The global fuel cell electric vehicle (FCEV) market size was US$ 1.2 billion in 2021. The global fuel cell electric vehicle (FCEV) market is forecast to grow to US$ 26.1 billion by 2030, registering a compound annual growth rate (CAGR) of 36.5% during the forecast period from 2022 to 2030. 

COVID-19 Impact Analysis

The COVID-19 pandemic created various challenges for the entire automotive industry. The electric vehicle domain also witnessed a considerable decline as import-export activities were banned. The COVID-19 induced lockdown hampered the demand for electric vehicles. As a result, it impacted the trade of fuel cell electric vehicles (FCEV). 

However, fuel cell electric vehicles are forecast to gain popularity post-pandemic due to growing concerns over pollution and favorable government initiatives. 

Moreover, the COVID-19 pandemic highly affected China and India, the major contributors to the market growth. Thus, it hampered the growth of the global fuel cell electric vehicle market.

Factors Influencing the Market Growth

• The fuel cell electric vehicles (FCEV) market is forecast to grow due to increasing demand for short refueling time, enhanced performance, higher range, and torque. 
• The increasing demand for zero-emission vehicles is forecast to benefit the global fuel cell electric vehicle (FCEV) market. Moreover, stringent emission norms and growing demand for less noise mobility solutions would benefit the market during the study period. 
• Rising awareness about the harmful impacts of carbon dioxide emissions is forecast to propel the market growth. 
• Favorable government initiatives to protect the environment will boost the growth of the global fuel cell electric vehicle (FCEV) market. 
• Increasing urbanization and disposable income are forecast to create ample growth opportunities for the market players. 
• The high cost of fuel cell electric vehicles may hamper the growth of the overall market. 

Geographic Analysis

Asia-Pacific will have the highest contribution in the global fuel cell electric vehicle (FCEV) market due to the rising pollution and stringent government norms in the region. In addition, countries like China are witnessing high investments in the industry to increase R&D activities in hydrogen fuel cell vehicles. Moreover, the presence of leading players, such as Toyota Motor Corporation and Hyundai Motor Company, would further contribute to revenue generation. 

Increasing population and urbanization in the region will benefit the global fuel cell electric vehicle market. Apart from that, the rising prevalence of diseases related to pollution and growing awareness among people boost the regional growth in the global fuel cell electric vehicle (FCEV) market. 

North America and Europe are also forecast to develop rapidly, owing to the strict emission regulations.

Competitors in the Market

• 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
• Volkswagen AG
• Other prominent players

Market Segmentation

The global fuel cell electric vehicle (FCEV) market is segmented on the basis of Type, Range, Vehicle Type, and Region. 

Insight by Type

• Polymer Electrolyte Membrane Fuel Cell (Pemfc) 
• Phosphoric Acid Fuel Cell (Pafc)

Insight by Range

• Short-Range
• Long-Range

Insight by Vehicle Type

• Passenger Vehicles
• Commercial Vehicles

Insight by Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America