The electrochemical reduction of carbon dioxide (eCO2RR) is a promising technology for synthesizing value‐added products required in the transition towards a more circular and renewable‐based economy. In this context, the electrochemical production of formic acid has the potential to become economically competitive to energy‐demanding conventional synthetic methods, thereby presenting a sustainable alternative. However, to enhance energy efficiency and selectivity toward the targeted product significant technological improvements in key components (e.g., electrodes, catalysts, electrolytes, membranes, cells, solvents) are required. Over recent years, our research has focused on understanding the influence of catalyst, gas diffusion electrode (GDE) architecture and performance, and cell design in the eCO2RR to formic acid. This perspective article provides an overview of the current status of these specific components, as well as our insights and those of other researchers, regarding potential future investigations and applications.