Europe Fuel Cell Electric Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Europe Fuel Cell Electric Vehicle Market Manufacturers and it is segmented by Vehicle Type (Passenger Cars and Commercial Vehicles), and by Country (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe). The Report Offers the Market Size and Forecast of the Europe Fuel Cell Electric Vehicle Market in value (USD billion) for the above-mentioned segments.

Europe Fuel Cell Electric Vehicle Market Size

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Europe FCEV Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 44.00 %
Market Concentration Medium

Major Players

Europe Fuel Cell Electric Vehicle Market

*Disclaimer: Major Players sorted in no particular order

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Europe Fuel Cell Electric Vehicle Market Analysis

The Europe Fuel Cell Electric Vehicle Market was valued at USD 0.49 billion in 2021 and is expected to reach USD 3.74 billion by 2027 registering a CAGR of above 44% during the forecast period.

The impact of COVID-19 on the fuel electric vehicle market was inevitable as it affected almost every other industry. However, fuel cell electric vehicles witnessed a swift recovery from the impact and the vehicles are expected to witness significant growth during the forecast period, primarily attributed to government support and growth in adoption of fuel cell electric buses European countries. 

Over the medium term, the market's expansion is expected to be fueled by rising investments and government initiatives to improve the infrastructure for electric vehicle charging stations. Highway England has announced a USD 17 million investment to improve the UK's 20-mile charging stations in 2020. The region's number of charging stations and connections will rise as a result, accelerating FCEV industry expansion. Due to various advancements in fuel cell technology and with major corporations being investing in delivering their products with the most up-to-date characteristics, improving OEM competition and supporting market expansion expected to support market growth over the forecast period.

European manufacturers such as BMW AG and Audi are developing fuel cell vehicles based on their earlier prototypes aimed at launching in the later years. Many other companies are following BMW and Audi's footprints. For instance, Renault manufactured the hydrogen fuel cell-powered SUV prototype. The SUV titled Scenic Vision will be equipped with a 16kW fuel cell which will help expand the cars driving range to 800 kilometers without the need for charging. The battery will be lightweight and the carbon footprint will be reduced by 75% as compared with the traditional electric vehicle model. However, the French carmaker model will not be available before 2030 and 2032. The company will launch its fully electric version by 2024.

United kingdom followed by Germany and France anticipated growing at faster pace over the forecast period owing to growing consumer interest towards higher efficiency vehicles like fuel cell electric vehicles compared to traditional gas and diesel-fueled counterparts. Furthermore, Government initiatives across major countries in this region for the usage of fuel cell vehicles and supportive consumer oriented subsidies for the purchase of the vehicles are anticipated to drive demand in coming years.

Europe Fuel Cell Electric Vehicle Market Trends

This section covers the major market trends shaping the Europe Fuel Cell Electric Vehicle Market according to our research experts:

Passenger Car Segment Likely to Hold Significant Share in the Market

The passenger cars segment of the market is expected to hold a significant share in the fuel cell electric vehicle market over the forecast period owing to rising vehicle production and adoption across key countries Germany, the United Kingdom, etc. 

The major OEMs like Toyota, Ford, Honda, GM, Hyundai, Volkswagen, Daimler, and BMW have invested a lot of money in making the technology better. Fuel cells have been developed extensively for passenger cars, and several key players are actively investing and testing these technologies on road to meet growing consumer expectations. For instance, In June 2021, The BMW Group announced that it has started to test vehicles that use a hydrogen fuel cell drivetrain, i.e. prototypes of the BMW I Hydrogen Next would be tested on a range of metrics including reliability, safety, and efficiency. Toyota supplied the individual cells for the vehicles, while BMW designs the fuel cell stack and complete drive system, the company further stated that in three to four minutes, the hydrogen tank of the BMW I Hydrogen Next can be filled.

Further, among European automakers, Jaguar Land Rover Automotive and Ineos Automotive are launching SUVs, both of which are in the testing stage. Opel, which is responsible for fuel cell development within the PSA group, is testing its Zafira family vans equipped with fuel cells. BMW is poised to improve its offerings with its X5 small-series hydrogen fuel cell vehicle by late 2022. Other European automakers rolling out fuel cell vehicles include H2O e-mobile GmbH (Germany), Hopium (France), Microcab Industries, (U.K.), Pininfarina S.p.A. (Italy), Riversimple Movement (U.K.), and Viritech (U.K.). Besides these, some of the active launches of the key companies include, 

Owing to the larger market potential, key OEMs are pushing investments in the country to gain significant market share. For instance, In March 2022, Volkswagen announced that it is investing EUR 35 billion to build a new EV plant in Wolfsburg, Germany. The new plant will focus on mass-market "Trinity" vehicles, which are the centerpiece of Volkswagen's new all-electric fleet. Such developments and trends in the market are expected to contribute to the overall growth of the market during the forecast period. 

Europe Fuel Cell Electric Vehicle Market _ trend 1

Germany is Expected to Dominate the Market During the Forecast Period

After China, Germany is the world's second-largest single market for electric vehicles, and fuel cell electric vehicles are also expected to hold a significant share in the market during the forecast period. The rise in fuel cell electric vehicles across the country and favorable government initiatives coupled with the active presence of key players enhance the overall performance of the market during the forecast period. For instance, Among European countries, Germany has the most ambitious hydrogen production target - 5 GW by 2030, with an additional 5 GW to be built between 2035-2040. It is one of the leading markets for exports and a leader in green hydrogen technology.

Key German automotive manufacturers like Audi and BMW which are preparing to abandon fossil fuels by developing prototypes of hydrogen fuel-cell passenger vehicles alongside their battery-powered fleets have been actively designing growth strategies. BMW is hydrogen's biggest proponent among Germany's carmakers, charting a path to a mass-market model around 2030. The company also has one eye on shifting hydrogen policies in Europe with a major focus on Germany owing to its advantageous position established market and wide range of consumers. The BMW Munich-based premium player has developed a hydrogen prototype car based on its X5 SUV, in a project already partly funded by the German government.

Besides these developments, the German market is also witnessing significant contributions from commercial vehicle manufacturers and their active contributions in form of product development, expansion, etc. For instance, In August 2022, Hyundai Motor Company announced its plans of exporting 27 of its XCIENT Fuel Cell trucks to Germany, with the heavy-duty vehicles set to be used by firms operating in retail, logistics, and manufacturing. The trucks that will be deployed in Germany have a 180-kilowatt hydrogen fuel cell system and use seven hydrogen tanks. The extra power comes from three batteries. The hydrogen-electric trucks sent to Germany will bolster the XCIENT Fuel Cell's presence in Europe.

Further, future strategies of the company involving faster adoption of electric vehicles by reducing their dependency on other fuel types are also expected to poise positive outlook for the market during the forecast period. In September 2021, the Hyundai Motor Group said it planned to develop hydrogen fuel cell versions of all its commercial vehicle models by the year 2028 and look to introduce a 'next generation fuel-cell system' in 2023. Therefore, in midst of such developments the overall german market to see positive trends of development over the forecast period.

Europe Fuel Cell Electric Vehicle Market_trend 2

Europe Fuel Cell Electric Vehicle Industry Overview

The Europe Fuel Cell Electric Vehicle Market is considered to be moderately consolidated owing to the presence of several global and regional players. The prominent players operating in the industry are adopting various partnerships and collaborations with automotive OEMs and government-backed companies and organizations to strengthen their foothold in the market. For instance, 

  • In September 2022, Hyundai Motor Company and Iveco Group at IAA Transportation 2022 in Hannover unveiled the first IVECO eDAILY Fuel Cell Electric Vehicle. The two companies announced hydrogen-powered IVECO BUS vehicles with Hyundai's fuel cell system earlier in July. The eDAILY Fuel Cell Electric Vehicle (FCEV), exemplifies IVECO's best-selling and longest-running large van's future potential. 
  • In July 2021, the HYVIA hydrogen venture between carmaker Renault and U.S. company Plug Power announced that it plans to sell products throughout Europe, and will assemble fuel cells and hydrogen refueling stations at the Flins factory in France. The HYVIA venture added in a statement that it would offer a range of three fuel-cell powered Master Large Van models across major countries in Europe. 

Europe Fuel Cell Electric Vehicle Market Leaders

  1. Toyota Motor Corporation

  2. Mercedes Benz Group

  3. Hyundai Motor Company

  4. AB Volvo

  5. Audi AG

*Disclaimer: Major Players sorted in no particular order

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Europe Fuel Cell Electric Vehicle Market News

  • In September 2022, Karsan launched hydrogen-fueled e-ATA HYDROGEN at IAA Transportation. The low-floor 12-meter e-ATA HYDROGEN can meet the needs of operators in many areas from high range to high passenger carrying capacity. It has a lightweight composite hydrogen tank with a volume of 1,560 liters located on the ceiling, and easily reaches a range of more than 500 km in real usage conditions. It can easily carry more than 95 passengers depending on the maximum allowed weight and preferred option features, and also offers the best passenger capacity in its class.
  • In September 2022, Tevva presented its 19 t hydrogen-electric truck and announced its strategy for mainland Europe at the IAA Transportation. It is partnering with its customers to showcase its range of full-electric and hydrogen-electric medium-duty (7.5t to 19t / Class 5 to 8) truck solutions designed for the European market. The 19t variant has a hydrogen fuel cell range extender. The truck is expected to have a range of up to 500 km depending on the number of hydrogen cylinders specified and can refill in 10 minutes.
  • In September 2022, Volvo Trucks announced that it is running tests of fuel cell electric trucks that only emit water vapor and have an operational range comparable to diesel trucks, up to 1,000 km. A second pilot phase is to follow in a few years and will see customer tests on public roads. The testing of fuel cell electric trucks in commercial traffic will start in 2025 with selected customers in Northern Europe, followed by additional trucks in more countries over the coming years.
  • In May 2022, Daimler Buses announced that it aims to offer locally CO2-neutral vehicles based on batteries and hydrogen in every segment by 2030, initially focusing on Europe and Latin America. Daimler Buses will not invest in Euro VII technology, instead focusing on both battery-electric and hydrogen-based technologies, in line with the dual-track strategy of its parent company Daimler Truck.

Europe Fuel Cell Electric Vehicle Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Value in USD billion)

    1. 5.1 By Vehicle Type

      1. 5.1.1 Passenger Cars

      2. 5.1.2 Commercial Vehicles

    2. 5.2 By Country

      1. 5.2.1 Germany

      2. 5.2.2 United Kingdom

      3. 5.2.3 France

      4. 5.2.4 Italy

      5. 5.2.5 Spain

      6. 5.2.6 Rest of Europe

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Toyota Motor Corporation

      2. 6.2.2 Mercedes Benz Group

      3. 6.2.3 Honda Motor Corporation

      4. 6.2.4 Ford Motor Company

      5. 6.2.5 Hyundai Motor Corporation

      6. 6.2.6 SAIC Motor Corporation Limited

      7. 6.2.7 Volkswagen AG

      8. 6.2.8 Audi AG

      9. 6.2.9 Tata Motors Limited

      10. 6.2.10 AB Volvo

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Europe Fuel Cell Electric Vehicle Industry Segmentation

Fuel cell electric vehicles (FCEVs), like all-electric vehicles, power an electric motor with electricity.FCEVs, in contrast to other electric vehicles, use a hydrogen-powered fuel cell to generate electricity rather than relying solely on a battery to do so. The scope of the report covers details about recent developments, trends, and technologies in the market.

The report covers segmentation based on vehicle type and country. By Vehicle type, the market is segmented into Passenger Cars and Commercial Vehicles. By Country, the market is segmented into Germany, United Kingdom, France, Italy, Spain, and the Rest of Europe. For each segment market sizing and forecast have been done on basis of value (USD billion). 

By Vehicle Type
Passenger Cars
Commercial Vehicles
By Country
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
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Europe Fuel Cell Electric Vehicle Market Research FAQs

The Europe Fuel Cell Electric Vehicle Market is projected to register a CAGR of greater than 44% during the forecast period (2024-2029)

Toyota Motor Corporation, Mercedes Benz Group, Hyundai Motor Company, AB Volvo and Audi AG are the major companies operating in the Europe Fuel Cell Electric Vehicle Market.

The report covers the Europe Fuel Cell Electric Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Fuel Cell Electric Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Europe Fuel Cell Electric Vehicle Industry Report

Statistics for the 2024 Europe Fuel Cell Electric Vehicle market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Fuel Cell Electric Vehicle analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Europe Fuel Cell Electric Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)