Fuel Cell Commercial Vehicle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Fuel Cell Commercial Vehicle Market is Segmented by Vehicle Type (Trucks and Buses), Power Range (Below 100 kW, 100kW - 200 kW, and Above 200 kW), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World). The report offers market size and forecast for Fuel Cell Commercial Vehicle in terms of value (USD Billion) for all the above segments.

Market Snapshot

Fuel Cell Commercial Vehicle Market CAGR
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: >40 %

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Market Overview

The fuel cell commercial vehicle market was valued at USD 2 billion in 2021 and is expected to grow to USD 14 billion by 2027, registering a CAGR of over 40% during the forecast period (2022 - 2027).

The COVID-19 pandemic adversely affected the global automotive industry. However, the impact was relatively low due to the beginning stages of the technology and its usage. However, most alternative fuel commercial vehicles (buses) were used in public transport worldwide, which took a huge blow in monetary terms due to the lockdown and social distancing norms.

Some of the major factors driving the market's growth are the enactment of stringent emission norms, growing mass urban transportation, rising demand for alternate fuel vehicles, and continuous government support. However, environmental concerns related to hydrogen production may hinder the market's growth.

Some key players dominating the market studied are Toyota Motor Corp., New Flyer America, and Wrightbus. Fuel cell buses are commercially being used in the United States. In February 2019, Ballard Power Systems announced the launch of 40-foot and 60-foot Xcelsior fuel cell-electric buses (FCEBs), powered by Ballard FCveloCity-HD 85 kilowatt (kW) modules. They completed rigorous testing at the Altoona Bus Research and Testing Center under the Federal Transit Administration (FTA) program.

Scope of the Report

The fuel cell commercial vehicle market is segmented by vehicle type (trucks and buses), power range (below 100 kw, 100kw - 200 kw, and above 200 kw), and geography (North America, Europe, Asia-Pacific, and the Rest of the World). The report offers market size and forecast for Fuel Cell Commercial Vehicle in terms of volume (Units) and value (USD billion) for all the above segments.

By Vehicle Type
Trucks
Buses
By Power Range
Below 100 kW
100 kW - 200 kW
Above 200 kW
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

Enactment of Stringent Emission Norms for Commercial Vehicles

With the growing environmental concerns, governments and environmental agencies are enacting stringent emission norms and laws, which are expected to increase the manufacturing cost of fuel-efficient diesel engines in the coming years.

As a result, the new commercial vehicle diesel engines segment is expected to register a sluggish growth rate in the short term, thereby increasing the demand for fuel cell commercial vehicles. Most diesel engines can convert about 40%-46% of the fuel energy, while the remaining energy is lost in the environment as heat through exhaust emissions and cooling systems. The burden on commercial vehicle manufacturers has increased with the enactment of the Euro VI emission for heavy-duty engines.

Additionally, in December 2000, the US EPA signed emission standards for the model year 2007 and later heavy-duty highway engines. The California Air Resource Board (CARB) adopted virtually identical 2007 heavy-duty engine standards in October 2001. The rule included two components: emission standards and diesel fuel regulations.

· The emission standards included new and stringent limits for PM (0.01 g/bhp·hr) and NOx (0.20 g/bhp·hr).

In North America, the US GHG emissions and fuel efficiency standards for heavy- and medium-duty vehicles were jointly developed by the Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA).

· The NHTSA developed fuel consumption standards under the authority of the 2007 Energy Independence and Security Act (EISA), while the EPA developed a GHG emissions program under the Clean Air Act.

· The GHG program includes CO2 emission standards, emission standards for N2O and CH4, and provisions to control hydrofluorocarbon leaks from air conditioning systems.

In the United States, heavy-duty vehicles, such as combination tractors/trailers, vocational vehicles, heavy-duty pickup trucks, and vans, must achieve up to 27% CO2 emission reductions over the 2017 baselines by 2027.

trend_1

Asia Pacific is Expected to Lead the Market

Asia-Pacific is expected to lead the market owing to the immense automotive industry size in major countries like China, India, Indonesia, and Thailand. The region is also home to major manufacturers of fuel cell vehicle technology. Toyota is conducting extensive R&D to develop hydrogen fuel cell-powered vehicles during the forecast period.

Additionally, several new developments in the way of investments into fuel cell-powered vehicles are further expected to increase the demand for fuel cell commercial vehicles in the region. Several major cities and countries have released their goals to reduce commercial vehicle emissions, with plans for hydrogen technology and investments in this sector.

The Japanese government is banking on hydrogen vehicles to achieve carbon neutrality by 2050. It has set an ambitious target of having 200,000 FCVs on the road by 2025, compared to about 3,600 in 2019, along with 320 hydrogen filling stations under its third Strategic Roadmap for Hydrogen and Fuel Cells.

Japan-based Toyota and Honda Motor Co. Ltd have been the pioneers in commercial passenger hydrogen models. However, South Korean rival Hyundai Motor Co. also entered the fray, encouraged by its government's plans to produce 6.2 million FCVs and build at least 1,200 refilling stations by 2040.

trend_2

Competitive Landscape

The fuel cell commercial vehicle market is fairly new compared to the electric and IC engine counterpart markets in the industry on a global scale. The market is occupied by manufacturers of different capabilities and sizes, including major automakers like Scania, Toyota, etc., and relatively new to this market segment, including companies like Nikola Motors. Due to the early stages of development and production of this technology in vehicles, the market is concentrated and occupied by legacy manufacturers and new entrants, offering excellent products in the category.

Major Players

  1. Toyota Motor Corp.

  2. Kenworth Trucks

  3. Nikola Motor Co.

  4. Zhejiang Geely Holding Group

  5. Scania

Fuel Cell Commercial Vehicle Market

Recent Development

· In June 2021, General Motors and Wabtec Corporation declared to ink a Memorandum of Understanding (MoU) to fabricate and commercialize GM’s HYDROTEC H2 fuel cell systems coupled with its Ultium battery technology in commercial vehicles.

· Volvo Group and Daimler Trucks, in April 2021, partnered to officially outline a pioneering roadmap for the new fuel-cell joint venture Cell Centric, as part of an industry-first commitment to accelerate the use of hydrogen-based fuel cells for long-haul trucks and beyond.

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

    1. 5.1 By Vehicle Type

      1. 5.1.1 Trucks

      2. 5.1.2 Buses

    2. 5.2 By Power Range

      1. 5.2.1 Below 100 kW

      2. 5.2.2 100 kW - 200 kW

      3. 5.2.3 Above 200 kW

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Spain

        5. 5.3.2.5 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Paccar

      2. 6.2.2 New Flyer America

      3. 6.2.3 Nikola Motor Co.

      4. 6.2.4 Hyundai Motor

      5. 6.2.5 Scania

      6. 6.2.6 Foton Motor Group (Foton)

      7. 6.2.7 Zhejiang Geely Holding Group

      8. 6.2.8 Toyota Motor Company

      9. 6.2.9 Honda Motor Company Ltd.

      10. 6.2.10 Mercedes Benz Group

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Fuel Cell Commercial Vehicle Market market is studied from 2018 - 2027.

The Fuel Cell Commercial Vehicle Market is growing at a CAGR of >40% over the next 5 years.

The Fuel Cell Commercial Vehicle Market is valued at 2 Billion USD in 2018.

The Fuel Cell Commercial Vehicle Market is valued at 14 Billion USD in 2027.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Toyota Motor Corp., Kenworth Trucks, Nikola Motor Co., Zhejiang Geely Holding Group, Scania are the major companies operating in Fuel Cell Commercial Vehicle Market.

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