Please Wait.....
Report
Fuel Cell Commercial Vehicle Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 100 Pages I Mordor Intelligence
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 (2023 - 2028).
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.
Fuel Cell Commercial Vehicle 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/bhphr) and NOx (0.20 g/bhphr).
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.
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.
Fuel Cell Commercial Vehicle Market Competitor Analysis
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.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Vehicle Type
5.1.1 Trucks
5.1.2 Buses
5.2 By Power Range
5.2.1 Below 100 kW
5.2.2 100 kW - 200 kW
5.2.3 Above 200 kW
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Paccar
6.2.2 New Flyer America
6.2.3 Nikola Motor Co.
6.2.4 Hyundai Motor
6.2.5 Scania
6.2.6 Foton Motor Group (Foton)
6.2.7 Zhejiang Geely Holding Group
6.2.8 Toyota Motor Company
6.2.9 Honda Motor Company Ltd.
6.2.10 Mercedes Benz Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security