Europe Fuel Cell Vehicle Market Overview, Development History, Strategic Assessment, Trends -2028

 

The fuel cell vehicle market in Europe is expected to grow from US$ 43.23 million in 2021 to US$ 415.73 million by 2028; it is estimated to grow at a CAGR of 38.2% from 2021 to 2028. 

Green hydrogen is produced through the electrolysis of water, resulting in hydrogen and oxygen as byproducts. According to the European Commission, the cost of green hydrogen produced from renewable sources currently ranges between US2 and US6  per kilogram. However, it is projected that the price of hydrogen will drop to below US$1 per kilogram by 2030. Key factors driving the demand for green hydrogen include advancements in electrolyzer technology, the growing presence of market players, economies of scale, and expanding industrial applications. The hydrogen industry has seen a significant broadening of its supply chain due to the emergence of numerous players, which has contributed to the declining costs of hydrogen electrolysis technology. Increased competition among green hydrogen producers and technology developers, driven by industry-level scaling, has further reduced prices. Additionally, the adoption of continuous manufacturing and automation processes by manufacturers has played a role in lowering the cost of green hydrogen. These factors are expected to positively influence the growth of the fuel cell vehicle market in the coming years.

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With the introduction of new features and technologies, vendors can attract new customers and expand their presence in emerging markets. This trend is likely to drive the Europe fuel cell vehicle market, which is projected to grow at a substantial compound annual growth rate (CAGR) during the forecast period.

Europe Fuel Cell Vehicle Market Segmentation

The Europe fuel cell vehicle market is segmented based on electrolyte, power output, vehicle type, and country.


  2. By Electrolyte:

    • The market is bifurcated into PEMFC (Proton Exchange Membrane Fuel Cell) and PAFC (Phosphoric Acid Fuel Cell).

    • In 2021, the PEMFC segment held a larger market share. However, the PAFC segment is expected to register a higher CAGR during the forecast period.


  4. By Power Output:

    • The market is segmented into less than 100 kW, 100–200 kW, and more than 200 kW.

    • The less than 100 kW segment accounted for the largest market share in 2021 and is expected to register the highest CAGR during the forecast period.


  6. By Vehicle Type:

    • The market is segmented into passenger cars, buses, trucks, and light commercial vehicles.

    • In 2021, the light commercial vehicles segment held the largest market share. However, the trucks segment is expected to register the highest CAGR during the forecast period.


  8. By Country:

    • The Europe fuel cell vehicle market is segmented into Germany, the UK, France, Italy, and Rest of Europe.

    • In 2021, Germany held the largest market share, while Italy is expected to grow at the fastest CAGR during the forecast period.

About Us:

Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications

Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights

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