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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 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?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across 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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Electric Vehicles Fuel Cells Market

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