Europe Fuel Cell Vehicle Market Trends, Size, Share, Growth, Analysis, Forecast to 2028
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.
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𝐒𝐚𝐦𝐩𝐥𝐞
𝐏𝐃𝐅
𝐂𝐨𝐩𝐲@
https://www.businessmarketinsights.com/sample/BMIRE00025728
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 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.
📚𝐅𝐮𝐥𝐥
𝐑𝐞𝐩𝐨𝐫𝐭
𝐋𝐢𝐧𝐤
@ https://www.businessmarketinsights.com/reports/europe-fuel-cell-vehicle-market
𝐓𝐡𝐞 𝐋𝐢𝐬𝐭
𝐨𝐟
𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬
Hyundai Motor Company
Toyota Motor Corporation
Cummins Inc.
General Motors
AB Volvo
Honda Motor Co., Ltd.
Daimler AG
Hyzon Motors
Ballard Power Systems
RIVERSIMPLE
Segments Covered
By Electrolyte
- PEMFC
- PAFC
By Power Output
- Less
than 100 kW
- 100-200
kW
- Above
200 kW
By Vehicle Type
- Passenger
Cars
- Buses
- Trucks
- Light
Commercial Vehicles
Europe Fuel Cell
Vehicle Regional Insights
The geographic scope of the Europe Fuel Cell Vehicle refers
to the specific areas in which a business operates and competes. Understanding
local distinctions, such as diverse consumer preferences (e.g., demand for
specific plug types or battery backup durations), varying economic conditions,
and regulatory environments, is crucial for tailoring strategies to specific
markets. Businesses can expand their reach by identifying underserved areas or
adapting their offerings to meet local demands. A clear market focus allows for
more effective resource allocation, targeted marketing campaigns, and better
positioning against local competitors, ultimately driving growth in those
targeted areas.
The
Fuel Cell Vehicle Market in Europe: A Rising Trend in Sustainable Mobility
The fuel cell vehicle (FCV) market
in Europe has experienced remarkable growth in recent years, driven by
technological advancements, government incentives, and a growing push toward
environmental sustainability. With the automotive industry increasingly
focusing on decarbonization and the transition to cleaner energy sources, fuel
cell vehicles have emerged as a promising solution to reduce greenhouse gas
emissions and dependency on fossil fuels. This shift reflects a broader effort
to meet climate targets, especially in light of European Union regulations that
demand significant reductions in CO2 emissions. In this article, we explore the
current state of the FCV market in Europe, its challenges, and its future
potential.
Market
Growth and Key Drivers
The fuel cell vehicle market in
Europe is gaining momentum, fueled by several key factors that have prompted
both governments and automakers to accelerate the development and adoption of
FCVs.
- Government Support and Policies
European governments, led by the European Union, have set ambitious targets for reducing carbon emissions in the transportation sector. The EU has pledged to achieve net-zero emissions by 2050, and one of the major strategies to meet this goal is to increase the adoption of low- and zero-emission vehicles. This has led to the implementation of policies and regulations that encourage the development of FCVs, including financial incentives, tax breaks, and funding for research and infrastructure.
In addition,
European countries such as Germany, France, the Netherlands, and the UK have
committed to investing in hydrogen infrastructure and fuel cell technology as
part of their broader energy transition plans. Germany, for instance, has
introduced a national hydrogen strategy that includes building hydrogen
refueling stations across the country to make FCVs more accessible to
consumers.
- Technological Advancements
Advances in fuel cell technology have made FCVs more efficient, reliable, and cost-effective. The development of high-performance fuel cells, along with innovations in hydrogen storage and refueling systems, has improved the overall feasibility of fuel cell vehicles. Automakers are also working on reducing the cost of producing FCVs, making them more competitive with traditional internal combustion engine (ICE) vehicles and other types of electric vehicles.
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