Global fuel cell electric vehicle market size is expected to hit USD 14 billion in annual revenues by 2026. With an increase in cargo transportation over the years due to the demand for import and export of goods from one country to another, there has been a robust increase in the demand for heavy-duty vehicles in the fuel cell EV market.

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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Additionally, it would be prudent to mention that the painstaking efforts being put forward by the automobile manufacturers are helping the prevailing fuel cell technology and revamping the current infrastructure of fuel cell electric vehicle platforms. Strict fuel economy standards established by the government bodies and regulatory authorities like the U.S. National Highway Traffic Safety Administration and the European Union is supporting the use of greener automobile solutions.

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.

The market players are working towards developing heavy-duty trucks with advanced fuel cell technology to meet the surging product demand. In July 2020, the South Korean automobile giant- Hyundai Motor Co. unveiled Xcient Fuel Cell, which is the industry’s first-ever heavy-duty truck that runs on fuel cell technology.

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.  

Prominent automobile companies along with the support of public and private institutions are constantly aiming at increasing their offerings to meet the demands of the consumers. For instance, according to reliable sources, as of September 2020 the European Investment Bank announced to add nearly €800 million or USD 949 million towards funding for Fiat Chrysler Automobiles with an aim to support the production of electric and hybrid vehicles.

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Partial Chapter of the Table of Content

Chapter 5    Fuel Cell Electric Vehicle Market, By Vehicle

5.1    Key trends, by vehicle

5.2    Heavy duty vehicle

5.2.1    Market estimates and forecast, 2016 – 2026

5.3    Agriculture

5.3.1    Market estimates and forecast, 2016 – 2026

5.4    Buses

5.4.1    Market estimates and forecast, 2016 – 2026

5.5    Port Vehicles/Container Handling or Transport

5.5.1    Fuel Cell Electric Vehicle Market estimates and forecast, 2016 – 2026

5.6    Automotive

5.6.1    Market estimates and forecast, 2016 – 2026

5.7    Class 8/Long Haul

5.7.1    Market estimates and forecast, 2016 – 2026

Chapter 6    Fuel Cell Electric Vehicle Market, By Distance

6.1    Key trends, by distance

6.2    Short

6.2.1    Market estimates and forecast, 2016 – 2026

6.3    Long

6.3.1    Market estimates and forecast, 2016 – 2026

Charts & Figures

FIG. 1    Fuel Cell Electric Vehicle Market Segmentation

FIG. 2    Industry ecosystem analysis

FIG. 3    New commercial vehicle sales, 2017-2019

FIG. 4    Growth potential analysis, 2019

FIG. 5    Porter’s analysis

FIG. 6    PESTLE analysis

FIG. 7    Comparison of major market players, 2019

FIG. 8    SWOT Analysis, Ballard Power System

FIG. 9    SWOT Analysis, Nuvera Fuel Cells, LLC

FIG. 10 SWOT Analysis, Meritor, Inc

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