FEV study on behalf of VDMA says global market fuel cell components to be worth billions by 2040
By Jim Gibbins - 1st August 2020
Germany - In June, Aachen-based FEV Consulting, part of FEV Group, published a study for the VDMA – a European network association in the mechanical and plant engineering sector – that predicts by 2040 the fuel cell components market for passenger cars in Europe would be worth EUR11bn annually, whereas globally this figure would be EUR75bn.
The study says initial demand will come from Japan and South Korea, and that China, the USA and Europe will follow with only minor delay. For 2040, FEV expects a volume of approximately ten million vehicles annually, representing a market share of 12% in these markets. In the heavy-duty sector, this percentage figure is forecast to be significantly higher.
