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. Europe Fuel Cell Vehicle Market 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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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, 100โ200 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. Europe Fuel Cell Vehicle Market 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.
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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
Europe Fuel Cell Vehicle Market 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.
Impact on the Fuel Cell Vehicle Market
The ongoing advancements in green hydrogen production are expected to have a substantial influence on the fuel cell vehicle market in Europe during the forecast period.
- Cost Reduction of Hydrogen Fuel
As the cost of green hydrogen continues to decline, fuel cell vehicles will become more economically viable. Currently, one of the barriers to FCV adoption is the high cost of hydrogen fuel, which can be more expensive than gasoline or diesel. However, with the projected reduction in green hydrogen prices, fuel cell vehicles are likely to become more affordable to consumers, thereby increasing demand. - Increased Availability of Hydrogen Infrastructure
As green hydrogen production scales up, the infrastructure to support hydrogen-powered vehicles will also expand. This includes the construction of more hydrogen refueling stations, particularly in Europeโs urban centers and along key transportation corridors. The availability of refueling infrastructure is a critical enabler for the growth of the FCV market, as consumers will be more willing to adopt FCVs if they have access to convenient refueling options. - Technological Innovations and Consumer Adoption
With new technological features and improved fuel cell systems, FCVs are expected to become more appealing to a broader consumer base. These innovations, coupled with falling hydrogen prices, are expected to drive the adoption of fuel cell vehicles. As manufacturers continue to improve vehicle performance, efficiency, and refueling convenience, FCVs are likely to capture a larger share of the market, particularly in emerging markets across Europe. - Expansion in Emerging Markets
The European fuel cell vehicle market is likely to experience significant growth as vendors expand their footprints in emerging markets. As the cost of green hydrogen decreases and the technology becomes more affordable, FCVs are expected to gain popularity in regions where adoption of electric vehicles has been slower due to concerns over battery range, charging infrastructure, and overall cost. In these emerging markets, FCVs could offer a compelling alternative, driving market expansion.
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