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.
  • Hydrogenics
  • Dana Limited
  • Oorja Corporation
  • 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
  • 100-200KW
  • Above 200KW

Global Electric Vehicle Fuel Cells Market, Vehicle Type

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

Global Electric Vehicle 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
    • South Korea
    • 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 intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.

The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.

All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:

  • Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
  • Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
  • Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
  • Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.

The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to

  • North America, South America, and the Americas
  • Asia Pacific and Japan
  • Europe
  • Latin America
  • Middle East and Africa

The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:

  • What are the major recent trends that can influence the product life cycle and the RoI?
  • Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
  • Which micromarketing initiatives of leading players will bring in investments?
  • What can be the best framework and tools for PESTLE analysis?
  • Which regions will witness rise in new opportunities?
  • Which are the game-changing technologies being used to capture new revenue streams in the near future?
  • Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
  • What is the current and expected intensity of competition the market in the near future?

Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.

Enquiry Before Buying

TMR offers Enquiry Before Buying that help clients to get information on their business scenario required where syndicated solutions are not enough.

Enquiry Before Buying

Electric Vehicles Fuel Cells Market