The Fuel Cell Electric Vehicle Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).


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According to The Business Research Company’s Fuel Cell Electric Vehicle Global Market Report 2024, The fuel cell electric vehicle market size has grown exponentially in recent years. It will grow from $3.49 billion in 2023 to $4.5 billion in 2024 at a compound annual growth rate (CAGR) of 28.9%. The growth in the historic period can be attributed to government incentives and subsidies, environmental regulations, infrastructure development, increasing public awarenes, r&d investments.

The fuel cell electric vehicle market size is expected to see exponential growth in the next few years. It will grow to $11.61 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to advancements in hydrogen production, global expansion of hydrogen infrastructure, cost reductions, increased consumer acceptance, stringent emission standards. Major trends in the forecast period include hydrogen-powered commercial vehicles, integration of fcevs in sustainable mobilit, collaborations in hydrogen ecosystem, focus on lightweight materials, hydrogen fuel cell range extender.

The rise in the adoption of electric vehicles is expected to propel the growth of the fuel-cell electric vehicle market going forward. An electric vehicle refers to a vehicle that is driven by one or more electric motors that are supplied with energy by an onboard battery pack. Electric vehicles, including FCEVs (fuel-cell electric vehicles), offer significant environmental benefits by reducing greenhouse gas emissions and improving air quality. They also play a critical role in achieving a sustainable transportation future. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles doubled to 6.6 million in 2021 compared to more than 3 million reported in 2020. Therefore, the rise in the adoption of electric vehicles is driving the growth of the fuel-cell electric vehicle market.

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The fuel cell electric vehicle market covered in this report is segmented –

1) By Type: Polymer Electrolyte Membrane Fuel Cell (PEMFC), Proton Exchange Membrane Fuel Cell, Phosphoric acid Fuel Cell, Other Types
2) By Range: Short Range, Long Range
3) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles

Major companies operating in the fuel-cell electric vehicle market are focused on developing innovative solutions such as electric compressor technology. Electric compressor technology refers to the use of electrically driven compressors in various applications. For instance, in June 2023, Garrett Motion Inc., a Switzerland-based differentiated solutions provider announced the launch of advanced ‘Electric Fuel Cell Compressor (FCC). It is a high-performance electric air compressor technology that efficiently delivers the required airflow to optimize the power density and output of the fuel cell system. Additionally, it enhances the efficiency and durability of the fuel cell stack throughout the vehicle's lifespan, all packaged in a remarkably compact form.

The fuel cell electric vehicle market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis


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