Hydrogen Fuel Cell Vehicle Market Size & Share, by Vehicle Type (Passenger Cars, LCVs, HCVs); Technology (Proton Exchange Membrane, Alkaline Fuel Cell, Solid Oxide Fuel Cell); Range (0-250 Miles, 251-500 Miles, Above 500 Miles) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3616
  • Published Date: Aug 05, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Hydrogen Fuel Cell Vehicle Market size is expected to surpass USD 58 billion by the end of 2035, growing at a CAGR of 47% during the forecast period i.e., 2023 to 2035. In the year 2022, the industry size of hydrogen fuel cell vehicle was around USD 2 billion. There is a growing awareness about climate change and air pollution, which has led to an increased emphasis, on transportation options. Hydrogen fuel cell vehicles are appealing to conscious consumers and governments as they only emit water vapor thereby helping to reduce greenhouse gas emissions.

Hydrogen powered vehicles present an option compared to conventional cars with internal combustion engines or electric vehicles using lithium ion batteries. Experts in energy and policymakers see hydrogen as a means to broaden the energy sources and decrease reliance on fuels.


Hydrogen Fuel Cell Vehicle Market
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Hydrogen Fuel Cell Vehicle Sector: Growth Drivers and Challenges

Growth Drivers

  • Emergence of Technological Advancements - In times there have been significant advancements in fuel cell technology that have resulted in notable improvements in the efficiency, reliability, and cost-effectiveness of hydrogen fuel cell vehicles. One notable breakthrough lies in the development of robust and effective fuel cell stacks, which form the core of these vehicles' power systems. These upgraded fuel cell stacks can generate levels of power using the same amount of hydrogen resulting in improved efficiency and increased driving range.

Moreover, advancements, in hydrogen storage techniques have made it possible to store amounts of hydrogen in smaller tanks thereby further extending the range capabilities of hydrogen fuel cell vehicles.

  • Industry Collaboration- The expansion of the market for hydrogen fuel cell vehicles greatly depends on collaboration within the industry. When companies join forces it can result in advancements, in fuel cell technology, leading to enhanced efficiency, reliability, and affordability of these vehicles. As an example, BMW and Toyota have formed a partnership to manufacture hydrogen fuel cell vehicles by the middle of this decade. This collaboration will assist BMW in reaching its goal of achieving 50% electrification across its lineup two years earlier than originally planned for 2030.
  • Long Driving Range and Quick Refueling: Hydrogen powered vehicles generally provide driving distances than electric vehicles that rely solely on batteries. Additionally, these hydrogen fuel cell cars can be refueled swiftly similar to gasoline-powered automobiles. For instance, hydrogen cars usually have an edge over electric cars. A hydrogen car can cover, more than 300 miles on just one tank while electric cars usually offer ranges of 200-300 miles. This helps alleviate concerns, about range limitations and offers consumers a familiar refueling experience.

Challenges  

  • High Cost of Infrastructure Development: The development of infrastructure poses a hurdle for hydrogen fuel cell vehicles (FCVs). The limited number of hydrogen refueling stations makes potential buyers wary of investing in FCVs as they have concerns, about the convenience and range of refueling options.
  • Limited availability of hydrogen fuel cell vehicle models
  • Hydrogen FCVs face strong competition from battery electric vehicles, which have advanced in technology and cost

Hydrogen Fuel Cell Vehicle Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~47%

Base Year Market Size (2022)

~ USD 2 Billion

Forecast Year Market Size (2035)

~ USD 58 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Hydrogen Fuel Cell Vehicle Segmentation

Vehicle Type (Passenger Cars, LCVs, HCVs)

The passenger cars segment in the hydrogen fuel cell vehicle market is estimated to gain the largest revenue share of about 57% in the year 2035. The segment growth can be attributed to the booming demand for passenger cars from the growing middle-class population, increasing disposable income, and the availability of affordable finance for vehicles.

Additionally, the increasing demand for electric vehicles and the growing preference for ride-hailing services are also contributing to the growth of the passenger car segment. Hydrogen fuel cell vehicles provide a more efficient and cleaner form of transportation than traditional gasoline and diesel-powered vehicles. Additionally, they require less maintenance, have a longer range, and are more cost-effective than other types of vehicles.

Technology (Proton Exchange Membrane, Alkaline Fuel Cell, Solid Oxide Fuel Cell)

Hydrogen fuel cell vehicle market from the proton exchange membrane segment is estimated to gain a significant share in the year 2035. The segment growth can be attributed to the proton exchange membrane fuel cells (PEMFCs) being an attractive alternative to traditional combustion engines because they offer higher efficiency and lower emissions.

Additionally, they require less maintenance than other fuel cell types, making them more cost-effective. As a result, they have become increasingly popular for the production of zero-emission vehicles.

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

           Vehicle Type

  • Passenger Cars
  • LCVs
  • HCVs

            Technology

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

              Range

  • 0-250 Miles
  • 251-500 Miles
  • Above 500 Miles

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Hydrogen Fuel Cell Vehicle Industry Regional Synopsis

APAC Market Forecast

Hydrogen fuel cell vehicle market in Asia Pacific, amongst the market in all the other regions, is anticipated to hold the largest with a share of about ~37% by the end of 2035. The market growth in the region is expected on account of the increasing government initiatives throughout the region and the availability of a wide range of vehicles powered by fuel cells. Various initiatives such as the Hydrogen Council and the 'Hydrogen Road Maps' are being rolled out in the region, which will further improve the market growth. A directive from China's Development and reform commission issued in November 2021 mandated the production of 5,000 hydrogen fuel cell vehicles for port transportation, buses, and intercity logistics by 2025. This mandate will spur the production of hydrogen fuel cell vehicles, which will lead to an increased demand for hydrogen fuel and the necessary infrastructure to store and transport it, thus driving the market growth in the region.

European Market Analysis

The European hydrogen fuel cell vehicle market is estimated to be the second largest, registering a share of about 27% by the end of 2035. The market expansion can be attributed majorly to the European Commission’s commitment to lower carbon emissions and the increasing awareness about the benefits of hydrogen fuel cell vehicles. For instance, Daimler announced in May 2022 that they are planning to include electric vehicles and hydrogen fuel vehicles in their portfolio by 2030. This is leading to the development of more efficient and cost-effective hydrogen fuel cell vehicles.

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Hydrogen Fuel Cell Vehicle Market Size
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Companies Dominating the Hydrogen Fuel Cell Vehicle Landscape

top-features-companies
    • General Motors Company
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Volvo Group
    • AUDI AG
    • Ballard Power Systems, Inc.
    • MAN SE
    • BMW Group
    • Daimler AG
    • Hyundai Motor Group

In the News

  • Hyundai Motor Company unveiled its model the XCIENT Fuel Cell tractor, which is a fuel cell electric vehicle designed for the North American commercial vehicle market. This class 8 6x4 model was showcased at the Advanced Clean Transportation Expo (ACT Expo).
  • Daimler Truck AG and Volvo Group have recently announced their groundbreaking plan for the venture cellcentric, which aims to promote the adoption of hydrogen based fuel cells in long haul trucks and other applications. This marks a commitment from both companies to advance the use of this technology, in the transportation industry.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3616
  • Published Date: Aug 05, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the hydrogen fuel cell vehicle market include higher efficiency compared to traditional internal combustion engines, lower emissions, and lower noise pollution levels.

The market size of hydrogen fuel cell vehicle is anticipated to attain a CAGR of 47% over the forecast period, i.e., 2023 – 2035.

The major players in the market are General Motors Company, Volvo Group, AUDI AG, Daimler AG, Hyundai Motor Group, Mazda Motor Corporation, Toshiba Energy Systems and Solutions Corp., Toyota Motor Corp., Honda Motor Company, and others.

The Passenger cars segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Hydrogen Fuel Cell Vehicle Market Report Scope
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