The global fuel cell electric vehicle market is expected to grow at a 37.5ÊGR during 2021-2027 owing to the increased consumer awareness about the advantages associated with healthy air quality and the harmful affects of vehicular emissions. Moreover, the increased government initiatives and investment to improve infrastructure of electric vehicle charging points will propel the growth of the market. Furthermore, the mounting number of hydrogen refueling facilities, longer driving range offered by vehicles, robust adoption of Industry 4.0 technology, automated zero emission machines in the manufacturing sector in the APAC countries, and expansion of production facilities will accelerate the growth of fuel cell electric vehicle market.

The COVID-19 pandemic has had an adverse impact on the FCEV market. The price of crude oil increased, however, the prices FCEV were high, that has discouraged people to adopt FCEVs. Moreover, lockdown by government, travel restrictions has led to disruption in supply chain and lack of labor force has led to delay in production and delivery of FCEVs.

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Based on range, the short distance seent ia anticipated to have a significant growth owing to the rising demand for vehicles including e-bikes, tractors, and forklifts worldwide. The rising awareness among consumers towards zero emission vehicles along with increased disposable income will accelerate the growth of the short distance vehicles like fuel cell powered e-bikes.

North America is anticipated to witness a high CAGR in the fuel cell electric vehicle market owing to the increased presence of high-tech charging infrastructure, intensification of fuel efficiency standards, stable growth prospects in the automobile industry. Furthermore, initiatives by government to adopt fuel cell vehicle for powering public transportation will led to adoption of FCEVs and helps is assessing economies of scale, thus offering cost reduction to the alternative fueling infrastructure solutions.

In September 2021, Nikola Corporation have entered into an agreement with the Bosch Group of companies for Nikola Class 7 and 8 fuel-cell electric vehicles (FCEV), allowing Nikola to manufacture Bosch fuel-cell power modules at Coolidge, Arizona facility. Bosch will offer crucial components to Nikola under the terms of the agreements, including the fuel-cell stack, air compressor with power electronics, and control unit with sensors.

The prominent players in the fuel cell electric vehicle industry include TOYOTA MOTOR CORPORATION, Honda Motor Co., Ltd., Hyundai Motor Company, ASHOK LEYLAND, Nikola Corporation, Daimler AG, Solaris Bus & Coach sp. z.o.o., SAIC Motor Corporation Limited, and Volkswagen AG.