Need for Zero-Emission Transport Solutions

  • 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. The compatibility and availability of alternative biofuels is also very low
  • Improvement in efficiency of the internal combustion engine cannot be expected to improve more than 30% during the coming years 

Fuel Cell as Technology

  • Fuel cell is akin to a battery, which generates electricity with the help of electrochemical reaction. Fuel cells and batteries convert chemical energy into electrical energy. Fuel cells also produce a by-product during the process that is heat.
  • Once the energy from battery is depleted, the battery needs to be discarded or recharged with the help of an external electrical supply to run the electrochemical reaction in opposite direction
  • Fuel cell can operate as long as it is provided with a source of fuel, which is hydrogen. The electrochemical oxidization of hydrogen takes place in 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. 

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Key Drivers of Electric Vehicles Fuel Cells Market

  • To overcome the pollution caused by the application of crude oil, petroleum products, etc. as hydrogen is non-polluting as a fuel. The only byproduct of hydrogen after combustion is water and heat.
  • To stabilize the carbon dioxide content in the atmosphere and reduce the chances of global warming in the near future. As, the carbon dioxide emission is expected to nullify on application of fuel cells.
  • Fuel cells are likely to increase the overall efficiency of automobiles 

Fuel Cells in Electric Powertrain

  • Electric drivetrains are used in fuel cells and battery electric vehicles. Battery electric vehicles are solely powered by batteries, while fuel cells consist of small batteries and are powered by hydrogen fuel cell same as hybrid. Both these 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 offer is irresistible and good option for personal mode of transportation 

North America Expected to Hold Major Share of Global Electric Vehicles Fuel Cells Market

  • North America is projected to lead the global market during the forecast period, due to the stringent environmental laws and rise in awareness about fuel cells
  • Tesla Inc., is the major manufacturers of electric cars in the U.S. 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 vehicles 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 China’s 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

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Key Players in Electric Vehicles Fuel Cells Market:

The electric vehicles fuel cells market is highly concentrated with the top companies as the technology have just started taking pace

  • Fuji Electric Co., Ltd.
  • Elcogen AS
  • Ballard Power Systems.
  • Hydrogenics
  • 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 Vehicles Fuel Cells Market: Research Scope 

Global Electric Vehicles Fuel Cells Market, by Component

  • Fuel Stack
  • Fuel Processor
  • Power Conditioner

Global Electric Vehicles Fuel Cells Market, by Electrolyte Type

  • Proton-Exchange Membrane Fuel Cells (PEMFC)
  • Phosphoric Acid Fuel Cell (PAFC)

Global Electric Vehicles Fuel Cells Market, by Power Output

  • Up to 100KW
  • 100-200KW
  • Above 200KW

Global Electric Vehicles Fuel Cells Market, by Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicles
  • Trucks
  • Bus
  • Others 

Global Electric Vehicles Fuel Cells Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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