Fuel Cell Commercial Vehicle Market to Set Phenomenal Growth from 2019 to 2025

The global fuel cell commercial vehicle market is expected to witness notable growth during the forecast period 2019–2025, on account of favorable incentive programs by governments of several countries to boost the adoption of eco-friendly vehicles. Several governments across the globe are focusing on decreasing air pollution by encouraging the adoption of eco-friendly vehicles, which include fuel cell vehicles. These vehicles do not discharge harmful pollutants, such as hydrocarbons, carbon monoxide, and volatile organic compounds.

On the basis of vehicle type, the fuel cell commercial vehicle market has been categorized into light commercial vehicle (LCV), medium commercial vehicle (MCV), and heavy commercial vehicle (HCV). Among these, LCVs held the largest share in the market in 2018. This can be mainly attributed to the high demand for LCVs, supported by the higher adoption of fuel cell technology in these vehicles as compared to other vehicles.

Geographically, Asia-Pacific (APAC) is expected to account for the largest share in the fuel cell commercial vehicle market during the forecast period. The increasing demand for low- or zero-emission vehicles in several countries of the region, coupled with the growing focus of fuel cell stack manufacturers on China for product manufacturing, is expected to boost the market growth in APAC.

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Drivers

Awareness about the advantages of green energy vehicles over internal combustion engine vehicles is increasing across the world. Many countries are implementing plans to promote the adoption of alternate-fuel vehicles, which, in turn, is boosting the growth of the fuel cell commercial vehicle market. For instance, the Ohio Development Services Agency runs the Alternative Fuel Transportation Program, which offers financial support to local governments, non-profit organizations, businesses, and school districts for the installation and purchase of alternative fueling, blending, and distribution facilities or terminals. Furthermore, in Luxembourg, buyers of fuel cell vehicles are benefitted from a tax allowance on the registration fees of $5,907.5 (EUR 5,000).

Competitive Landscape

The global fuel cell commercial vehicle market is at the nascent stage, witnessing gradual adoption of fuel cell vehicles across various countries. Major market players include Daimler AG, General Motors Company, Hyundai Motor Company, New Flyer Group Inc., Toyota Motor Corporation, Volkswagen AG, Ford Motor Company, and Tata Motors Limited.