Global Fuel Cell Vehicle Market (2021 to 2030) – Featuring Volkswagen, Toyota Motor and Daimler Among Others – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Fuel Cell Vehicle Market Global Forecast 2021-2030, Industry Trends, Share, Insight, Growth, Impact of COVID-19, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
This report provides a detailed analysis of Global Fuel Cell Vehicle Industry.
- Toyota Motor Corporation
- Daimler AG
- Ford Motor Company
- Honda Motor Company
A fuel cell is an electrochemical reactor that converts the chemical energy and an oxidant directly to electricity. In recent years, the word fuel cell has been used almost solely to describe a reactor using hydrogen as the chief energy source. Hydrogen has a protracted history of being employed as fuel for versatility. More than 200 years ago, hydrogen was adopted in the first internal combustion engines by igniting the hydrogen itself, like burning gasoline today. Though, this did not prove to be quite successful due to safety affairs and low energy density. Preferably, hydrogen is an energy carrier in a modern fuel cell by reacting with oxygen to form electricity.
Moreover, fuel cell vehicles have become more lucrative in recent years due to higher performance, reduced refuelling time, and long-range offered by the systems. Also, the exhaust in terms of water, a deterioration in emissions dimension, and superior power and torque output play a significant role in adopting fuel cell technologies for automobiles. In addition, the rising environmental issues, such as climate change and low air quality, are due to substantial growth in the regional transportation sector. High fossil fuel consumption has generated the need for clean energy sources, thereby boosting the market’s growth over the forecast period. According to the publisher, the Global Fuel Cell Vehicle Market awaits to reach 980.00 Thousand Units by 2030.
Impact of COVID-19 on Global Fuel Cell Vehicle Market:
The production & sales of innovative vehicles had come to a standstill across the globe as the entire ecosystem had been obstructed in the initial outbreak of COVID 19. Fuel Cell Vehicles had to pause until lockdowns were lifted to continue blooming, which influenced their businesses. Consequently, vehicle manufacturers had to modify the production volume. Moreover, the automotive industry is highly capital-intensive and relies on frequent financing to continue operations. Thus, during the initial months of the outbreak, the production suspension and lower demand had an unprecedented impact on Fuel Cell Vehicles manufacturers and automotive fuel cell producers.
Globally, fuel cell vehicles are typically categorized by the technology used. Prominent technologies of fuel cells include Polymer Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC) and Molten Carbonate Fuel Cells (MCFC). Of these, PEMFC is the common commercialized type today due to its low operating temperature (50-100C), compact start time, and its oxidant (atmospheric air) ease of use. These characteristics make PEMFC ideal for mobility solutions. They are part of the reason for the rapid development of FCEVs starting from the 1990s. As per the analysis, the Global Fuel Cell Vehicle Industry is expected to grow with a massive CAGR of 44.32% from 2020 – 2030.
Policy Overview across Major Markets:
- In Europe Hydrogen Roadmap Europe: a transition to one-third ultra-low carbon hydrogen production by 2030 has been devised.
- Similarly, in Japan policy for the full-fledged manufacturing operation, transportation and storage of zero-carbon emission hydrogen by 2040 have been planned.
- In addition, in the United States, the California Fuel Cell Partnership has also outlined targets for 1,000,000 FCEVs by 2030.
Recent Developments in Fuel Cell Car Companies:
- In March 2021, Toyota Corporation revealed a new hydrogen production facility and refuelling station at its decommissioned car factory in Melbourne, Australia, before its second-generation fuel-cell car, the Mirai FCEV. The facility includes a 200-kilowatt electrolyzer powered by an on-site 84-kilowatt solar array and a 100-kilowatt battery.
- In March 2021, Toyota Motor Corporation and Beijing SinoHytec proclaimed a joint venture to produce hydrogen fuel cell vehicles concerning the Chinese market. As per the joint statement, the two companies are foreseen to invest USD 72 million into Huafeng Fuel Cell Co. Ltd. The company’s first car will be modelled after Toyota’s hydrogen fuel cell vehicle MIRAI and is slated to begin production in 2023.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
5. Fuel Cell Electric Vehicle Market
6. Volume Share – Fuel Cell Electric Vehicle
6.1 By Technology
6.2 By Region
7. Technology – Fuel Cell Electric Vehicle
7.1 Polymer Exchange Membrane Fuel Cells (PEMFC)
7.2 Solid Oxide Fuel Cells (SOFC)
7.3 Direct Methanol Fuel Cells (DMFC)
7.4 Phosphoric Acid Fuel Cells (PAFC)
7.5 Molten Carbonate Fuel Cells (MCFC)
8. Region – Fuel Cell Electric Vehicle
8.1 North America
8.3 Asia Pacific
8.4 Middle East and Africa
8.5 Latin America
9. Company Analysis
For more information about this report visit https://www.researchandmarkets.com/r/gpzspb
Laura Wood, Senior Press Manager
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