Global fuel cell electric vehicle market is anticipated to depict a CAGR of 38% through 2026, having recorded a valuation of USD 1 billion in 2019. By 2026, the market is expected to hit a remuneration of USD 14 billion.

The global fuel cell electric vehicle market has witnessed considerable growth over the last couple of years due to efforts undertaken by the governments across a host of nations. Their aim is to encourage the use of zero-emission automobiles with an aim to reduce the accelerating greenhouse gas emission and contain the rapidly increasing pollution levels.

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Cargo transportation services have been on a rise in recent years and has led to the burgeoning demand of heavy-duty vehicles. However, the need to reduce carbon footprint has incited vehicle manufacturers to develop vehicles that are powered by fuel cell technology. For instance, in 2020, Hyundai Motor Company introduced the Xcient Fuel Cell, which is the firm’s and the industry’s first fuel cell technology based heavy-duty truck.

The demand for FCEV is also on a rise in the public transport sector. Companies specializing in fuel cell technology are collaborating with government organization to promote greener transit solutions. In 2020, Loop Energy, a hydrogen fuel cell company that focuses on the commercial vehicle market, announced that Skywell New Energy Vehicles Group attained index approval from the Ministry of Industry & Information and Technology of China for a zero-emission public transit bus that is powered by Loop's fuel cell engines.

In recent times, the fuel cell-based electric vehicle developers will largely be benefitted by the increase in preference towards fuel-cell-powered vehicles as compared to the battery-operated ones. One of the leading reasons behind the widespread adoption of FCEV is that they can be charged in a relatively lesser time duration as compared to those running on batteries.

Moreover, fuel-cell electric vehicles are known to cover longer distances after a single charge and comprise a better torque, greater off-road mobility, and improved field configuration than the battery-powered automobiles. This goes on to explain that the growing focus of various FCEV giants is working towards developing fuel-cell-powered SUVs and trucks. Due to this, long-distance traveling vehicles are set to apportion a huge revenue share of the overall fuel cell electric vehicle market in the near future.  

North America fuel cell electric vehicle market is expected to witness considerable gains in the coming years due to the wide presence of supportive fueling as well as charging infrastructure. The government organizations are constantly undertaking measures to drive FCEV adoption by investing in the construction of refueling stations. For example, during the year 2017, The California Air Resources Board announced its plan to establish over 90 hydrogen stations in the state to support the FCEV market demand.

Advancements in fuel cell technology as well as automation of the fuel cell manufacturing process is advocating large-scale production of commercial and passenger FCEVs. Several FCEV producers are investing greatly in research and development activities for making high performing fuel cells, further creating a positive impact on the fuel cell electric vehicle market share.

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Some Point from Table of Contents:

Data Tables

TABLE 1.    Fuel cell electric vehicle industry 360⁰ synopsis, 2016 – 2026

TABLE 2.    Fuel cell electric vehicle market estimates and forecast, 2016 – 2019, (Units) (USD Million)

TABLE 3.    Fuel cell electric vehicle industry estimates and forecast, 2020 – 2026, (Units) (USD Million)

TABLE 4.    Fuel cell electric vehicle industry estimates and forecast by vehicle, 2016 – 2019 (Units)

TABLE 5.    Fuel cell electric vehicle industry estimates and forecast by vehicle, 2020 – 2026 (Units)

TABLE 6.    Fuel cell electric vehicle market estimates and forecast by vehicle, 2016 – 2019 (USD Million)

TABLE 7.    Fuel cell electric vehicle industry revenue estimates and forecast by vehicle, 2020 – 2026 (USD Million)

TABLE 8.    Fuel cell electric vehicle industry estimates and forecast by distance, 2016 – 2019 (Units)

TABLE 9.    Fuel cell electric vehicle industry estimates and forecast by distance, 2020 – 2026 (Units)

TABLE 10.    Fuel cell electric vehicle industry estimates and forecast by distance, 2016 – 2019 (USD Million)

TABLE 11.    Fuel cell electric vehicle market revenue estimates and forecast by distance, 2020 – 2026 (USD Million)

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