The fuel cell is similar to the battery in terms of function, and it generates electricity via an electrochemical reaction. The fuel cell converts chemical energy into electric energy. Fuel cells are preferred in electric drivetrains, which are powered by hydrogen fuel cells with a compact battery size. The fuel cell electric vehicle (FCEV) offers same advantages as the battery electric vehicle. Proton exchange membrane fuel cell (PEMFC) is a widely utilized fuel cell type that is operated at low temperature and consists of platinum catalyst, which is ideal for utilization in vehicles.

Increasing demand for vehicles with minimum carbon emission along with stringent carbon emission norms and significant development in the field of fuel cell technology are anticipated to drive the fuel cell electric vehicle market during the forecast period. Need for zero-emission transport facilities and reduction in carbon emission standards are likely to boost the fuel cell electric vehicle (FCEV) market. Furthermore, compact battery, less refueling time, long range or distance covered, and introduction of attractive policies by government bodies are likely to propel the FCEV market during the forecast period. The cost of FCEV is high, which is likely to hamper the FCEV market.

The global FCEV market can be segmented based on distance range, vehicle type, and region. In terms of distance range, the FCEV market can be divided into short range distance and long range distance. The long range distance segment is likely expand during the forecast period. Short time of refueling and compact battery backup with long range support are anticipated to drive the long range distance segment. Increasing adoption of fuel cell vehicles for public transport is also a key factor that is estimated to propel the long range distance segment. Furthermore, fuel cell manufacturers are introducing fuel cell trucks, which can cover large distance. Continuous development to increase the distance range by manufacturing companies is likely to drive the long range distance segment during the forecast period.

Based on vehicle type, the FCEV market can be split into commercial vehicle, agriculture vehicle, and other. The commercial vehicle segment includes buses, trucks, and heavy duty vehicles. Capacity to travel long distances, better refueling timing, and companies such as Volkswagen and Hyundai are offering heavy duty vehicles, which in turn is estimated to boost the commercial vehicle segment significantly during the forecast period.

In terms of region, the global FCEV market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is likely to dominate the global FCEV market. Presence of major manufacturers of fuel cell vehicles, such as Toyota, Hyundai, Honda, and SAIC, along with stringent emission norms by governments in the region are likely to propel the FCEV market in Asia Pacific during the forecast period.

Key players operating in the global fuel cell electric vehicle (FCEV) market are Volkswagen AG, Hyundai Motor Company, Toyota, and SAIC.

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