Electric Vehicle Fuel Cells: Introduction
- Fuel cell is akin to a battery, which generates electricity with the help of electrochemical reaction. Fuel cells also produce a by-product, which is heat, during the process.
- Fuel cell can operate as long as it is provided with a source of fuel, which is hydrogen. Electrochemical oxidization of hydrogen takes place in a fuel cell in an effective way. The oxygen atoms react with hydrogen ions, resulting in formation of water, while electrons are released and passed through an external circuit in the form of electric current. In this entire process, water vapor is the only exhaust emitted.
- G8 Leaders (Canada, Russia, Italy, Germany, Japan, France, the U.K., and U.S.) and Europe have declared to cut carbon dioxide emission by at least 80% by 2050 in order to stabilize atmospheric carbon dioxide and global warming. In order to cut the carbon dioxide emission, decarbonization (up to 95%) of the road transport is required. Compatibility and availability of alternative biofuels is also very low. Improvement in efficiency of the internal combustion engine is not expected to improve by more than 30% in the near future.
Key Drivers and Restraints of Global Electric Vehicle Fuel Cells Market
- Hydrogen can be used as fuel to overcome the pollution caused by the application of crude oil, petroleum products, etc., as it is non-polluting fuel. The only byproduct of hydrogen after combustion is water and heat. Hydrogen fuel cell can be used to stabilize the carbon dioxide content in the atmosphere and reduce the chances of global warming in the near future. Carbon dioxide emission is expected to nullify on application of fuel cells. Fuel cells are likely to increase the overall efficiency of automobiles.
- Electric drivetrains are used in fuel cell electric vehicles. Fuel cells consist of small batteries and are powered by hydrogen fuel cells. Automobiles benefit from near silent operation, no tail pipe emission, and excellent drivability. Fuel cell operated electric vehicle offers advantages of electric vehicles combined with the utility of a combustion engine car, as it can be refueled in minutes as conventional fuel and then can be used for hundreds of kilometers. The mixture of conventional convenience and advantages that fuel cells could offers an ideal option for personal mode of transportation.
Global Electric Vehicle Fuel Cells Market: Regional Segmentation
- In terms of region, the global electric vehicle fuel cells market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America is projected to lead the global market during the forecast period, due to the presence of stringent environmental laws and rise in awareness about fuel cells in the region
- Tesla Inc. is the major manufacturer of electric cars in the U.S. It is followed by Chevrolet. Tesla’s two most popular vehicles are the Tesla Model S and Tesla Model X. In Europe, Ford, Volkswagen, and BMW are key manufacturers of electric cars.
- The electric vehicle fuel cells market in Europe and Asia Pacific is likely to expand at a rapid pace during the forecast period. Countries such as India, Japan, and China in Asia Pacific have started electrification of vehicles on a large scale.
- The Government of China is investing in the development of hydrogen energy and fuel cell operated electric vehicles
- Latin America and Middle East & Africa are expected to account for small share of the market during the forecast period
COVID Impact on Global Electric Vehicle Fuel Cells Market
- The fuel cell industry has been adversely affected by the COVID-19 pandemic. However, the industry is expected to gain momentum after lockdowns imposed to curtail the spread of the pandemic are lifted. Governments of countries in Europe; China; and the U.S. are providing stimulus packages and new subsidies to promote the adoption of fuel cells. They are focusing on long-term growth of renewables and cost reductions of fuel cell. This is likely to strengthen the adoption of hydrogen as fuel. Several countries have become more protectionist and are reconsidering national security, energy security, and supply chain security in critical industries due to the COVID-19 pandemic. Thus, countries are expected to focus on renewable energy sources. Fuel cells can offer green energy. This is anticipated to augment the market in the near future.
Key Players Operating in Global Market
- Fuji Electric Co., Ltd.
- Elcogen AS
- Ballard Power Systems.
- Dana Limited
- NUVERA FUEL CELLS, LLC
- Oorja Corporation
- PLUG POWER INC.
- Meritor, Inc.
- US Hybrid
- Ceres Power Holdings plc
- Volkswagen AG
- Robert Bosch GmbH
- Honda Motor Co., Ltd.
- Shanghai Shenli Technology Co., Ltd.
Global Electric Vehicle Fuel Cells Market: Research Scope
Global Electric Vehicle Fuel Cells Market, by Component
- Fuel Stack
- Fuel Processor
- Power Conditioner
Global Electric Vehicle Fuel Cells Market, Electrolyte Type
- Proton-Exchange Membrane Fuel Cells (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
Global Electric Vehicle Fuel Cells Market, by Power Output
- Up to 100KW
- Above 200KW
Global Electric Vehicle Fuel Cells Market, Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
Global Electric Vehicle Fuel Cells Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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The following regional segments are covered comprehensively:
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- Latin America
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