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Hydrogen Fuel Cell Vehicle Market Segmentation by Vehicle Type (Commercial, Personal, and Others); and by Technology (Proton Exchange Membrane, Alkaline Fuel Cell, Solid Oxide Fuel Cell, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Hydrogen Fuel Cell Vehicle Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Recent Trends

  • December, 2019: BMW AG plans to launch a hydrogen fuel cell powered car in the near future. Axel Rucker, the program manager hydrogen fuel cell at the BMW Group stated that crash tests of the model vehicles are being conducted, which have shown that hydrogen tanks are not damaged in a collision. The BMW vehicle is soon expected to show up in the market for sale.

Global Hydrogen Fuel Cell Vehicle Market Highlights over 2022 – 2030

The global hydrogen fuel cell vehicle market is estimated to grow at a CAGR of ~65% over the forecast period, i.e., 2022 – 2030. Hydrogen fuel is a carbon free fuel, which burns with oxygen, and produces water as the only residue. Hydrogen fuel cell are internal combustion engines, which power the vehicle with clean fuel. The growth of the market can be attributed to the advancement in hydrogen fuel technology, and growing production of hydrogen fuel cell vehicles. The surge in the demand for hydrogen vehicles is also estimated to boost the market growth. The increasing awareness regarding the vehicular pollution, and the adverse health effects of pollution amongst the people is another major factor projected to boost the market growth. According to the data by the World Health Organization (WHO), 99% of the global population breathes the air that exceeds WHO guidelines.

Hydrogen Fuel Cell Vehicle Market

Vehicular pollution or the pollution caused by vehicles is responsible for a major share of air pollution, as vehicles emit significant amount of unburnt carbon and other toxic gases. The growing government initiatives to curb the vehicular pollution is also estimated to boost the market growth. For instance, Clean Air Act was passed in the United States in 1970, which gave Environment Protection Agency (EPA) the legal authority to regulate pollution from vehicles. EPA stated in a report that the passenger vehicles in U.S. are 98 to 99% less polluting in 2019 as compared to the 1960s. Currently, only a few automotive manufacturers are producing hydrogen fuel cell powered vehicles. CLICK TO DOWNLOAD SAMPLE REPORT

The growing demand for clean vehicles amongst consumers, is also expected to boost the market growth. The rising sale of electric vehicles is clear evidence of the transformation of the automotive industry. According to the data by the International Energy Agency (IEA), 2.1 million electric cars were sold globally in 2019, resulting in 7.2 million total electric cars running across the globe.

The market is segmented by vehicle type into commercial, personal, and others, out of which, the personal segment is anticipated to hold the notable share in the global hydrogen fuel cell vehicle market over the forecast period on account of growing demand for hydrogen fuel cell powered cars amongst philanthropists and environmentalists, backed by the environmental-friendly nature of the vehicle. However, due to the high cost of the vehicle, the commercial segment is growing at a slower pace.

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Hydrogen Fuel Cell Vehicle Market Regional Synopsis

On the basis of geographical analysis, the global hydrogen fuel cell vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness growth with highest CAGR over the forecast period on the back of growing adoption of clean-fuel vehicles in China and other countries. According to the report by IEA, over 3.349 million electric cars were running in China. Moreover, presence of major automotive manufacturers in the region, is estimated to boost the market growth.

Electric CarsThe market in the North America region is anticipated to gain the notable market share throughout the forecast period owing to the rising adoption of electric vehicles in the region, high individual disposable income, and growing environment awareness amongst people.

Hydrogen Fuel Cell Vehicle Market

The global hydrogen fuel cell vehicle market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global hydrogen fuel cell vehicle market includes the following segments:

By Vehicle Type

  • Commercial
  • Personal
  • Others

By Technology

  • Proton Exchange Membrane
  • Alkaline Fuel cell
  • Solid Oxide Fuel Cell
  • Others

Growth Drivers

  • Growing Awareness Regarding Vehicular Pollution
  • Rising Demand for Carbon Emission Free Vehicles

Challenges

  • Competition from Electric Vehicles
  • High Investment in the Technology

Top Featured Companies Dominating the Market

Currently, Toyota Motor Sales, U.S.A., Inc. and Hyundai Motor Company are commercially manufacturing hydrogen fuel cell vehicles. With the growing sales of battery powered vehicles, it is estimated that other automobile manufacturers will invest in the hydrogen fuel cell vehicles.

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