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)
The fuel cell vehicle market in Europe is expected to grow from US$ 43.23 million in 2021 to US$ 415.73 million by 2028; it is estimated to grow at a CAGR of 38.2% from 2021 to 2028.
The green hydrogen is produced through the electrolysis of water with the byproducts of hydrogen and oxygen. According to statistics from the European Commission, green hydrogen produced through renewable sources costs from US$ 2 to US$ 6 per kg. It is estimated that price of hydrogen will decline to below USD 1 per Kg by 2030. Major factors driving the demand for green hydrogen are the development of electrolytes, increasing presence of market players, economies of scale, and rising industrial applications. Due to numerous emerging players in the hydrogen industry, the supply chain of the industry has broadened considerably in the recent times, which is driving down the prices for the hydrogen electrolysis technology. Industry level scaling of green hydrogen producers and technology developers have intensified the competition among players in the industry driving down the prices of green hydrogen. Further, industry level scaling has also enabled manufacturers to adopt continuous manufacturing and automation processes, which is further effected the declining prices of green hydrogen. Such factors are expected to influence the growth of the fuel cell vehicles market during the forecast period.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe fuel cell vehicle market at a substantial CAGR during the forecast period.
Europe Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Europe Fuel Cell Vehicle Market Segmentation
The Europe fuel cell vehicle market is segmented on the basis of electrolyte, power output, vehicle type, and country. Based on electrolyte, the market is birfurcated into PEMFC and PAFC. In 2021, the PEMFC segment held a larger share of the market. However, the PAFC segment is expected to register a higher CAGR during the forecast period. Based on power output, the North America 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 the largest market share in 2021 and is expected to register the highest CAGR in the market during the forecast period. Based on vehicle type, the market is segmented into passenger cars, buses, trucks, and light commercial vehicles. In 2021, the light commercial vehicles segment held the largest market share. However, the trucks segment is expected to register the highest CAGR during the forecast period. Based on country, the Europe fuel cell vehicle market is segmented into Germany, the UK, France, Italy, and Rest of Europe. In 2021, Germany held a larger market share; and on the other side, Italy is expected to grow at the fastest CAGR during the forecast period.
Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc.; General Motors; AB Volvo; Honda Motor Co., Ltd.; Daimler AG; RIVERSIMPLE; Hyzon Motors; and Ballard Power Systems are among the leading companies in the Europe fuel cell vehicle market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Fuel Cell Vehicle Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Europe Fuel Cell Vehicle Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Elevating demand for Clean Energy
5.1.2 Lower Cost of Green Hydrogen
5.2 Market Restraints
5.2.1 Expensive Cost of Refuelling Infrastructure
5.3 Future Trends
5.3.1 Surging Adoption of Fuel Cell Powered Trucks
5.4 Impact Analysis of Drivers and Restraints
6. Europe Fuel Cell Vehicle Market Analysis
6.1 Europe Fuel Cell Vehicle Market Overview
6.2 Europe Fuel Cell Vehicle Market Revenue Forecast and Analysis
7. Europe Fuel Cell Vehicle Market Analysis – by Electrolyte
7.1 Overview
7.2 Europe: Fuel Cell Vehicles Market, by Electrolyte
7.3 PEMFC
7.3.1 Overview
7.3.2 PEMFC: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
7.4 PAFC
7.4.1 Overview
7.4.2 PAFC: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
8. Europe Fuel Cell Vehicle Market Analysis – by Power Output
8.1 Overview
8.2 Europe Fuel Cell Vehicles Market, by Power Output
8.3 Less Than 100 KW
8.3.1 Overview
8.3.2 Less Than 100 KW: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
8.4-200 KW
8.4.1 Overview
8.4.2-200 KW: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
8.5 More Than 200KW
8.5.1 Overview
8.5.2 More Than 200KW: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
9. Europe Fuel Cell Vehicle Market Analysis – by Vehicle Type
9.1 Overview
9.2 Europe Fuel Cell Vehicles Market, by Vehicle Type
9.3 Passenger Cars
9.3.1 Overview
9.3.2 Passenger Cars: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
9.4 Buses
9.4.1 Overview
9.4.2 Buses: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
9.5 Trucks
9.5.1 Overview
9.5.2 Trucks: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
9.6 Light Commercial Vehicle
9.6.1 Overview
9.6.2 Light Commercial Vehicle: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
10. Europe Fuel Cell Vehicle Market – Country Analysis
10.1 Overview
10.1.1 Europe: Fuel Cell Vehicles Market, by Key Country
10.1.1.1 Germany: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 Germany: Fuel Cell Vehicles Market, by Electrolyte
10.1.1.1.2 Germany: Fuel Cell Vehicles Market, by Power Output
10.1.1.1.3 Germany: Fuel Cell Vehicles Market, by Vehicle Type
10.1.1.2 UK: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 UK: Fuel Cell Vehicles Market, by Electrolyte
10.1.1.2.2 UK: Fuel Cell Vehicles Market, by Power Output
10.1.1.2.3 UK: Fuel Cell Vehicles Market, by Vehicle Type
10.1.1.3 France: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 France: Fuel Cell Vehicles Market, by Electrolyte
10.1.1.3.2 France: Fuel Cell Vehicles Market, by Power Output
10.1.1.3.3 France: Fuel Cell Vehicles Market, by Vehicle Type
10.1.1.4 Italy: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 Italy: Fuel Cell Vehicles Market, by Electrolyte
10.1.1.4.2 Italy: Fuel Cell Vehicles Market, by Power Output
10.1.1.4.3 Italy: Fuel Cell Vehicles Market, by Vehicle Type
10.1.1.5 Rest of Europe: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 Rest of Europe: Fuel Cell Vehicles Market, by Electrolyte
10.1.1.5.2 Rest of Europe: Fuel Cell Vehicles Market, by Power Output
10.1.1.5.3 Rest of Europe: Fuel Cell Vehicles Market, by Vehicle Type
11. Europe Fuel Cell Vehicle Market-Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 Hyundai Motor Company
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Toyota Motor Corporation
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Cummins Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 General Motors
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 AB Volvo
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 WOT Analysis
12.5.6 Key Developments
12.6 Honda Motor Co., Ltd.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 RIVERSIMPLE
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Daimler AG
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Hyzon Motors
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Ballard Power Systems
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Europe Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Table 2. Germany Fuel Cell Vehicles Market, by Electrolyte – Revenue and Forecast to 2028 (US$ Million)
Table 3. Germany Fuel Cell Vehicles Market, by Power Output – Revenue and Forecast to 2028 (US$ Million)
Table 4. Germany Fuel Cell Vehicles Market, by Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 5. UK Fuel Cell Vehicles Market, by Electrolyte – Revenue and Forecast to 2028 (US$ Million)
Table 6. UK Fuel Cell Vehicles Market, by Power Output – Revenue and Forecast to 2028 (US$ Million)
Table 7. UK Fuel Cell Vehicles Market, by Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. France Fuel Cell Vehicles Market, by Electrolyte – Revenue and Forecast to 2028 (US$ Million)
Table 9. France Fuel Cell Vehicles Market, by Power Output – Revenue and Forecast to 2028 (US$ Million)
Table 10. France Fuel Cell Vehicles Market, by Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 11. Italy Fuel Cell Vehicles Market, by Electrolyte – Revenue and Forecast to 2028 (US$ Million)
Table 12. Italy Fuel Cell Vehicles Market, by Power Output – Revenue and Forecast to 2028 (US$ Million)
Table 13. Italy Fuel Cell Vehicles Market, by Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 14. Rest of Europe Fuel Cell Vehicles Market, by Electrolyte – Revenue and Forecast to 2028 (US$ Million)
Table 15. Rest of Europe Fuel Cell Vehicles Market, by Power Output – Revenue and Forecast to 2028 (US$ Million)
Table 16. Rest of Europe Fuel Cell Vehicles Market, by Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 17. List of Abbreviation
LIST OF FIGURES
Figure 1. Europe Fuel Cell Vehicle Market Segmentation
Figure 2. Europe Fuel Cell Vehicle Market Segmentation – By Country
Figure 3. Europe Fuel Cell Vehicle Market Overview
Figure 4. Europe Fuel Cell Vehicle Market, by Electrolyte
Figure 5. Europe Fuel Cell Vehicle Market, by Country
Figure 6. Europe Fuel Cell Vehicle Market- Ecosystem Analysis
Figure 7. Europe Fuel Cell Vehicle Market Impact Analysis of Drivers and Restraints
Figure 8. Europe Fuel Cell Vehicle Market Revenue Forecast and Analysis (US$ Million)
Figure 9. Europe: Fuel Cell Vehicles Market Revenue Share, by Electrolyte (2020 and 2028)
Figure 10. PEMFC: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 11. PAFC: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 12. Europe Fuel Cell Vehicles Market Revenue Share, by Power Output (2020 and 2028)
Figure 13. Less Than 100 KW: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 14.-200 KW: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. More Than 200 KW: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. Europe Fuel Cell Vehicles Market Revenue Share, by Vehicle Type (2020 and 2028)
Figure 17. PASSENGER CARS: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Buses: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Trucks: Fuel Cell Vehicle MARKET REVENUE and Forecast to 2028 (US$ Million)
Figure 20. Light Commercial Vehicle: Fuel Cell Vehicle MARKET REVENUE and Forecast to 2028 (US$ Million)
Figure 21. Geographic Overview of Europe Fuel Cell Vehicle Market
Figure 22. Europe: Fuel Cell Vehicles Market Revenue Share, by Key Country (2020 and 2028)
Figure 23. Germany: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. UK: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. France: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Italy: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Rest of Europe: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
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