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REPORT OUTLOOK
| Market Size | CAGR | Dominating Region |
|---|---|---|
| USD 27.09 Billion by 2029 | 59.40% | North America |
| By Vehicle type | By Technology | By Region |
|---|---|---|
|
|
|
SCOPE OF THE REPORT
Hydrogen Fuel Cell Vehicle Market Overview
The Hydrogen Fuel Cell Vehicle Market is expected to grow at 59.40% CAGR from 2022 to 2029. It is expected to reach above USD 27.09 Billion by 2029 from USD 0.40 Billion in 2020.
In today’s world one of the most widely used fuels is hydrogen, and many expect it to accompany Electric Vehicles. Stellantis shows in the era of hydrogen-powered vans by limiting the production of mid-size commercial vehicles for Peugeot, Citroen and Opel. Electricity is generated by using hydrogen to power a hydrogen fuel cell. Hydrogen fuel cell vehicles have great potential to reduce emissions associated with the transport sector. No greenhouse gases (GHG) are emitted while the vehicle is in operation.
Hydrogen Fuel Cell Vehicle uses a hydrogen fuel cell to power the on-board electric motor. Hydrogen fuel cells use hydrogen to generate electricity. Hydrogen fuel cell vehicles have great potential to reduce emissions associated with the transport sector. Unlike diesel and petrol vehicles, this vehicle emits no greenhouse gases (GHG) while driving.
The Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration jointly created the National Standards for Greenhouse Gas Emissions and Fuel Economy for Heavy and Medium Duty Vehicles in North America (NHTSA). The Energy Independence and Security Act (EISA) of 2007 gave NHTSA the power to set fuel economy policies, and the Clean Air Act gave the EPA power to establish greenhouse gas emissions programs. The GHG program provides guidelines for regulating fluorocarbon leaks from air conditioning systems.
| ATTRIBUTE | DETAILS |
| Study period | 2022-2029 |
| Base year | 2022 |
| Estimated year | 2022 |
| Forecasted year | 2023-2029 |
| Historical period | 2018-2022 |
| Unit | Value (USD BILLION), (THOUSAND UNITS). |
| Segmentation | By Vehicle type, By Technology, By Region |
| By Vehicle type |
|
| By Technology
 |
|
| By Region
 |
|
Major factors impacting the growth of the global market include rising environmental concerns, increasing government initiatives to develop hydrogen fuel cell infrastructure, heavy investment in initial infrastructure, technological advancements and includes future possibilities. Each of these factors is expected to have a significant impact on the hydrogen fuel cell vehicle market during the forecast period. With growing concerns about environmental degradation and the depletion of natural resources, a variety of technologies are entering the market that support the green concept of protecting the environment. Additionally, growing awareness of the impact of air pollution, increased traffic and greenhouse gas emissions are driving the adoption of hydrogen fuel cell vehicles, which are more environmentally friendly than other traditional vehicles.
Hydrogen fuel cell technology provides a powertrain that does not emit greenhouse gases or other harmful pollutants such as nitrogen oxides and particulate matter. This feature helps attract vendors using this technology. However, high raw material costs such as platinum for fuel cell anodes and carbon fiber for making hydrogen tanks, etc. needed for hydrogen infrastructure development are expected to hamper the market growth. Fuel cells produce electricity from hydrogen and oxygen through a chemical process. Hydrogen is a highly flammable gas because oxygen helps other compounds burn at lower temperatures. Hydrogen flames are explosive and undetectable and can ignite if the fuel is improperly handled.
Hydrogen ignites when an electrical spark contacts it. There are some electronic and expensive initial investments in the combustion infrastructure, but this makes the vehicle less likely to catch fire. The hydrogen station also takes into account the risk of fire. Therefore, the customer is reluctant to purchase his fuel cell electric vehicle. As a result, the highly flammable nature of hydrogen gas severely constrains the automotive fuel cell market. The high cost of fuel cells is a major obstacle in the automotive fuel cell sector.
Long distances, fast refueling, quiet driving, and no emissions of greenhouse gases or air pollutants are all characteristics of hydrogen fuel cell vehicles. The use of fuel cells is therefore suitable for transportation and automotive applications. For critical applications in the transportation sector material handling vehicles, trains, buses, defense vehicles, automobiles, light commercial vehicles and fuel cells are flexible and scalable energy sources. For example, the U.S. Department of Energy reports that around 68,500 multi-purpose fuel cell units were sold worldwide in 2018, bringing fuel cell sales to his USD 2.3 billion. The amount of fuel cell power used for transportation was about 560 MW.
Increased research and development activity related to hydrogen fuel cell technology has led to an increase in co-development and partnerships related to the introduction of the hydrogen fuel cell vehicle market. One of the most important agreements in the hydrogen fuel cell vehicle market is the European Union’s trans-European transport network it is expected to develop national implementation plans for hydrogen fuel cell vehicles and hydrogen refueling stations in various European countries such as Belgium Finland, Poland. Additionally, joint ventures and technological advancements related to hydrogen fuel cell vehicle present significant growth opportunities for the market.
The COVID-19 pandemic has disturbed the entire environment, resulting in a global halt to new vehicle sales and manufacturing. Original equipment manufacturers (OEMs) had to wait until lockdowns that alter production levels are lifted. The automotive sector relies heavily on capital expenditures and regular financing to sustain operations. As, production will be halted during the first few months of the pandemic, leading to reduced demand. This has statistical significance for fuel cell electric vehicle manufacturers and fuel cell vehicle manufacturers. As a result of global lockdowns and manufacturing plant closures, the market has been hit hard by raw material supply shortages, manufacturing plant manpower shortages and lack of proper processes to execute business strategies. However, the industry is expected to expand steadily in the post-pandemic era due to rising gas prices and growing demand for eco-friendly vehicles.
Hydrogen Fuel Cell Vehicle Market Segment Analysis
The Hydrogen fuel cell vehicle market is segmented based on vehicle type, technology and region, global trends and forecast.
By vehicle type, the market is bifurcated into (Commercial vehicles, Passenger vehicles). By technology into (Proton exchange membrane fuel cell, Phosphoric acid fuel cells, Alkaline fuel cells, Solid oxide fuel cells, other), and region, global trends and forecast.
By vehicle type commercial vehicle is a four-wheeler vehicle used to transport products. Road vehicles classified as commercial vehicles which are used to transport people, goods, or both. Buses, trucks, vans, and other similar vehicles fall into this category. Commercial vehicles are an integral part of any economy as they are essential for the movement of both people and goods. A passenger vehicle is basically a road vehicle, such as a car, truck or van, designed to carry people rather than goods. Passenger car makers have carved out a niche that appeals to the country’s middle class with its affordability, quality features, small size and easy financing options. For example, according to the International Automobile Manufacturers (OICA), global car production fell 16%, below 78 million units, the same level as in 2010.
By technology type most of the fuel cell technology market share gains in 2021 will come from proton exchange membrane fuel cells (PEMFCs), and this trend is expected to continue over the forecast period. Polymer electrolytes are used to conduct protons in PEMFCs.
Liquid phosphoric acid is used as the electrolyte in phosphoric acid fuel cells (PAFC), and platinum catalyst-enhanced porous carbon electrodes serve as the electrode material. Solid oxide fuel cells can operate at high temperatures and do not require expensive catalysts such as ruthenium. The most typical application for solid oxide fuel cells is stationary applications.
Hydrogen Fuel Cell Vehicle Market Players
The Hydrogen fuel cell vehicle Market key players include General Motors Company, HONDA MOTOR CO. Ltd, AUDI AG, Ballard Power Systems, BMW Group, Renault Group, Daimler AG, Hyundai Motor Group, MAN SE, Toyota Motor Corp., and Volvo Group
Recent Developments:
10 January 2023: Audi delivers over 100,000 electric models in 2022. In 2022, Audi was once again able to significantly increase deliveries of all-electric cars with an increase of around 44 %, the brand systematically continued its electrification strategy, thereby maintaining its course in a year characterized by global crises. In total, Audi sold over 1.61 million vehicles last year.
16 December 2021: Renault group signed a Memorandum of Understanding (MOU), to establish a 50-50 joint venture with France by the end of the first half of 2021. In the upcoming years, this strategic JV will put Renault and Plug Power in a position to dominate Europe’s research and development transformation, production, and marketing of fuel cell-powered cars and hydrogen turnkey solutions. This joint venture platform will serve the fuel cell light commercial vehicle, taxi, and commercial people transportation markets, all of which are rapidly expanding.
Who Should Buy? Or Key stakeholders
- Hydrogen fuel cell vehicle Suppliers
- Automotive Industries
- Raw Materials Manufacturers
- Manufacturing Companies
- Research Organizations
- Investors
- Regulatory Authorities
- Others
Hydrogen Fuel Cell Vehicle Market Regional Analysis
The Hydrogen Fuel Cell Vehicle Market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).
- North America: includes the US, Canada, Mexico
- Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and Rest of APAC
- Europe: includes UK, Germany, France, Italy, Spain, Russia, and Rest of Europe
- South America: includes Brazil, Argentina and Rest of South America
- Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and Rest of MEA
North America holds a large share of the hydrogen fuel cell vehicle market. This is due to factors such as increased purchasing power, improved transport infrastructure, access to hydrogen fueling stations and technological advances. Also, USA and Canadian governments are encouraging their citizens to adopt alternative energy vehicles. For example, California is investing heavily in developing 100 hydrogen fuel stations to meet her goal of 15 million zero-emission vehicles by 2025. This has also contributed to the growth of this industry. North America accounts for the largest market share and will continue to dominate the market during the forecast period. California continues to demonstrate unprecedented leadership in FCV incentives and hydrogen infrastructure. With continued state planning and support, he became one of the first places in the world to put commercial zero-emission FCVs on the road.
Asia-Pacific hydrogen fuel cell vehicle market, but the heavy investment made by the key players and governments in the region has led to the Asia-Pacific market share falling below the forecast. It grows rapidly and steadily within the period. For example, South Korean automakers Hyundai Motor and SK Holding recently pledged billions of dollars to invest to play a key role in bridging the gap between the dream and reality of hydrogen disposables due to the region’s growing population. A further increase in income is expected to boost the growth of the hydrogen fuel cell vehicle market. Additionally, Asia Pacific is the greatest market for green technology in the world, with Japan, China, and South Korea now having the largest markets there for fuel cells. Several companies intend to make significant investments to increase their production capacity and market fuel cell vehicles. For instance, Hyundai intends to spend USD 6.7 billion to boost fuel cell output and multiply its manufacturing capacity by more than 200 by 2029.
Key Market Segments: Hydrogen fuel cell vehicle Market
Hydrogen Fuel Cell Vehicle Market By Vehicle Type, 2020-2029, (Usd Billion), (Thousand Units).
- Commercial Vehicles
- Passenger Vehicles
Hydrogen Fuel Cell Vehicle Market By Technology, 2020-2029, (Usd Billion), (Thousand Units).
- Proton Exchange Membrane Fuel Cell
- Phosphoric Acid Fuel Cells
- Alkaline Fuel Cells
- Solid Oxide Fuel Cells
- Other
Industrial Filtraton Market By Region, 2020-2029, (Usd Billion), (Thousand Units).
- North America
- Asia Pacific
- Europe
- South America
- Middle East And Africa
Important Countries In All Regions Are Covered.
Key Question Answered
- What is the current size of the Hydrogen fuel cell vehicle Market?
- What are the key factors influencing the growth of hydrogen fuel cell vehicles?
- What are the major applications for hydrogen fuel cell vehicle?
- Who are the major key players in the Hydrogen fuel cell vehicle Market?
- Which region will provide more business opportunities for hydrogen fuel cell vehicle in future?
- Which segment holds the maximum share of the Hydrogen fuel cell vehicle Market?
Table of Content
- INTRODUCTION
- MARKET DEFINITION
- MARKET SEGMENTATION
- RESEARCH TIMELINES
- ASSUMPTIONS AND LIMITATIONS
- RESEARCH METHODOLOGY
- DATA MINING
- SECONDARY RESEARCH
- PRIMARY RESEARCH
- SUBJECT-MATTER EXPERTS’ ADVICE
- QUALITY CHECKS
- FINAL REVIEW
- DATA TRIANGULATION
- BOTTOM-UP APPROACH
- TOP-DOWN APPROACH
- RESEARCH FLOW
- DATA SOURCES
- DATA MINING
- EXECUTIVE SUMMARY
- MARKET OVERVIEW
- GLOBAL SMART GLASS OUTLOOK
- MARKET DRIVERS
- MARKET RESTRAINTS
- MARKET OPPORTUNITIES
- IMPACT OF COVID-19 ON SMART GLASS
- PORTER’S FIVE FORCES MODEL
- THREAT FROM NEW ENTRANTS
- THREAT FROM SUBSTITUTES
- BARGAINING POWER OF SUPPLIERS
- BARGAINING POWER OF CUSTOMERS
- DEGREE OF COMPETITION
- INDUSTRY VALUE CHAIN ANALYSIS
- GLOBAL SMART GLASS OUTLOOK
- GLOBAL HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE, 2020-2029, (USD BILLION, THOUSAND UNITS)
- COMMERCIAL VEHICLES
- PASSENGER VEHICLES
- GLOBAL HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY, 2020-2029, (USD BILLION, THOUSAND UNITS)
- PROTON EXCHANGE MEMBRANE FUEL CELL
- PHOSPHORIC ACID FUEL CELLS
- ALKALINE FUEL CELLS
- SOLID OXIDE FUEL CELLS
- OTHER
- GLOBAL HYDROGEN FUEL CELL VEHICLE MARKET BY REGION, 2020-2029, (USD BILLION, THOUSAND UNITS)
- NORTH AMERICA
- US
- CANADA
- MEXICO
- SOUTH AMERICA
- BRAZIL
- ARGENTINA
- COLOMBIA
- REST OF SOUTH AMERICA
- EUROPE
- GERMANY
- UK
- FRANCE
- ITALY
- SPAIN
- RUSSIA
- REST OF EUROPE
- ASIA PACIFIC
- INDIA
- CHINA
- JAPAN
- SOUTH KOREA
- AUSTRALIA
- SOUTH-EAST ASIA
- REST OF ASIA PACIFIC
- MIDDLE EAST AND AFRICA
- UAE
- SAUDI ARABIA
- SOUTH AFRICA
- REST OF MIDDLE EAST AND AFRICA
- NORTH AMERICA
- COMPANY PROFILES* (BUSINESS OVERVIEW, COMPANY SNAPSHOT, PRODUCTS OFFERED, RECENT DEVELOPMENTS)
- GENERAL MOTORS COMPANY
- HONDA MOTOR CO. LTD
- AUDI AG
- BALLARD POWER SYSTEMS
- BMW GROUP
- RENAULT GROUP
- DAIMLER AG
- HYUNDAI MOTOR GROUP
- MAN SE
- TOYOTA MOTOR CORP.
- VOLVO GROUP *THE COMPANY LIST IS INDICATIVE
LIST OF TABLES
TABLE 1 GLOBAL HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 2 GLOBAL HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 3 GLOBAL HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 4 GLOBAL HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 5 GLOBAL HYDROGEN FUEL CELL VEHICLE MARKET BY REGION (USD BILLION), 2020-2029
TABLE 6 GLOBAL HYDROGEN FUEL CELL VEHICLE MARKET BY REGION (THOUSAND UNITS), 2020-2029
TABLE 7 NORTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 8 NORTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 9 NORTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 10 NORTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 11 NORTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY COUNTRY (USD BILLION), 2020-2029
TABLE 12 NORTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029
TABLE 13 US HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 14 US HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 15 US HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 16 US HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 17 CANADA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 18 CANADA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 19 CANADA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 20 CANADA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 21 MEXICO HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 22 MEXICO HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 23 MEXICO HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 24 MEXICO HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 25 SOUTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 26 SOUTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 27 SOUTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 28 SOUTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 29 SOUTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY COUNTRY (USD BILLION), 2020-2029
TABLE 30 SOUTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029
TABLE 31 BRAZIL HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 32 BRAZIL HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 33 BRAZIL HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 34 BRAZIL HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 35 ARGENTINA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 36 ARGENTINA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 37 ARGENTINA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 38 ARGENTINA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 39 COLOMBIA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 40 COLOMBIA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 41 COLOMBIA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 42 COLOMBIA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 43 REST OF SOUTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 44 REST OF SOUTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 45 REST OF SOUTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 46 REST OF SOUTH AMERICA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 47 ASIA-PACIFIC HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 48 ASIA-PACIFIC HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 49 ASIA-PACIFIC HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 50 ASIA-PACIFIC HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 51 ASIA-PACIFIC HYDROGEN FUEL CELL VEHICLE MARKET BY COUNTRY (USD BILLION), 2020-2029
TABLE 52 ASIA-PACIFIC HYDROGEN FUEL CELL VEHICLE MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029
TABLE 53 INDIA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 54 INDIA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 55 INDIA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 56 INDIA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 57 CHINA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 58 CHINA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 59 CHINA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 60 CHINA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 61 JAPAN HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 62 JAPAN HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 63 JAPAN HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 64 JAPAN HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 65 SOUTH KOREA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 66 SOUTH KOREA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 67 SOUTH KOREA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 68 SOUTH KOREA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 69 AUSTRALIA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 70 AUSTRALIA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 71 AUSTRALIA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 72 AUSTRALIA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 73 SOUTH EAST ASIA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 74 SOUTH EAST ASIA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 75 SOUTH EAST ASIA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 76 SOUTH EAST ASIA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 77 REST OF ASIA PACIFIC HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 78 REST OF ASIA PACIFIC HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 79 REST OF ASIA PACIFIC HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 80 REST OF ASIA PACIFIC HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 81 EUROPE HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 82 EUROPE HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 83 EUROPE HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 84 EUROPE HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 85 EUROPE HYDROGEN FUEL CELL VEHICLE MARKET BY COUNTRY (USD BILLION), 2020-2029
TABLE 86 EUROPE HYDROGEN FUEL CELL VEHICLE MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029
TABLE 87 GERMANY HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 88 GERMANY HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 89 GERMANY HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 90 GERMANY HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 91 UK HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 92 UK HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 93 UK HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 94 UK HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 95 FRANCE HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 96 FRANCE HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 97 FRANCE HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 98 FRANCE HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 99 ITALY HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 100 ITALY HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 101 ITALY HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 102 ITALY HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 103 SPAIN HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 104 SPAIN HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 105 SPAIN HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 106 SPAIN HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 107 RUSSIA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 108 RUSSIA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 109 RUSSIA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 110 RUSSIA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 111 REST OF EUROPE HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 112 REST OF EUROPE HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 113 REST OF EUROPE HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 114 REST OF EUROPE HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 115 MIDDLE EAST AND AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 116 MIDDLE EAST AND AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 117 MIDDLE EAST AND AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 118 MIDDLE EAST AND AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 119 MIDDLE EAST AND AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY COUNTRY (USD BILLION), 2020-2029
TABLE 120 MIDDLE EAST AND AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029
TABLE 121 UAE HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 122 UAE HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 123 UAE HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 124 UAE HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 125 SAUDI ARABIA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 126 SAUDI ARABIA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 127 SAUDI ARABIA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 128 SAUDI ARABIA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 129 SOUTH AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 130 SOUTH AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 131 SOUTH AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 132 SOUTH AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
TABLE 133 REST OF MIDDLE EAST AND AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (USD BILLION), 2020-2029
TABLE 134 REST OF MIDDLE EAST AND AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY VEHICLE TYPE (THOUSAND UNITS), 2020-2029
TABLE 135 REST OF MIDDLE EAST AND AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (USD BILLION), 2020-2029
TABLE 136 REST OF MIDDLE EAST AND AFRICA HYDROGEN FUEL CELL VEHICLE MARKET BY TECHNOLOGY (THOUSAND UNITS), 2020-2029
LIST OF FIGURES
FIGURE 1 MARKET DYNAMICS
FIGURE 2 MARKET SEGMENTATION
FIGURE 3 REPORT TIMELINES: YEARS CONSIDERED
FIGURE 4 DATA TRIANGULATION
FIGURE 5 BOTTOM-UP APPROACH
FIGURE 6 TOP-DOWN APPROACH
FIGURE 7 RESEARCH FLOW
FIGURE 8 GLOBAL HYDROGEN FUEL CELL VEHICLE BY VEHICLE TYPE, USD BILLION, 2020-2029
FIGURE 9 GLOBAL HYDROGEN FUEL CELL VEHICLE BY TECHNOLOGY, USD BILLION, 2020-2029
FIGURE 10 GLOBAL HYDROGEN FUEL CELL VEHICLE BY REGION, USD BILLION, 2020-2029
FIGURE 11 PORTER’S FIVE FORCES MODEL
FIGURE 12 GLOBAL HYDROGEN FUEL CELL VEHICLE BY VEHICLE TYPE, USD BILLION, 2021
FIGURE 13 GLOBAL HYDROGEN FUEL CELL VEHICLE BY TECHNOLOGY, USD BILLION, 2021
FIGURE 14 GLOBAL HYDROGEN FUEL CELL VEHICLE BY REGION, USD BILLION, 2021
FIGURE 15 MARKET SHARE ANALYSIS
FIGURE 16 GENERAL MOTORS COMPANY: COMPANY SNAPSHOT
FIGURE 17 HONDA MOTOR CO. LTD: COMPANY SNAPSHOT
FIGURE 18 AUDI AG: COMPANY SNAPSHOT
FIGURE 19 BALLARD POWER SYSTEMS: COMPANY SNAPSHOT
FIGURE 20 BMW GROUP: COMPANY SNAPSHOT
FIGURE 21 RENAULT GROUP: COMPANY SNAPSHOT
FIGURE 22 DAIMLER AG: COMPANY SNAPSHOT
FIGURE 23 HYUNDAI MOTOR GROUP: COMPANY SNAPSHOT
FIGURE 24 MAN SE: COMPANY SNAPSHOT
FIGURE 25 TOYOTA MOTOR CORP.: COMPANY SNAPSHOT
FIGURE 26 VOLVO GROUP: COMPANY SNAPSHOT
FAQ
The Hydrogen fuel cell vehicle Market is expected to grow at 59.40% CAGR from 2022 to 2029. It is expected to reach above USD 27.09 Billion by 2029 from USD 0.40 Billion in 2020.
North America held more than 40% of the Hydrogen fuel cell vehicle Market revenue share in 2021 and will witness expansion in the forecast period.
Major factors impacting the growth of the global market include rising environmental concerns, increasing government initiatives to develop hydrogen fuel cell infrastructure, heavy investment in initial infrastructure, technological advancements and includes future possibilities. Each of these factors is expected to have a significant impact on the hydrogen fuel cell vehicle market during the forecast period.
In today’s world one of the most widely used fuels is hydrogen, and many expect it to accompany electric vehicles. Stellantis shows in the era of hydrogen-powered vans by limiting the production of mid-size commercial vehicles for Peugeot, Citroen and Opel. Electricity is generated by using hydrogen to power a hydrogen fuel cell. Hydrogen fuel cell vehicles have great potential to reduce emissions associated with the transport sector. No greenhouse gases (GHG) are emitted while the vehicle is in operation. Hydrogen Fuel Cell Vehicle uses a hydrogen fuel cell to power the on-board electric motor. Hydrogen fuel cells use hydrogen to generate electricity. Hydrogen fuel cell vehicles have great potential to reduce emissions associated with the transport sector. Unlike diesel and petrol vehicles, this vehicle emits no greenhouse gases (GHG) while driving.
North America holds a large share of the hydrogen fuel cell vehicle market. This is due to factors such as increased purchasing power, improved transport infrastructure, access to hydrogen fueling stations and technological advances. Also, USA and Canadian governments are encouraging their citizens to adopt alternative energy vehicles. For example, California is investing heavily in developing 100 hydrogen fuel stations to meet her goal of 15 million zero-emission vehicles by 2025. This has also contributed to the growth of this industry. North America accounts for the largest market share and will continue to dominate the market during the forecast period. California continues to demonstrate unprecedented leadership in FCV incentives and hydrogen infrastructure. With continued state planning and support, he became one of the first places in the world to put commercial zero-emission FCVs on the road.
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