Market Size of Europe Fuel Cell Electric Vehicle Industry
| 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
*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.
