The Business Research Company’s Fuel Cell Electric VehicleGlobal Market Report 2023is the most detailed report available on the market, including broad forecast periods and multiple geographies. The reportcovers the historic period – 2010-2021, and the forecast period – 2023-2032. The Fuel Cell Electric VehicleGlobal Market Report 2023evaluates fuel cell electric vehicle market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global market for fuel cell electric vehicles is poised for substantial growth in the coming years, demonstrating an impressive trajectory that showcases its immense potential. In 2022, the market stood at $2.71 billion, but the horizon for 2023 promises to bring about a substantial increase, projecting figures to reach $3.49 billion, propelled by a compound annual growth rate (CAGR) of 28.8%. As we delve further into this topic, we must consider the broader global context, as certain geopolitical events have reverberating effects.
The Russia-Ukraine war, a significant global event, has disrupted the prospects of a swift global economic recovery from the COVID-19 pandemic. The ongoing conflict has resulted in the imposition of economic sanctions on multiple nations, a notable surge in commodity prices, and disruptions within global supply chains. These consequences have subsequently given rise to inflationary pressures across various sectors, affecting the balance of goods and services in markets worldwide.
Amidst this complex backdrop, the fuel cell electric vehicle market remains resilient and forward-looking. By the year 2027, it is anticipated to reach a remarkable valuation of $9.26 billion, a testament to its continued expansion, driven by a CAGR of 27.6%. This growth is underpinned by a compelling shift in the automotive landscape – the increasing adoption of electric vehicles.
Electric vehicles, encompassing fuel cell electric vehicles (FCEVs), represent a paradigm shift in the automotive industry. They are vehicles powered by one or more electric motors, energized by an onboard battery pack. The environmental merits of electric vehicles are substantial, as they substantially diminish greenhouse gas emissions and enhance air quality. They also play a pivotal role in the pursuit of a sustainable and eco-friendly transportation ecosystem.
A noteworthy example of this transition is illustrated by data from the International Energy Agency, a France-based intergovernmental organization. In September 2022, the agency reported that sales of electric vehicles surged, more than doubling to 6.6 million units in 2021, compared to just over 3 million in the previous year, signifying the profound impact of this automotive revolution. Therefore, the ongoing surge in electric vehicle adoption acts as the primary impetus propelling the growth of the fuel cell electric vehicle market. This transition, powered by the drive for sustainability and a greener future, stands as a testament to the pivotal role this market plays in shaping the future of transportation.
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The fuel cell electric vehicle market segments in the report are:
1) By Type: Polymer Electrolyte Membrane Fuel Cell (PEMFC), Proton Exchange Membrane Fuel Cell, Phosphoric acid Fuel Cell, Other Types
2) By Range: Short Range, Long Range
3) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
Top Major Players:
Volkswagen AG
Toyota Motor Corporation
Mercedes-Benz Group
General Motors
Mitsubishi Corporation
Asia-Pacific was the largest region in the fuel-cell electric vehicle market in 2022.
The table of contents in TBRC’s fuel cell electric vehicle market report includes:
1. Executive Summary
2. Fuel Cell Electric Vehicle Market Characteristics
3. Fuel Cell Electric Vehicle Market Trends And Strategies
4. Fuel Cell Electric Vehicle Market – Macro Economic Scenario
5.Global Fuel Cell Electric Vehicle Historic Market Size and Growth, 2017 – 2022, Value ($ Billion)
………………………………………………………………
32. Global Fuel Cell Electric Vehicle Market Competitive Benchmarking
33. Global Fuel Cell Electric Vehicle Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fuel Cell Electric Vehicle Market
35. Fuel Cell Electric Vehicle Market Future Outlook and Potential Analysis
36. Appendix
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