Fuel Cell Electric Vehicle (FCEV) Market Size

Fuel Cell Electric Vehicle Market Size

Fuel Cell Electric Vehicle Market size exceeded USD 2.5 billion in 2022 and is projected to expand at more than 25% CAGR from 2023 to 2032 driven by the rising adoption of electric vehicles globally.

In the wake of the climate catastrophe, renewable energy is increasingly becoming a mainstream energy source. As governments adopt advantageous regulations, subsidies, and tax incentives to boost investor engagement in renewable energy production, many investors are exploring untapped markets, which is expected to support industry growth. Furthermore, pollution-reduction programs and government laws prohibiting the use of diesel engines have encouraged manufacturers to cut carbon emissions and increase fuel economy in vehicles, prompting automakers to begin focusing on FCEV.

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The development of hydrogen fueling stations and electric vehicle charging stations, which is a key focus of top industry players, coupled with significant government investment, is also predicted to propel business expansion. In December 2020, the California Energy Commission authorized a USD 115 million investment plan to build up to 111 new hydrogen fueling stations in the state by 2027 to serve hydrogen fuel cell electric cars (FCEVs). Similarly, in September 2021, GreenCore collaborated with Loop Energy to work on the design and implementation of hydrogen-powered fast-charging stations in order to combat "range anxiety" and increase the viability of electric vehicles.