Global Fuel Cell Powertrain Market research report 2021 offers in-depth assessment of revenue growth, market definition, segmentation, industry potential, influential trends for understanding the future outlook and current prospects for the market.
This study provides information about the sales and revenue during the historic and forecasted period of (2021 to 2028). Understanding the segments helps in identifying the importance of different factors that aid market growth. Estimations about the CAGR value for specific forecast period, market drivers, market restraints, and competitive strategies are assessed in this Fuel Cell Powertrain Market report.
The increasing sale of fuel cell electric vehicles (FCEV) is the key factor in the fuel cell powertrain market growth. However, owing to the pandemic-induced lockdown, several OEMs were forced to halt production in the first quarter of 2020. Furthermore, several OEMs resumed production in the second quarter at lower capacity utilization. Hence, lower vehicle production and reduced vehicle demand have led to a considerable drop in FCP demand. This is likely to lead to reduced investment in innovative R&D initiatives over the short to mid-term. Hence, reduced demand for FCPs owing to lower vehicle production, increased emphasis on commercial vehicle (LCV, HCV) applications, and reduced investment over the short term is the key impact of COVID-19 on the market.
The rapid growth of e-commerce during the pandemic is expected to lead to high demand for commercial trucks to support online purchase deliveries. Hence, there will be a greater emphasis on the development of FC powertrain solutions for commercial applications. Furthermore, green recovery plans and stimulus packages in countries such as the US, China, and some parts of Europe will benefit from hydrogen infrastructure projects. Green recovery packages are likely to benefit the purchase of zero-emission vehicles such as FCEVs in terms of new subsidies that will reduce the cost burden on consumers.
To achieve the goals adopted in Germany’s National Hydrogen Strategy, FEV joined the H2Global Foundation to aid the production and import of green hydrogen and power-to-x products.
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Important Features that are under Offering and Key Highlights of the Market Report:
Detailed overview of the global market shareChanging market dynamics of the industryIn-depth market segmentation by Type, Application, etc.Historical, current and projected market size in terms of volume and valueRecent industry trends and developmentsCompetitive landscape of Fuel Cell Powertrain MarketStrategies of key players and product offeringsPotential and niche segments/regions exhibiting promising market growthDrivers & Restraints
According to the US Department of Energy, fuel cell electric vehicles (FCEV) provide a fuel economy of around 63 MPG (miles/gallon gasoline equivalent) on highways as compared to 29 MPGge for conventional internal combustion engine (ICE) vehicles. Furthermore, the fuel economy of FCEVs on urban roads is around 55 MPGge compared to 20 MPGge for conventional vehicles. The energy density of hydrogen is around 120 megajoules/kilogram (MJ/kg), which is around three times more than gasoline and diesel (45.8 and 45.5 MJ/kg, respectively).
FCEVs provide a significantly greater driving range on a full tank. For instance, a drive of around 300 miles without refueling can be achieved using an FCEV compared to around 110 miles for an average fully charged battery electric vehicle. Furthermore, refueling time is also less compared to conventional vehicles. Hence, these factors fuel the demand for FCEVs, which will drive the growth of the global market.
Federal funding is crucial to develop the infrastructure for the widespread adoption of FCEVs. With the increased awareness regarding the effects of vehicular emissions on the environment, governments have introduced strategic plans and roadmaps to fuel the adoption of FCEVs. For instance, South Korea announced the Hydrogen Economy Roadmap in January 2019. This plan aims to deploy 79000 fuel cell passenger cars, 2000 fuel cell buses, and 310 refueling stations by 2022.
Various vehicle models such as SUVs, hatchbacks, and sedans are available in plug-in hybrid and battery electric variants at a significantly lower cost than FCEVs. For instance, the Copenhagen Centre on Energy Efficiency (C2E2) conducted a study on hydrogen fuel cells & battery efficiency in March 2019. According to the study, the price to fully charge the Tesla Model 3 (a BEV) was 15 euros rather than 47.5 euros for the Toyota Mirai (an FCEV). Furthermore, the price/km was 0.030 euros for Model 3, whereas it was 0.095 euros for the Mirai. Moreover, the initial purchase cost is significantly higher compared to battery-electric and plug-in hybrid vehicles. Hence, the total cost of ownership (TCO) is exponentially higher, making them less feasible for most consumers. These factors are likely to restrain the growth of the market.
Key players covered in the global Fuel Cell Powertrain Market research report:
Robert Bosch GmbH, Ballard Power Systems, Arcola Energy Limited, and FEV Europe GmbH. For long-distance freight operations.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Major Table of Contents for Fuel Cell Powertrain Market Research Report:
IntroductionExecutive SummaryMarket DynamicsKey Market Growth InsightsGlobal Market Analysis, Insights and Forecast, 2017-2028North America Market Analysis, Insights and Forecast, 2017-2028Europe Market Analysis, Insights and Forecast, 2017-2028Asia Pacific Market Analysis, Insights and Forecast, 2017-2028The Middle East and Africa Market Analysis, Insights and Forecast, 2017-2028Latin America Market Analysis, Insights and Forecast, 2017-2028Competitive LandscapeGlobal Fuel Cell Powertrain Market Revenue Growth, Industry Share Analysis, By Key Players, 2021Company ProfilesConclusionAbout Us:
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