Report : Europe Fuel Cell Vehicle Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Electrolyte (PEMFC and PAFC), Power Output (Less than 100 kW, 100–200 kW, and Above 200 kW), and Vehicle Type (Passenger Cars, Buses, Trucks, and Light Commercial Vehicles)
At 38.2% CAGR, the Europe Fuel Cell Vehicle Market is speculated to be worth US$ 415.73 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe fuel cell vehicle market was valued at US$ 43.23 million in 2021 and is expected to reach US$ 415.73 million by 2028, registering an annual growth rate of 38.2% from 2021 to 2028. Surging adoption of fuel cell powered truck and lower cost of green hydrogen.
Green hydrogen is produced through the electrolysis of water with the byproducts of hydrogen and oxygen. According to data from the International Energy Agency, approximately 20% of the carbon emissions are from the automotive industry. Adoption of heavy duty trucks has increased considerably in the recent years. For instance, the new registrations for heavy duty vehicles increased by 23% in Europe. Companies operating in the truck market across the region are working progressively towards the adoption of fuel cell trucks due to longer range the trucks offer. Companies operating in the fuel cell vehicles market have taken up numerous initiatives to boost the adoption of fuel cell trucks in the market. For Instance, in January 2022, H2 Mobility announced that it aims at deploying 2,000 fuel cell powered trucks on the European roads by 2030. If successfully deployed, the initiative is expected to save approximately 70 million liters of diesel by 2030. Further, in January 2022, Hyzon Motors announced that it had successfully completed the delivery of 87 fuel cell powered trucks through multiple sales agreements. Such initiatives are expected to be a major trend for the growth of the fuel cell vehicle market.
On the contrary, expensive cost of refueling infrastructure hurdles the growth of Europe fuel cell vehicle market.
Based on electrolyte, the Europe fuel cell vehicle market is bifurcated into PEMFC and PAFC. The PEMFC segment held 99.2% market share in 2021, amassing US$ 42.88 million. It is projected to garner US$ 399.67 million by 2028 to expand at 37.6% CAGR during 2021–2028.
Based on power output, the Europe fuel cell vehicle market is segmented into less than 100 kW, 100-200 kW, and more than 200 kW. The less than 100 kW segment held 87.2% market share in 2021, amassing US$ 37.72 million. It is projected to garner US$ 366.28 million by 2028 to expand at 38.4% CAGR during 2021–2028.
Based on vehicle type, the Europe fuel cell vehicle market is categorized into passenger car, buses, trucks, and light commercial vehicles. The passenger car segment held 74.0% market share in 2021, amassing US$ 31.98 million. It is projected to garner US$ 309.10 million by 2028 to expand at 38.3% CAGR during 2021–2028.
Based on country, the Europe fuel cell vehicle market has been segmented into Germany, the UK, France, Italy, and Rest of Europe. Our regional analysis states that Germany captured 45.8% market share in 2021. It was assessed at US$ 19.79 million in 2021 and is likely to hit US$ 177.99 million by 2028, exhibiting a CAGR of 36.9% during the forecast period.
Key players dominating the Europe fuel cell vehicle market are Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc.; General Motors; AB Volvo; RIVERSIMPLE; Honda Motor Co., Ltd.; Daimler AG; Hyzon Motors; and Ballard Power Systems among others.
- In December 2020, The Toyota Motor Corporation had introduced Mirai fuel cell electric vehicles which is compact in size, efficiency, and productivity that enables hydrogen-based fuel cell vehicles.
- In April 2021, Daimler Truck AG, a leading commercial vehicle manufacturer and AB Volvo had introduced a cellcentric joint venture to produce hydrogen fuel cells for long-haul trucks with an aim to bring large-scale gigafactory production levels of hydrogen fuel cells in Europe by 2025.