into negatives. In addition to the falling crude prices, the high cost of the fuel cell electric vehicles also negatively impacted their sales, thereby affecting the market growth.

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The fuel cell electric vehicle market is divided into commercial vehicle and passenger vehicle categories, depending on vehicle type. Between these, the commercial vehicle category is predicted to demonstrate faster growth in the market during the forecast period. This is ascribed to the surging requirement for emission-free commercial vehicles for logistical operations and public transportation.

Across the world, the Asia-Pacific (APAC) region is predicted to demonstrate the fastest growth throughout the forecast period. This will be due to the enactment of strict emission regulations by the governments of China and Japan. Further, the existence of several leading fuel cell vehicle manufacturers such as Toyota Motor Corporation, SAIC Motor Corporation Limited, and Hyundai Motor Company, will propel the growth of the fuel cell electric vehicle market in the region during the forecast period. Additionally, initiatives such as the promotion of several zero-emission vehicles at major events like the 2020 Summer Olympics are also driving the market growth in the region.

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The players in the fuel cell electric vehicle market are actively focusing on collaborations, product launches, and partnerships in order to strengthen their industry position. For example, Hyundai Motor Group announced the launch of the Xcient Fuel Cell, which is its first ever truck powered by fuel cell technology, in July 2020.

Likewise, Toyota Motor Corporation started a joint venture with five other organizations for developing fuel cells in China, in June 2020. China FAW Corp., Guangzhou Auto, Beijing Automobile Group Co., Beijing SinoHytec Co., and Dongfeng Motor Corp. are the other companies in the joint venture. This venture is called the United Fuel Cell System R&D and it initially attracted an investment of $46 million.

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Toyota Motor Corporation, Honda Motor Co., Tata Motors Limited, Hyundai Motor Company, Solaris Bus & Coach sp. z o.o., Daimler AG, SAIC Motor Corporation Limited, Nikola Corporation, and Ashok Leyland Ltd. are some of the major fuel cell electric vehicle market players.


Hyundai Motor and Kia Recruit AI Expert to Strengthen Smart Technology Development and Mobility Business Opportunities


Hyundai Motor Company and Kia Corporation announced today the recruitment of Kyunghyun Cho, associate professor of computer science and data science at New York University. Professor Cho will provide outside expert counsel to strengthen the group’s development of artificial intelligence (AI) technology and its application in the mobility industry.

Cho will work with researchers at AIRS Company, an organization dedicated to the development of Hyundai and Kia’s AI technologies and AI-based services. He will advise on the application of AI technology to the mobility industry, strategies to overcome the current limitations of AI technology, and the excavation of new AI-based business opportunities.

“We look forward to working with Professor Cho to explore ways to incorporate AI technology in the mobility industry,” said Jeong Hee Kim, Vice President and Head of AIRS Company. “Hyundai and Kia will continue to develop innovative technologies and cooperate with diverse global institutions to become a frontrunner in the future mobility industry.”

To pioneer the future of sustainable mobility, Hyundai and Kia are undergoing an ambitious transformation from automotive manufacturer to Smart Mobility Solution Provider and are engaged in various projects covering AI agents, machine translators, smart factories and mobility services.

As a renowned figure in the AI field, especially of machine learning and applied AI research, Cho is expected to elevate Hyundai and Kia’s expertise in AI technology research, helping the companies to proactively respond to the growing competition in future mobility development.

Cho earned a doctorate and master’s degree in computer science from Aalto University in Finland, and a bachelor’s degree from Korea Advanced Institute of Science and Technology (KAIST). He developed a new simple yet effective algorithm that can resolve long-term dependency problems within recurrent neural networks (RNN).

Cho is also considered to have revolutionized AI translation services by developing a neural machine translation (NMT) algorithm that enables high-quality translation by understanding the overall context of the translated sentence, as well as to have shown achievements in the research of multimodal AI systems, a system that can learn different types of combined data such as text and images. Based on such outstanding research achievements, Cho was granted tenure at New York University in 2019.


Professor Kyunghyun Cho (age 36)


  • Associate Professor of computer science and data science at New York University
  • Canadian Institute for Advanced Research (CIFAR) Fellow of Learning in Machines & Brains

Career highlights:

  • 2017-2020: Research scientist, Facebook AI Research
  • 2014-2015: Post-doctoral researcher, University of Montreal
  • 2014: PhD, Aalto University, Finland
  • 2009: BS, KAIST, South Korea