Fuel Cell Commercial Vehicle Market Growth and Outlook (CAGR 43.5%)

According to TechSci Research report, “Global Fuel Cell Commercial Vehicle Market– By Region, Competition, Forecast & Opportunities, 2028,” Global Fuel Cell Commercial Vehicle Market has valued at USD 2.3 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 43.5% through 2028.

The global fuel cell commercial vehicle market is a revolutionary development in transportation, driven by the need to address environmental issues and create sustainable mobility solutions.

Fuel cells convert hydrogen into electricity and power a variety of commercial vehicles, ranging from trucks to buses. Fuel cell vehicles offer an emission-free alternative to conventional internal combustion engines. Hydrogen infrastructure is being developed and governments and industry stakeholders are working together to scale up refueling networks.

Fuel cell technology is emerging as a key contender in the global transportation industry, as it offers zero emissions, longer range, and faster refueling times than traditional battery electric vehicle (BEV) vehicles. Fuel cell commercial vehicle (FCV) is emerging as a viable option in the search for cleaner transportation.

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The evolution of the global FCV market is shaped by environmental considerations, technological innovation, regulatory initiatives, and the increasing demand for carbon-neutral mobility solutions. Different technologies are being introduced in the market to support the concept of sustainability, as concerns about environmental degradation and depletion are on the rise. In addition, there is a growing awareness about the effects of air pollution, rising levels of traffic, and greenhouse gas emissions.

Hydrogen fuel cell vehicle is more environmentally friendly than conventional vehicles because it offers longer driving ranges than battery electric vehicles. This makes fuel cell vehicles suitable for long-distance operation, for example, for long-distance transportation or delivery services. Fuel cell vehicle recharging takes minutes, which is much shorter than battery electric vehicle recharging.

Fuel cell commercial vehicle success depends on availability of hydrogen refuelling stations. Government and industry players are investing in developing hydrogen infrastructure to facilitate the growth of fuel cell vehicles. The global fuel cell commercial vehicle market segmentation by power range presents a complex landscape that customizes fuel cell technology based on diverse operational requirements. Vehicles with a power output of less than 100 kW are suitable for applications such as urban light-duty transport and last mile delivery, offering a cost-effective and environmentally friendly solution for short distances in urban settings.

Additionally, partnerships and collaborations between automotive manufacturers, energy providers, and technology companies are helping to speed up the introduction of fuel cell-powered commercial vehicles, while also addressing issues related to costs, technologies, and infrastructures.

In June 2021, General Motors announced a partnership to develop and implement GM's hydrogen-based hydrogen based energy cell systems (GEC2) in conjunction with the use of Wabtec's Ultium Battery Technology (U3), which is intended to be used in commercial vehicles. The Global Fuel Cell Commercial Vehicle Market is analyzed based on vehicle type, power range, and by region. Based on the vehicle type the market is divided into Trucks, Buses. Based on the power range, the market is divided into Below 100 kW, 100 kW - 200 kW, Above 200 kW. Based on the region, the market is segmented into Asia-Pacific, Europe & CIS, North America, South America, and Middle East & Africa.

Key market players in the Global Fuel Cell Commercial Vehicle Market include:

• Toyota Motor Corp.
• Kenworth Trucks
• Nikola Motor Co.
• Zhejiang Geely Holding Group
• Scania
• BMW AG
• Volvo Group

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“The increase in demand for fuel cell vehicles worldwide, combined with a increasing infrastructure development significantly affects the expansion of Global Fuel Cell Commercial Vehicle Market. With their zero-emission profiles, longer ranges, and quicker refueling times, fuel cell commercial vehicles have the potential to revolutionize logistics, delivery. The Global Fuel Cell Commercial Vehicle Market is expected to grow at 43.5% through forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Fuel Cell Commercial Vehicle Market By Vehicle Type (Trucks, Buses), By Power Range (Below 100 kW, 100 kW - 200 kW, Above 200 kW), By Region, Competition, Forecast & Opportunities, 2028,” has evaluated the future growth potential of Automotive Infotainment Systems market globally and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the Global Fuel Cell Commercial Vehicle Market.

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Table of Content-Fuel Cell Commercial Vehicle Market 

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of theStudy

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Impact of COVID-19 on Global Fuel Cell Commercial Vehicle Market
5. Global Fuel Cell Commercial Vehicle Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.1.2. By Volume

5.2. Market Share & Forecast

5.2.1. By Vehicle Type Market Share Analysis (Trucks, Buses)

5.2.2. By Power Range Market Share Analysis (Below 100 kW, 100 kW - 200 kW, Above 200 kW)

5.2.3. By Regional Market Share Analysis

5.2.3.1. Asia-Pacific Market Share Analysis

5.2.3.2. Europe & CIS Market Share Analysis

5.2.3.3. North America Market Share Analysis

5.2.3.4. South America Market Share Analysis

5.2.3.5. Middle East & Africa Market Share Analysis

5.2.4. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)

5.3. Global Fuel Cell Commercial Vehicle Market Mapping & Opportunity Assessment

5.3.1. By Vehicle Type Market Mapping & Opportunity Assessment

5.3.2. By Power Range Market Mapping & Opportunity Assessment

5.3.3. By Regional Market Mapping & Opportunity Assessment

6. Asia-Pacific Automotive Filter Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.1.2. By Volume

6.2. Market Share & Forecast

6.2.1. By Vehicle Type Market Share Analysis

6.2.2. By Power Range Market Share Analysis

6.2.3. By Country Market Share Analysis

6.2.3.1. China Market Share Analysis

6.2.3.2. India Market Share Analysis

6.2.3.3. Japan Market Share Analysis

6.2.3.4. Indonesia Market Share Analysis

6.2.3.5. Thailand Market Share Analysis

6.2.3.6. South Korea Market Share Analysis

6.2.3.7. Australia Market Share Analysis

6.2.3.8. Rest of Asia-Pacific Market Share Analysis