The global electric and fuel cell truck market size was valued at USD 1.93 billion in the year 2022 and is expected to be worth around USD 62.28 billion by 2032 with a notable CAGR of 41.6% during the forecast period 2023 to 2032.
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Electric and fuel cell electric vehicles are the best developed alternatives for combustion-based automobiles. Electric and fuel cell trucks are the newly developed innovative technology which are electronics-based trucks and installed embedded systems, fuel cells, battery, capacitor to give power to the battery. In the trucks fuel cells are present which is used to produce electric power by utilizing oxygen from the air and the hydrogen.
Majorly electric and fuel cell vehicles are free from emission of carbondioxide which only involves emission of water and heat. Hydrogen is a natural gas storing and transporting also can cause pollution. Vehicles such as internal combustion vehicles, hydrogen vehicles can also create the pollution which stores the hydrogen. Increased growth of the electric and fuel cell market which majorly involves electric power for running the vehicles.
Major components in the electric and fuel cell truck include fuel cells, battery, capacitor. Due to less emission of carbondioxide gas and improved ecosystem giving rise to clean and green city with improved air quality and less pollution. Majorly fuel cells are developed with three parts such as cathode, anode, electrolyte by producing electricity and storing the power and transmitting. In fuel cell hydrogen is stored which produces electrochemical energy to drive the vehicle.
Impact of covid-19 affected the market growth rate of electric and fuel cell market due to wide spread of corona virus across various regions declined the market growth. Due to norms and regulations imposed by the governments lock down in various regions led to shut down of the doors of many industries which halted the production and manufacturing in automobile industry.
Increased government initiative for developing the electric and fuel cells truck considering the environment by zero emission of carbon and contributing for producing and manufacturing the electric and fuel cell trucks with increased demands from the consumer extended the market due to less carbon emission which helps the environment to be green and clean with developed infrastructures for refuelling the gas. Increased demand for electric and fuel trucks due fuel efficiency and low emissions and increased prices of the petrol and diesel. Which helps to boost the market to larger extent during the forecast period. Increased investments and awareness about new developed features in automobile industry have contributed for the growth of electric and fuel cells market.
Impact of covid-19 on the electric and fuel cell truck market declined the growth of the market revenue share due to decreased demands from the consumer and shutdown of the automotive industries led to shortening of manufacturing electric vehicles and others. Post pandemic situation raised the demands for thriving the market growth of electric and fuel cell truck increased demands from the consumer with improved focus on ecosystem with clean and green economy and increased rates of the fuel increased market rate of electric an fuel cell truck. The key market players involved in launching new trucks with new various features and increased research and development in electric and fuel cell trucks have expanded the market size value during the forecast period.
Report Scope of the Electric and Fuel Cell Truck Market
|Market Size in 2023
USD 2.72 Billion
|Market Size by 2032
USD 62.28 Billion
|Growth Rate from 2023 to 2032
|CAGR of 41.6%
|2023 to 2032
|Type, Power Rating, Vehicles, and Geography
|Nuvera Fuel Cells, LLC, ITM Power, Delphi Technologies, Hydrogenics, Toshiba, Dialmer AG, American Honda Motor Company, Plug Power, Nedtack Fuel Cell Technology, Nissan Motor Corporation, Toyota Motor Company, Hyundai Motor Company, Ballard Power Systems, W.L. Gore and Associates, Bing Energy, Hauzer Techno Coating B.V., Sinocat Environmental Technology Co, Ltd, Wuhan Tiger FCV, Valmet Automotive, Symbio, StreetScooter, Ceres Power, AVL, Bosch, ElringKlinger, Faurecia, FEV Group GmbH, Inteligent Energy, Continental Industries, Wystrach, Wind2Gas Energy GmbH & Co KG, UQM Technologies, Umicore
Key Market Drivers
Increased fuel efficiency - Increased fuel consumption by electric and fuel cell truck compare to the convenient vehicles. Increased electric and fuel cell trucks with increased fuel in demand from the market drives the market to grow at a larger extent. Increased range of the electric and fuel cell trucks has boosted the market to grow high.
Increased Encouragement - Encouraging automotive industry to develop manufacture and produce electric and fuel-efficient vehicles increased investment in automobile industry to improve the electrification system in the vehicles. Increased government initiative and encouragement to develop more electric and fuel cell trucks with less emission of carbondioxide and to improve the global ecosystem which helps to drive the market. The key market players involved in producing the new improved electric fuel cell truck with new developed innovations have shown a rise in themarket with increased benefits with low emission of carbondioxide gas and less air pollution contributing to increase the market revenue share.
Key market challenges
Increased costing - Improved development in electric and fuel cell trucks with various new technology developed and innovations led to increased costing of the trucks which may act as to hinder the market growth and decline the market rate necessary to maintain the balance and outcome of the product. Increased cost of the fuel cell. A fuel cell is made up of bipolar plates, stacks, gas diffusion layers, membrane, catalyst. Usually platinum is utilized in catalyst during manufacturing of the fuel cells. Whereas the platinum is the most expensive metal used.
Availability of number of options to the electric and fuel cell truck also with increased demand and high rates the market can be turned towards the availability of the options in the market. Which may led to decline the market growth.
Key market opportunities
The PEMFC to account for the largest share to increase the market share of electric and fuel cells truck. Due different new innovations and technologies such as low working temperatures, less start up time, high power density are major factor that favours the PEMFC. Phosphoric acid fuel cell is the also the availibility in transport applications, with increased stability, increased power output, and many more. Which help to drive the market to grow high.
Power Rating Insights
100 - 200kW having considerable rise in the market due to zero emission of the carbondioxide may enhance the market of electric and fuel cell truck during the forecast. Power below 100kW also to hold the highest position to expand the market rate with developed technologies.
Passenger vehicle to hold the largest position, bus with the second highest position, followed by light commercial vehicles and trucks. Increase preference to the electric fuel cell trucks with new research and development in the technology have expanded the market to grow.
Asia Pacific region to hold the top position with increased revenue share due to increased transportation of goods and improving developments with new technologies in the electric and fuel cell trucks. Along with developed infrastructure and increased government support for developing the electric and fuel cells market with increased focus on zero emission and less noise pollution contributes to expand the market rate.
North America also majorly contributing to increase the demands due to increased research and development and investments by the key market players have helped to boost the market to grow. Europe, Latin America, Middle East and Africa also involved in increasing the electric and fuel cell market rate.
Key market players
Segments covered in the report
By Power Rating
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