Fuel Cell Electric Vehicle (FCEV) Market

Industry Overview

The Global Fuel Cell Electric Vehicle Market is expected to be USD 1.8 billion in 2023 and is projected to reach USD 14.5 billion by 2030, thus, anticipated to grow at a CAGR of 37.5% during the forecast period 2025-2030.

Fuel cell electric vehicles (FCEVs) are power-driven by hydrogen having a compact-size battery. Factors attributing to the growth of the fuel cell vehicle (FCEV) market include stringent norms for carbon emissions, mounting adoption of electric vehicles in developing economies, substantially longer driving ranges than battery electric vehicles (BEVs), the launch of low-cost hydrogen-powered electric passenger cars to attract consumers, and rising need for better fuel efficiency. Nevertheless, the upsurge in consumer awareness about healthy air quality and the harmful effects of vehicular emissions will fuel the growth of the fuel cell electric vehicle market globally.

The COVID-19 pandemic has hurt the global fuel cell electric vehicle (FCEV) market owing to the implementation of strict lockdowns globally, shut down of manufacturing facilities, and disruption in the supply chain. This has resulted in a decline in crude oil prices which went into the negatives. Thus, high prices of FCEVs and low prices of crude oil have discouraged people from purchasing FCEVs.

Market Segmentation

Insight by Type

Based on type, the global fuel cell electric vehicle market is divided into Polymer Electrolyte Membrane Fuel Cells (PEMFC) and Phosphoric Acid Fuel Cell (PAFC). The PEMFC is the best option for automobile use and is anticipated to grow fast during the forecast period 2023-2030. It is a commonly used low-temperature fuel cell type to generate electricity from hydrogen and consists of a platinum catalyst that is ideal for vehicle use.

Insight by Range

Based on range, the global fuel cell electric vehicle market is bifurcated into short-range and long-range. Short-range is anticipated to witness the fastest growth during the forecast period owing to increasing demand for low-emission vehicles for short-distance travel. Furthermore, FCEV is being increasingly adopted in diverse applications i.e., transportation of goods within ports and airports and by e-commerce companies to decrease carbon footprint will have a positive effect on the fuel cell electric vehicle market.

Insight by Vehicle Type

Based on vehicle type, the global fuel cell electric vehicle (FCEV) market is divided into passenger vehicles and commercial vehicles. The passenger vehicle dominates the market owing to strict norms to stop vehicular pollution. Moreover, increasing per capita income in emerging economies and rising demand for clean personal mobility will fuel the growth in the fuel-cell electric vehicle market. For example, South Korea is anticipated to deploy 1,20,000 fuel cell vehicles by 2040.

Global Fuel Cell Electric Vehicle (FCEV) Market Report Coverage

Industry Dynamics

Industry Trends

Fuel cell electric vehicles have gained prominence owing to enhanced performance, short refueling time, longer range, superior power, and high torque. Moreover, catalyst development will enhance durability in catalyst layer design, thus continuous technological development is the key trend in the global fuel cell electric vehicle market.  

Growth Drivers

The strict emission norms, less noise mobility solutions, increasing adoption of zero-emission vehicles, rising concern for carbon dioxide emissions leading to reduced demand for conventional vehicles, and development in fuel cell technology will contribute to the growth of the global fuel cell electric vehicle market. Furthermore, portable batteries, reduced time for refueling, long reach distance, and initiatives by the government will fuel the growth in the FCEV market. Nevertheless, with strict emission regulations in North America, initiatives by the government in developing FCEV technologies in Europe, rising adoption of electric vehicles in the Asia Pacific, and rising preference for low-emission mobility solutions in Latin America, economic growth depends on the adoption of electric vehicles in the Middle East and Africa will bolster the growth of FCEV market.

Challenges

Challenges faced by the FCEV market include high vehicle costs and a lack of hydrogen fueling infrastructure that will hamper the growth of the FCEV market. Moreover, the high capital investment and high-cost components in FCEVs will increase the risk of failure and increase maintenance and repair costs resulting in impeding the growth of the FCEV market.

Opportunities

The increasing requirement for sustainable solutions leads to reduced dependence on imports for oil and reduces harmful emissions that pollute the environment are the opportunities that create growth in the FCEV market. The initiatives by the government like subsidies on the purchase of FCEVs owing to the adoption of electric cars and bikes and the launch of low-cost hydrogen-powered electric passenger cars will create opportunities for the FCEV market.

Geographic Overview

Asia-Pacific is anticipated to be the fastest-growing region in the FCEV market owing to the stringent emission norms. Moreover, many countries are investing huge amounts in the advancement of hydrogen fuel cell vehicles. Toyota Motor Corporation and Hyundai Motor Company provide fuel-cell passenger cars, buses, and logistical vehicles in the region.

Competitive Insight

The key strategies adopted by the manufacturers of FCEVs are partnerships and collaborations with other automobile original equipment manufacturers (OEMs) to strengthen their strong foothold in the global FCEV market.

Toyota formed a joint venture in China with five other companies for the development of fuel cells. United Fuel Cell System R&D, the joint venture fetched an initial investment of $46 million. The companies involved in the joint venture are Dongfeng Motor Corp., Guangzhou Auto, China FAW Corp., Beijing Automobile Group Co., and Beijing SinoHytec Co.

Daimler AG formed a $1.3-billion hydrogen fuel cell Joint venture with Volvo Group. The two auto manufacturers are expected to bring out hydrogen-fuel-powered commercial vehicles in the future.

Some of the key players operating in the fuel cell electric vehicle (FCEV) market: are TOYOTA MOTOR CORPORATION, Honda Motor Co., Ltd., Hyundai Motor Company, ASHOK LEYLAND, Nikola Corporation, Daimler AG, Solaris Bus & Coach sp. z.o.o., SAIC Motor Corporation Limited, Tata Motors, and Volkswagen AG.

The Fuel Cell Electric Vehicle (FCEV) Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.

Segments Covered in the Report

• By Type 
  • Polymer Electrolyte Membrane Fuel Cell (PEMFC)
  • Phosphoric Acid Fuel Cell (PAFC)
• By Range
  • Short-Range
  • Long-Range
• By Vehicle Type
  • Passenger Vehicles
  • Commercial Vehicles

Region Covered in the Report

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Rest of the World (RoW)
  • Brazil
  • Saudi Arabia
  • South Africa
  • U.A.E.
  • Other Countries

Source: VynZ Research

1.    Research Overview 

        1.1.    The Report Offers
        1.2.    Market Coverage
                1.2.1.  By Type
                1.2.2.  By Range
                1.2.3.  By Vehicle Type
                1.2.4.  By Region 
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Research Methodology
                1.5.1.    Data Sources
                        1.5.1.1.    Primary Research
                        1.5.1.2.    Secondary Research
                1.5.2.    Methodology
                        1.5.2.1.    Data Exploration
                        1.5.2.2.    Forecast Parameters
                        1.5.2.3.    Data Validation
                        1.5.2.4.    Assumptions
                1.5.3.    Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

        3.1.    Industry Dynamics
                3.1.1.    Market Growth Drivers
                3.1.2.    Market Restraints
                3.1.3.    Key Market Trends
                3.1.4.    Major Opportunities
        3.2.    Industry Ecosystem
                3.2.1.    Porter’s Five Forces Analysis
                3.2.2.    Recent Development Analysis
                3.2.3.    Value Chain Analysis
        3.3.    Competitive Insight
                3.3.1.    Competitive Position of Industry Players
                3.3.2.    Market Attractive Analysis

4.    Global Market Estimate and Forecast

        4.1.    Global Market Overview
        4.2.    Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

        5.1.    By Type
                5.1.1.   Polymer Electrolyte Membrane Fuel Cell (PEMFC) 
                            5.1.1.1.    Market Definition
                            5.1.1.2.    Market Estimation and Forecast to 2030                                    
                5.1.2.    Phosphoric Acid Fuel Cell (PAFC)
                            5.1.2.1.    Market Definition
                            5.1.2.2.    Market Estimation and Forecast to 2030                                               
        5.2.    By Range        
                5.2.1.  Short-Range
                            5.2.1.1.    Market Definition
                            5.2.1.2.    Market Estimation and Forecast to 2030
                5.2.2.  Long-Range
                            5.2.2.1.    Market Definition
                            5.2.2.2.    Market Estimation and Forecast to 2030                         
        5.3.    By Vehicle Type
                5.3.1.    Passenger Vehicles
                            5.3.1.1.    Market Definition
                            5.3.1.2.    Market Estimation and Forecast to 2030
                5.3.2.    Commercial Vehicles
                            5.3.2.1.    Market Definition
                            5.3.2.2.    Market Estimation and Forecast to 2030

6.    North America Market Estimate and Forecast

        6.1.    By Type 
        6.2.    By Range
        6.3.    By Vehicle Type
        6.4.    By Country
                6.4.1.    U.S. Market Estimate and Forecast
                6.4.2.    Canada Market Estimate and Forecast
                6.4.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

        7.1.    By Type
        7.2.    By Range
        7.3.    By Vehicle Type
        7.4.    By Country
                7.4.1.    Germany Market Estimate and Forecast
                7.4.2.    France Market Estimate and Forecast
                7.4.3.    U.K. Market Estimate and Forecast
                7.4.4.    Italy Market Estimate and Forecast
                7.4.5.    Spain Market Estimate and Forecast
                7.4.6.    Russia Market Estimate and Forecast
                7.4.7.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

        8.1.    By Type 
        8.2.    By Range
        8.3.    By Vehicle Type
        8.4.    By Country 
                8.4.1.    China Market Estimate and Forecast
                8.4.2.    Japan Market Estimate and Forecast
                8.4.3.    India Market Estimate and Forecast
                8.4.4.    South Korea Market Estimate and Forecast
                8.4.5.    Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

        9.1.    By Type 
        9.2.    By Range
        9.3.    By Vehicle Type
        9.4.    By Country
                9.4.1.    Brazil Market Estimate and Forecast
                9.4.2.    Saudi Arabia Market Estimate and Forecast
                9.4.3.    South Africa Market Estimate and Forecast
                9.4.4.    U.A.E. Market Estimate and Forecast
                9.4.5.    Other Countries Market Estimate and Forecast    

10.    Company Profiles

        10.1.   TOYOTA MOTOR CORPORATION        
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments                
        10.2.   Honda Motor Co., Ltd.        
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments                
        10.3.   Hyundai        
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments                
        10.4.   Motor Company        
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments                
        10.5.   ASHOK LEYLAND        
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments                
        10.6.   Nikola Corporation        
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments                
        10.7.   Daimler AG        
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments                
        10.8.   Solaris Bus & Coach sp. z.o.o.        
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments                
        10.9.  SAIC        
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments                        
        10.10.  Motor Corporation Limited        
                10.10.1.    Snapshot
                10.10.2.    Overview
                10.10.3.    Offerings
                10.10.4.    Financial Insight
                10.10.5.    Recent Developments 
        10.11.  Tata        
                10.11.1.    Snapshot
                10.11.2.    Overview
                10.11.3.    Offerings
                10.11.4.    Financial Insight
                10.11.5.    Recent Developments                
        10.12.  Motors        
                10.12.1.    Snapshot
                10.12.2.    Overview
                10.12.3.    Offerings
                10.12.4.    Financial Insight
                10.12.5.    Recent Developments                        
        10.13.  Volkswagen AG        
                10.13.1.    Snapshot
                10.13.2.    Overview
                10.13.3.    Offerings
                10.13.4.    Financial Insight
                10.13.5.    Recent Developments        

11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

List of Tables

Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2018–2023 (USD Billion)
Table 5 Global Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2025–2030 (USD Billion)
Table 6 Global Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2018–2023 (USD Billion)
Table 7 Global Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2025–2030 (USD Billion)
Table 8 Global Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2018–2023 (USD Billion)
Table 9 Global Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2025–2030 (USD Billion)
Table 10 Global Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2018–2023 (USD Billion
Table 11 Global Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2025–2030 (USD Billion)
Table 12 North Americal Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2018–2023 (USD Billion)
Table 13 North Americal Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2025–2030 (USD Billion)
Table 14 North Americal Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2018–2023 (USD Billion)
Table 15 North Americal Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2025–2030 (USD Billion)
Table 16 North Americal Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2018–2023 (USD Billion)
Table 17 North Americal Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2025–2030 (USD Billion)
Table 18 North Americal Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2018–2023 (USD Billion)
Table 19 North Americal Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2025–2030 (USD Billion)
Table 20 Europe Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2018–2023 (USD Billion)
Table 21 Europe Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2025–2030 (USD Billion)
Table 22 Europe Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2018–2023 (USD Billion)
Table 23 Europe Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2025–2030 (USD Billion)
Table 24 Europe Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2018–2023 (USD Billion)
Table 25 Europe Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2025–2030 (USD Billion)
Table 26 Europe Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2018–2023 (USD Billion)
Table 27 Europe Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2025–2030 (USD Billion)
Table 28 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2018–2023 (USD Billion)
Table 29 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2025–2030 (USD Billion)
Table 30 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2018–2023 (USD Billion)
Table 31 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2025–2030 (USD Billion)
Table 32 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2018–2023 (USD Billion)
Table 33 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2025–2030 (USD Billion)
Table 34 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2018–2023 (USD Billion)
Table 35 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2025–2030 (USD Billion)
Table 36 RoW  Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2018–2023 (USD Billion)
Table 37 RoW  Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2025–2030 (USD Billion)
Table 38 RoW  Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2018–2023 (USD Billion)
Table 39 RoW  Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2025–2030 (USD Billion)
Table 40 RoW  Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2018–2023 (USD Billion)
Table 41 RoW  Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2025–2030 (USD Billion)
Table 42 RoW  Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2018–2023 (USD Billion)
Table 43 RoW  Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2025–2030 (USD Billion)
Table 44 Snapshot – TOYOTA MOTOR CORPORATION
Table 45 Snapshot – Honda Motor Co., Ltd.
Table 46 Snapshot – Hyundai Motor Company 
Table 47 Snapshot – ASHOK LEYLAND
Table 48 Snapshot – Nikola Corporation
Table 49 Snapshot – Daimler AG
Table 50 Snapshot – Solaris Bus & Coach sp. z.o.o.
Table 51 Snapshot – SAIC Motor Corporation Limited
Table 52 Snapshot – Tata Motors
Table 53 Snapshot – Volkswagen AG

List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Fuel Cell Electric Vehicle (FCEV) Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Fuel Cell Electric Vehicle (FCEV) Market Highlight
Figure 12 Global Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2018 - 2030 (USD Billion)
Figure 13 Global Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2018 - 2030 (USD Billion)
Figure 14 Global Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2018 - 2030 (USD Billion)
Figure 15 Global Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2018 - 2030 (USD Billion)
Figure 16 North Americal Fuel Cell Electric Vehicle (FCEV) Market Highlight
Figure 17 North Americal Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2018 - 2030 (USD Billion)
Figure 18 North Americal Fuel Cell Electric Vehicle (FCEV) Market, By Range , 2018 - 2030 (USD Billion)
Figure 19 North Americal Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2018 - 2030 (USD Billion)
Figure 20 North Americal Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2018 - 2030 (USD Billion)
Figure 21 Europe Fuel Cell Electric Vehicle (FCEV) Market Highlight
Figure 22 Europe Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2018 - 2030 (USD Billion)
Figure 23 Europe Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2018 - 2030 (USD Billion)
Figure 24 Europe Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2018 - 2030 (USD Billion)
Figure 25 Europe Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2018 - 2030 (USD Billion)
Figure 26 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market Highlight
Figure 27 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2018 - 2030 (USD Billion)
Figure 28 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2018 - 2030 (USD Billion)
Figure 29 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2018 - 2030 (USD Billion)
Figure 30 Asia-Pacific  Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2018 - 2030 (USD Billion)
Figure 31 RoW  Fuel Cell Electric Vehicle (FCEV) Market Highlight
Figure 32 RoW  Fuel Cell Electric Vehicle (FCEV) Market, By Type, 2018 - 2030 (USD Billion)
Figure 33 RoW  Fuel Cell Electric Vehicle (FCEV) Market, By Range, 2018 - 2030 (USD Billion)
Figure 34 RoW  Fuel Cell Electric Vehicle (FCEV) Market, By Vehicle Type, 2018 - 2030 (USD Billion)
Figure 35 RoW  Fuel Cell Electric Vehicle (FCEV) Market, By Region, 2018 - 2030 (USD Billion)