Burlingame, July 27, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, “Hydrogen Fuel Cell Vehicle Market, By Vehicle Type (Passenger Vehicle, Commercial Vehicle), By Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, and Others): Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030.” According to the report, the global hydrogen fuel cell vehicle market is estimated to be valued at $1.46 billion in 2022 and is expected to exhibit a CAGR of 54.3% during the forecast period (2023-2030).
Analysts’ Views on Global Hydrogen Fuel Cell Vehicle Market
Fuel cell electric vehicles (FCEVs) are powered by hydrogen. They are more efficient as compared to conventional internal combustion engine vehicles and produce no harmful tailpipe emissions. Hydrogen fuel cell vehicles use hydrogen fuel cell to power its on-board electric motor and do not generate any greenhouse gas emissions during vehicle operation. Similar to conventional internal combustion engine vehicles, they can fuel in around five minutes and have a driving range of more than 300 miles. Hydrogen fuel cell vehicles are quiet, very energy efficient, produce no emissions, and have equivalent range and performance to gasoline counterparts.
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Key Trends and Analysis of the Global Hydrogen Fuel Cell Vehicle Market:
Introduction of hydrogen fuel cell vehicles is one of the key trends expected to augment the growth of the global hydrogen fuel cell vehicle market. For instance, players in the market or auto makers worldwide are focusing on launching technologically advanced hydrogen fuel cell vehicles in the market. In March 2022, Toyota launched India’s first hydrogen fuel cell-powered electric vehicle Mirai. The hydrogen-powered sedan has been introduced in the country as a part of a pilot project that is being conducted by the International Center for Automotive Technology (ICAT) along with Toyota to study and evaluate the Toyota Mirai on Indian roads and climatic conditions.
Global Hydrogen Fuel Cell Vehicle Market – Drivers
High demand for zero-emission vehicles to drive market growth
Over the years, the demand for electric vehicles (EVs) has grown significantly due to heightened environmental concerns, increasing CO2 emissions, greater availability, improved vehicle ranges, and increased cost competitiveness with conventional vehicles. In July 2021, Toyota Motor Corp. and CaetanoBus announced the co-branding of the e.City Gold battery Electric City Bus and the H2.City Gold fuel cell electric bus to support the expansion of sustainable mobility. Moreover, in December 2020, Toyota Caetano Portugal (TCAP) became the direct shareholder of CaetanoBus, to support rapid expansion from its core business to the development and sales of zero-emission buses. This in turn is expected to augment the market growth.
Government initiatives or support to augment market growth
Several governments across the world have adopted norms to promote the use of electric vehicles. Several countries worldwide are also planning to ban petrol and diesel vehicles to reduce emissions and encourage the sale or use of fuel cell vehicles. In April 2023, the Government of India planned to give green hydrogen fuel producers incentives worth at least 10% of their costs under a US$ 2 billion scheme set to begin before the end of June. The Government has approved a 174.9 billion rupee incentive plan to promote green hydrogen in a bid to cut carbon dioxide (CO2) emission and become a major exporter in the sector. The government will give incentives worth at least 30 Indian rupees per kg for production of green hydrogen fuel.
Hydrogen Fuel Cell Vehicle Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 1.46 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 54.3% | 2030 Value Projection: | US$ 47.0 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Audi AG, Ballard Power Systems Inc., BMW Group, Daimler AG, General Motors Company, Honda Motor Co., Ltd., and Hyundai Motor Group | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Hydrogen Fuel Cell Vehicle Market – Restrain
High cost and limited infrastructure to hamper market growth
One of the key factors expected to hamper growth of the global hydrogen fuel cell vehicle market is the high cost of a vehicle and limited infrastructure. Hydrogen vehicles are quite expensive and inefficient with limited infrastructure, and therefore, electric vehicles (EVs) are more convenient, reliable, and a better option to consider and the popularity of electric vehicles is increasing around the world. The vast majority of auto companies have also turned away from hydrogen because of the high density of energy consumed in the production, as well as limited infrastructure, which is stopping the hydrogen revolution from expanding ever more.
Global Hydrogen Fuel Cell Vehicle Market – Opportunities
Increasing carbon dioxide (CO2) emissions is expected to offer lucrative growth opportunities for players in the hydrogen fuel cell vehicle market. Fuel cells have lower or zero emissions compared to combustion engines. Hydrogen fuel cells emit only water, addressing critical climate challenges as there are no carbon dioxide emissions. Thus, increasing CO2 emissions are expected to play key role in promoting the use of fuel cell electric vehicles. Several countries around the world are also planning to ban petrol and diesel vehicles to reduce emissions and encourage the sale or use of fuel cell vehicles. Several tax exemptions and incentives are also being offered to encourage the sales of EVs. This in turn is expected to increase demand for electric vehicles.
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Global Hydrogen Fuel Cell Vehicle Market - Key Developments
In August 2022, Proton Motor Power Systems, one of the leading hydrogen fuel cells manufacturer announced the launch of a 90-killowatt power generating pack.
In June 2022, Toshiba Energy Systems and Solutions Corp. and Echandia announced the plans to collaborate for creating pure hydrogen fuel cell systems for ships.
In June 2021, Renault Group and Plug Power Inc. planned to launch HYVIA, a joint venture under the memorandum of understanding (MOU) contract between the two companies.
Key Market Takeaways:
Global hydrogen fuel cell vehicle market is expected to exhibit a CAGR of 54.3% over the forecast period. The global hydrogen fuel cell vehicle market is growing rapidly in response to the increasing popularity of fuel cell vehicles across the globe.
On the basis of Vehicle Type: Passenger Vehicle Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for passenger vehicles or increasing number of passenger vehicles across the globe.
On the basis of Technology: Proton Exchange Membrane Fuel Cell Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for zero-emission vehicles and increasing CO2 emissions.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period due to high demand for zero-emission vehicles, government support, increasing CO2 emissions, and robust infrastructure in the region.
Competitive Landscape:
Key players operating in the global hydrogen fuel cell vehicle market include Audi AG, Ballard Power Systems Inc., BMW Group, Daimler AG, General Motors Company, Honda Motor Co., Ltd., and Hyundai Motor Group, among others.
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Detailed Segmentation:
- Global Hydrogen Fuel Cell Vehicle Market, By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
- Global Hydrogen Fuel Cell Vehicle Market, By Technology:
- Proton Exchange Membrane Cell
- Phosphoric Acid Fuel Cell
- Others
- Global Hydrogen Fuel Cell Vehicle Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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