LOS ANGELES, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled " Fuel Cell Electric Vehicle (FCEV) Market , Global Industry Analysis, Market S ize, Opportunities and Forecast, 2020 - 2027 " , estimates that global fuel cell electric vehicle (FCEV) market is expected to reach the market value of around US$ 15,000 Mn by 2027 and is anticipated to grow at a CAGR of around 38% in terms of revenue during the forecast period 2020 – 2027. The fuel cell functions like the battery which produces energy by an electrochemical reaction. The fuel cell turns energy from the chemical into electricity. Driven by hydrogen fuel cells with a compact size battery, fuel cells are preferred in electric drive trains. The fuel cell electric vehicle (FCEV) has the same benefits as the battery electric vehicle. Proton exchange membrane fuel cell (PEMFC) is a commonly used low temperature fuel cell type, consisting of a platinum catalyst that is ideal for vehicle use.
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The Asia Pacific (APAC) FCEV market has highest market share of global fuel cell electric vehicle (FCEV) market in 2019. With rising fuel cell stack shipments for the transportation industry, the market lead by Japan and China is expected to show substantial growth. Major players in the market, including Hydrogenics and Ballard, partner with Chinese manufacturers to create groundbreaking modules and technologies for fuel cells. In addition, measures like zero-emission vehicles deployed at activities such as the Tokyo Summer Games 2021 will have a positive impact on regional market statistics. Government policies like exemption from purchasing taxes in South Korea, India and Japan have backed up APAC market expansion. The implementation in China of the 'dual credit scheme' in 2018 facilitates the production of minimum annual FCEVs by automotive producers and contributes further to market requirements.
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Market dynamics
The fuel cell electric vehicle market is expected to be driven during the forecast period by increasing demand for vehicles with low carbon emissions and strict carbon emission norms and major advances in the field of fuel cell technology. The need for transport facilities with null emissions and the reduction in emission requirements is projected to improve the FCEV market. In addition, during the forecast period, portable battery, less time for refuelling, long reach, and the implementation, by government authorities, of attractive policies is likely to improve the FCEV market. FCEV prices are high is the factor which is expected to hamper the growth of market.
Attributed to the increasing adoption of the short distance market, the growth is planned to be substantial in the coming years. A majority of car owners use their cars to their job and other locations on a regular short range. Therefore, there is immense need for reliable automobiles built to fulfil these travel requirements.
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Electric Vehicle Charging Station Infrastructure Market ( https://www.acumenresearchandconsulting.com/electric-vehicle-charging-station-infrastructure-market ) size is expected reach to around US$ 55,347.8 Mn by 2026, growing at a CAGR of around 44.5% over the forecast period 2019 to 2026
EV Range Extender market ( https://www.acumenresearchandconsulting.com/electric-vehicle-range-extender-market ) is expected to reach the market value of around US$ 2 Bn by 2027 and is anticipated to grow at a CAGR of around 11.2% in terms of revenue during the forecast period 2020 – 2027
Off-Highway Electric Vehicle Market ( https://www.acumenresearchandconsulting.com/off-highway-electric-vehicle-market ) is expected to grow at a CAGR of around 26.0% from 2020 to 2027 and expected to reach the market value of around US$ 29,918.5 Mn by 2027
Some of the prominent players in the fuel cell electric vehicle (FCEV) market include Honda Motor Co., Ltd., Toyota Motor Corporation, Hyundai Motor Group, Volkswagen, SAIC Motor Corporation Limited, Audi AG, Ballard Power Systems, LLC, US Hybrid, Meritor, Inc., Nuvera Fuel Cells, Hydrogenics, Dana Limited, Sunrise Power Co. Ltd., Plug Power, Inc., Ceres Power Holdings Plc, Shanghai Shenli Technology Co. Ltd, and others. Desirable deals for the use of the hybrid fuel cell vehicles will be given to market members. The adoption of hybrid fuel cell vehicles further encourages cost-effective lease and rebate offering of new cars Motor Co. Honda. In California, Ltd provides no security deposits for car leases. In addition, the growth of factories and distribution networks is a crucial tactic for the market share improvement.
Recent Developments
In July 2020, Hyundai Motor Corporation unveiled the Xcient Fuel Cell, the first truck based on fuel cell technology in the market. In June 2018, the HyMotion software was expanded by Audi AG and Ballard Power Systems for 3 years. The HyMotion Software involves the development and design of system and support for automotive fuel cell stacks. The software assists Audi in introducing its compact electric fuel cell series. In December 2018, the Fuyang District Council in Hangzhou has signed a cooperation agreement between Nuvera Fuel Cells, LLC and the fuel cell stacks development factory.
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