Global Hydrogen Fuel Cell Vehicle Market is valued at USD 3.1098 Billion in 2021 and expected to reach USD 38.285 Billion by 2028 with a CAGR of 43.1%over the forecast period.
Global Hydrogen Fuel Cell Vehicle Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: Increasing adoption electricvehicles, growing government initiatives for hydrogen powered vehicles and surging advancements in hydrogen infrastructure for fuel cell vehicles (FCEVs) are some of the major factors driving the growth of the Global Hydrogen Fuel Cell Vehicle Market.
Hydrogen fuel cell vehicles have gained significant popularity in the automotive industry in recent years, owing to the fact that they are an alternative fuel vehicle that uses hydrogen for motor power. Hydrogen fuel cell based vehicles are popular in international automotive markets due to their zero-emission capacity. These vehicles are in great demand in the industry due to their lightweight, zero-emission, and minimal maintenance requirements. Automotive hydrogen fuel cell technology is being explored the most since hydrogen fuel cell cars are becoming a highly popular source of renewable energy. Diesel and gasoline prices have risen dramatically worldwide in recent months driving a shift toward hydrogen cars. The global demand for high-performance and low-emission cars will drive the automobile market in the future.Furthermore, the increasing prevalence of reimbursement rules in the hydrogen fuel cell vehicles is also fueling growth in the hydrogen fuel cell vehicles industry.
The COVID-19 pandemic disrupted the whole ecosystem, preventing the development and sale of breakthrough vehicles worldwide. Hydrogen fuel cell vehicles had to come to a halt until the lockdowns were lifted before they could continue to grow, affecting their production processes. As a result, manufacturing quantities for automobile production had to be altered, resulting in delayed final delivery and a revenue decline. Furthermore, the automobile sector is recognised for its large expenditures and ongoing financial requirements in order to remain viable. During the early months of the epidemic, this resulted in a suspension in manufacturing, and lower demand affected manufacturers of hydrogen fuel cell vehicles and automotive hydrogen fuel cell producers.However, once the pandemic had receded, the financial flow for sales and investment resumed. Automobile manufacture began to gain considerable momentum as financial resources became more reliable. This led hydrogen fuel cell manufacturers to restart R&D and testing activities, significantly boosting the global growth of the hydrogen fuel cell vehicles market.
The global hydrogen fuel cell vehicle market is segmented based on vehicle type and technology and region & country level. Based on vehicle type, the global hydrogen fuel cell vehicle market is segmented into passenger vehicles, commercial vehicles and heavy commercial vehicles. Based ontechnology, the global hydrogen fuel cell vehicle market is segmented into proton membrane exchange hydrogen vehicles and phosphoric acid fuel cell hydrogen vehicles.
The regions covered in the global hydrogen fuel cell vehicles market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global hydrogen fuel cell vehicle marketis sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global hydrogen fuel cell vehicles market report cover prominent players like
Toyota Motor Corporation launching its first hydrogen fuel cell-powered electric vehicle (FCEV) with the help of Indian government
On March 2022, Toyota Motor Corporation launched India's first hydrogen fuel cell-powered electric vehicle (FCEV), the Mirai, as part of a pilot project between Toyota Kirloskar Motor and the International Center for Automotive Technology (ICAT) to study and evaluate the Toyota Mirai on Indian roads and climatic conditions. Toyota Mirai is powered by a hydrogen fuel cell battery pack and has a certified range of up to 650 km on a single full charge and the FCEV is completely environmentally friendly, emitting only water from the tailpipe.
BMW Group and Toyota Corporation entering into partnership project to develop hydrogen fuel cell vehicles
On August 2022 ,BMW Group and Toyota Motor Corporation partnered to drive out new hydrogen fuel cell automobiles that are both beneficial for the environment and have the potential to reduce driving costs, with the first model possibly releasing by 2025. BMW Group is collaborating with Toyota on a number of initiatives, and they believe that hydrogen fuel cell technology is particularly useful for their larger SUVs.
Phoenix Motor Inc. acquiring Altergy Systems to increase production capacity of hydrogen fuel cell vehicles
On August 2022, Phoenix Motor Inc. acquired hydrogen fuel cell manufacturing assets from Altergy Systems, including an automated, robotic fuel cell assembly line, to develop and manufacture hydrogen fuel cells for forklifts, hybrid buses, vans, and trucks, and long-range, heavy-duty trucks. Phoenix was able to expedite its growth ambitions by acquiring these manufacturing assets and leveraging the automated production capabilities of these facilities for mass manufacturing process of hydrogen fuel cells for the expanding EV industry in the coming quarters.
Electric vehicles are the essential technology for decarbonizing road transportation, which accounts for 16% of world emissions. Across the globe, there is growing impetus to boost the adoption of light-duty passenger electric cars (EVs) and the development of traditional vehicles powered by internal combustion engines. According to the International Energy Agency, passenger electric vehicles are becoming increasingly popular, with the agency estimating that roughly 13% of new cars sold in 2022 are electric, and CO2 emissions from automobiles can be reduced to meet the Net Zero Emissions by 2050 Scenario. In 2021, sales nearly doubled to 6.6 million, increasing the total number of electric vehicles on the road to 16.5 million, and the sales percentage of electric vehicles climbed by 4% points. More countries are planning to phase out traditional automobiles wholly, with China, the European Union, and the United States, as well as Costa Rica and Colombia, recently announcing substantially greater EV sales targets. As a result, growing electric car sales have expanded the use of hydrogen-powered fuel cell electric vehicles (FCEVs). They are more efficient than traditional internal combustion engine cars and generate no tailpipe emissions, emitting primarily water vapour and warm air.
Governments are increasingly encouraging the use of hydrogen fuel cell vehicles as part of the global climate agenda set under the Paris Agreement to reduce carbon emissions and prevent global warming. Furthermore, the United States Department of Energy inevitably leads research efforts to make hydrogen-powered vehicles an affordable, environmentally friendly, and safe transportation option, where hydrogen is classified as an alternative fuel under the Energy Policy Act of 1992 and is eligible for alternative fuel vehicle tax credits.
There have been significant advancements in the development of hydrogen infrastructures for automobiles, which offer a method to minimise CO2 emissions with minimal grid expenditure for expanding hydrogen infrastructure. Manufacturers are rushing to build renewable energy and hydrogen infrastructure in order to ramp up manufacturing of fuel cell automobiles. The advancement of hydrogen electrification by proton-exchange membrane fuel cells (PEMFCs) is economically feasible for automotive applications, particularly for vehicles requiring minimum hydrogen infrastructure support, such as taxi, bus, and logistic trucks fleets. Furthermore, Hyzon Motors has developed a novel onboard hydrogen storage system technology that can reduce the weight and manufacturing costs of commercial vehicles driven by hydrogen fuel cells.
However, the significant flammability of hydrogen increasing the risk of fire, and the large initial investment in developing infrastructure may restrict market expansion. Despite this, rising environmental concerns for emissions, new product introductions, and increased investment are anticipated to create opportunities for the growth of hydrogen fuel cell vehicle market in the forecast period.
During the projection period, North America has the highest share of the fuel cell market. Considering pollution and environmental issues, the region strongly suggests utilising hydrogen cars. Considering strong profit margins and persistent need for automation, the American sector has profited from the most recent technologies available. Along with the expansion of the car industry, advanced automated technologies were implemented by US areas to boost the vehicle industry and assist increase the market for gasoline-powered machines. This sustained market growth for hydrogen fuel cell vehicles.
Asian markets have accounted for the highest part of the worldwide market for hydrogen cars. China is the world's largest purchaser of hydrogen fuel cell vehicles as they generate minimal amounts of greenhouse gases in nature, hydrogen fuel cell vehicles are in high demand in these areas. Furthermore, they are ecologically friendly, which drives demand for hydrogen vehicles in China. The government's environmental restriction on carbon-emission automobiles compelled the use of hydrogen vehicles. Investing in hydrogen-powered cars has increased at an exponential rate. This is anticipated to aid the development of the medium-scale sector as well as the smaller size industries in creating investment projects and adopting new technologies.
|2018 - 2021
|2022 - 2028
|Market Size in 2021:
|USD 3.1098 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|Tables, Charts & Figures:
|Ballard Power System, General Motors, Mercedes-Benz Group AG, Toyota Motor Corporation, Hyundai Motor Company, FuelCell Energy Inc., BMW Group, Audi AG, Honda Motor Co., Ltd., and others.
|By Vehicle Type, By Technology.
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, Africa, Rest of the Middle East and Africa
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