(MENAFN- GetNews) The hydrogen fuel cell vehicle market was 25.00 thousand units in 2020. By technology, impact of COVID-19, business opportunity analysis and global forecast 2021-2030.
A fuel cell is an electrochemical reactor that converts chemical energy and an oxidant directly into electricity. In recent years, the word fuel cell has been used almost exclusively to describe a reactor using hydrogen as its main source of energy. Hydrogen has a long history of use as a fuel for versatility. Over 200 years ago, hydrogen was adopted into the first internal combustion engines by igniting the hydrogen itself, like gasoline combustion today. However, this did not prove to be successful due to security concerns and low energy density. Preferably, hydrogen is an energy carrier in a modern fuel cell by reacting with oxygen to form electricity.
Additionally, fuel cell vehicles have become more lucrative in recent years due to the higher performance, reduced refueling time, and the long range offered by the systems. In addition, the exhaust gas in terms of water, deterioration in the size of the emissions and higher horsepower and torque play an important role in the adoption of fuel cell technologies for automobiles. In addition, growing environmental problems, such as climate change and poor air quality, are due to the substantial growth of the regional transport sector. The high consumption of fossil fuels has generated the need for clean energy sources thereby boosting the market growth during the forecast period. According to Renub Research, the global fuel cell vehicle market is expected to reach 980.00 thousand units by 2030.
Impact of COVID-19 on the Global Fuel Cell Vehicles Market:
Production and sales of innovative vehicles had halted around the world as the entire ecosystem was hampered during the initial outbreak of COVID 19. Fuel cell vehicles had to take a break until ” that the blockages are lifted to continue to flourish, which has influenced their activities. Therefore, car manufacturers had to change the volume of production. In addition, the automotive industry is very capital intensive and depends on frequent financing to continue its activities. Thus, in the first months of the epidemic, the suspension of production and declining demand had an unprecedented impact on fuel cell vehicle manufacturers and automotive fuel cell producers.
For example, according to The Times of India, Honda Motor Company sales declined by more than 15% throughout the third quarter of 2020, while operating profit plunged by around 13% overall across the board. of the year. Toyota Motor Corporation sales declined by 50% in the first quarter of 2020. However, demand for fuel cell vehicles recovered rapidly after the first months of 2020. As a result, sales also increased along with demand. zero emission vehicles. during the last months of 2020. Our research suggests that the global hydrogen fuel cell vehicle market was 25.00 thousand units in 2020.
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The technology used for global fuel cell vehicles
Globally, fuel cell vehicles are generally classified according to the technology used. Major fuel cell technologies include Polymer Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC) and molten carbonate fuel cells (MCFC). Of these, PEMFC is the type commonly marketed today due to its low operating temperature (50-100 Â° C), compact start-up time, and ease of use as an oxidizer ( atmospheric air). These characteristics make PEMFC ideal for mobility solutions. They are partly responsible for the rapid development of FCEVs from the 1990s. According to our analysis, the global fuel cell vehicle industry is expected to grow with a massive CAGR of 44.32% from 2020 to 2030.
Regional Analysis Of Fuel Cell Vehicle Industry
Global Fuel Cell Vehicle Market report revolves around crucial regions including Europe, North America, Asia-Pacific, Middle East & Africa, and Latin America . In North America, the United States has a large number of hydrogen filling stations supplying the market. The United States and Canada support the market for low emission vehicles. Fuel cell vehicles are in high demand in some states such as California in the United States and British Columbia in Canada. In addition, Asia-Pacific is a rapidly growing market for hydrogen fueling stations. China, South Korea and Japan currently dominate the fuel cell vehicle market in Asia Pacific. China is turning more to buses and trucks for FCEVs.
In the coming years, countries like China, Japan and South Korea are expected to move towards advancing fuel cell electric vehicle technology. Big companies like Toyota are trying to become the leader in fuel cell technology. As with most technologies, the initial stages of development and deployment of fuel cell technology are highly dependent on government policies and incentives. To varying degrees and for a variety of reasons, the governments of China, the United States, European countries and Japan have encouraged the development of the fuel cell industry. Countries invest heavily in basic technological research and establish subsidy policies and medium / long term strategic plans.
Policy overview in major markets:
- In Europe Hydrogen Roadmap Europe: a transition towards a third of ultra-low carbon hydrogen production by 2030 has been imagined.
- Likewise, in Japan, a policy for the full-fledged manufacturing operation, transportation and storage of zero-carbon hydrogen by 2040 has been planned.
- In addition, in the United States, the California Fuel Cell Partnership has also set targets for 1,000,000 FCEVs by 2030.
The global fuel cell market is dominated by established players such as Toyota Motor Corporation, Volkswagen, Daimler AG, Honda Motor Company, and Ford Motor Company. These companies provide complete products and solutions for the fuel cell vehicle industry, have strong global distribution networks and invest heavily in R&D to develop new products.
Recent developments in fuel cell car companies:
- In March 2021, Toyota Corporation unveiled a new hydrogen production facility and refueling station at its disused auto plant in Melbourne, Australia, ahead of its second-generation fuel cell car, the Mirai FCEV. The facility includes a 200 kilowatt electrolyser powered by an on-site 84 kilowatt solar panel and a 100 kilowatt battery.
- In March 2021, Toyota Motor Corporation and Beijing SinoHytec proclaimed a joint venture to produce hydrogen fuel cell vehicles for the Chinese market. According to the joint statement, the two companies are expected to invest $ 72 million in Huafeng Fuel Cell Co. Ltd. The company’s first car will be modeled after Toyota’s MIRAI hydrogen fuel cell vehicle and is expected to begin production in 2023.
Renub search last report Global Fuel Cell Vehicle Market, Global Forecast by Technology (Polymer Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Diesel Fuel Cells phosphoric acid (PAFC) and molten carbonate fuel cells (MCFC), region (North America, Europe, Asia-Pacific, Middle East and Africa and Latin America), companies (Volkswagen, Daimler AG, Toyota Motor Corporation, Honda Motor Company and Ford Motor Company) â provides a detailed analysis of the global Fuel Cell Vehicle industry.
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The technology – Fuel Cell Electric Vehicle was approached from 5 points of view:
1. Polymer exchange membrane fuel cells (PEMFC)
2. Solid Oxide Fuel Cells (SOFC)
3. Direct Methanol Fuel Cells (DMFC)
4. Phosphoric Acid Fuel Cells (PAFC)
5. Molten Carbonate Fuel Cells (MCFC)
Region – Electric fuel cell vehicle has been covered from 5 points of view:
1. North America
4. Middle East and Africa
5. Latin America
â¢ Recent developments and strategies
â¢ Financial informations
2. Toyota Motor Corporation
3. Daimler AG
4. Ford Motor Company
5. Honda Motor Company
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