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.