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Reports
Fuel cell commercial vehicle, also referred to as fuel cell electric commercial vehicle, is a commercial vehicle which powers its electric drive system using a fuel cell. The fuel cells chemical energy (mostly compressed hydrogen) and an oxidizing agent (mostly oxygen from the air) is converted into electricity. Fuel cell commercial vehicles are quite different to the pure electric commercial vehicles, as they require a constant fuel source and oxygen frequently from the air in order to carry out the chemical reaction. Fuel cell commercial vehicles are considered low or zero-emission vehicles as they emit water and heat generated by the chemical reaction.
Fuel Cell Commercial Vehicle Market - Competitive Landscape
Geely Auto Group
Established in 1977, Geely Auto Group has its headquarters in Hangzhou, China. The company, founded as a subsidiary of Zhejiang Geely Holding Group, is a leading automobile manufacturer and holds 50% stake in LYNK & CO brand. Recently, in Beijing at a ceremony, the company showcased two new zero-emission buses, namely the F12 hydrogen fuel cell bus and C11 battery-electric bus.
Daimler AG
Founded in 1886, Daimler AG has headquarters in Stuttgart, Germany. The company along with its subsidiaries, designs, develops, manufactures, and sells automotive products across the globe. It is focused on constant improvement through following current trends and investing in research and development. The company has a vast experience with hydrogen fuel cell electric vehicles over multiple vehicle generations, and absolved millions of test kilometers across the globe
Toyota Motor Corporation
Established in 1937, Toyota Motor Corporation’s headquarters are located in the Aichi Prefecture, Japan. The company designs, develops, manufactures, assembles, sells, and supplies automotive and automotive accessories across the world. The company is focused on the development of environment-friendly vehicles such as zero-emission vehicles and green mobility. The company invested over US$ 9.35 Bn in research and development in 2017-2018.
Fuel Cell Commercial Vehicle Market Dynamics
Transition towards green energy vehicle are driving demand for fuel cell commercial vehicle
Presently, a majority of commercial vehicles are fossil fuel powered, which emit high levels of carbon dioxide, nitrogen oxide, and other emission particulates that usually results in chronic illness, especially in metropolitan and urban regions. Additionally, conventional fossil fuel powered commercial vehicles, especially trucks and buses, are responsible for increasing transportation emission. The advent of fuel cell commercial vehicles, which are considered as low or zero-emission vehicles, is anticipate to reduce vehicular emission emitted by heavy commercial vehicles.
Moreover, initiatives by government bodies around the world to opt for green energy mobility in order to curtail and curb transportation pollution is a key factor that is projected to drive fuel cell commercial vehicle market in the near future.
Higher vehicle cost and limited availability of refueling station to hinder the growth of fuel cell commercial vehicle market
Higher cost of fuel cell vehicles coupled with a lack or limited availability of refueling stations of the fuel source are key challenges faced by the fuel cell commercial vehicle market. Another key challenge for automakers is the high initial investment required to set up the infrastructure for both fuel cell vehicle and refueling station.
Fuel Cell Commercial Vehicle Market Segmentation
Based on propulsion, the fuel cell commercial vehicle market can be segmented into
Based on product type, the fuel cell commercial vehicle market can be classified into
Based on technology, the fuel cell commercial vehicle market can be divided into
Based on end-use industry, the fuel cell commercial vehicle market can be split into
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Fuel Cell Commercial Vehicle Market
