Fuel Cell Electric Vehicle (FCEV) Market to Grow Significantly Through 2026

November 18, 2021

According to a research report titled ‘Fuel Cell Electric Vehicle (FCEV) Market Size By Vehicle (Heavy Duty Vehicles, Agriculture, Buses, Port Vehicles/Container Handling Or Transport, Automotive, Class 8/Long Haul), By Distance (Short, Long), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with MarketStudyReport, global fuel cell electric vehicle (FCEV) market is likely to grow substantially during 2020-2026.

Growing focus on reducing human effect on the environment as well as lessening carbon emissions is the primary growth catalyst for fuel cell electric vehicles (FCEVs) market.

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For the unversed, FCEVs are vehicles that run on hydrogen rather than conventional fossil fuels. These vehicles are far more efficient than conventional internal combustion engines and produce no tailpipe emissions while in operation, instead producing only warm air and water vapor.

Moreover, with transportation accounting for a considerable portion of carbon emissions, demand for more efficient ways to power vehicles has risen dramatically in recent years, thus stimulating the industry outlook.

Based on vehicle type, agriculture segment is expected to expand significantly in the next six years. Increased awareness among the agriculturists about the detrimental consequences of carbon emissions from farming vehicles is attributed to the growing demand for FCEVs in this sector.

Speaking of distance terrain of fuel cell electric vehicle market, the short distance segment is expected to develop significantly in the coming years, due to increased usage of efficient FCEVs for short distance commutes.

Considering the regional aspect, Latin America market is expected to grow at a healthy rate over 2020-2026 as consumer awareness grows and a number of well-known players enter the region.

The key contenders in fuel cell electric vehicle marketplace are Nuvera Fuel Cells LLC, Ballard Power Systems Inc., Meritor Inc., Sunrise Power Co. Ltd., Dana Incorporated, Plug Power Inc., Shanghai Shenli Technology Co. Ltd., Ceres Power Holdings Plc, Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Co. Ltd., Volkswagen AG, Audi AG, and SAIC Motor Corporation Limited.

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