Market Research Report

Global Hydrogen Fuel Cell Vehicle Market Research Report: Forecast (2024-2030)

By Vehicle Type (Passenger Vehicle, [Sedans, SUVs, Hatchbacks], Commercial Vehicles, [Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Others (Dump Trucks, Excavators, ...etc.)]), By Technology (Proton Exchange Membrane Fuel Cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, Others (Alkaline Fuel Cell, Molten Carbonate Fuel Cell, etc.)), By Range (Up to 250 Miles, 251-500 Miles, Above 500 Miles), By Region (North America, Europe, Rest of the World), By Company (BMW Group, Toyota Motor Corporation, Hyundai Motor Group, General Motor Company, Audi AG, Daimler AG, Volvo, MAN Truck & Bus, JCB, Honda, and Others) Read more

  • Energy
  • Nov 2023
  • 201
  • EN44017

Market Definition

A hydrogen vehicle is an alternative fuel vehicle that utilizes hydrogen as its primary onboard fuel source. Hydrogen gas used in hydrogen vehicles is converted into electricity through a chemical reaction in the fuel cell stack. This electricity powers an electric motor to propel the vehicle, and the only byproduct of this process is water vapor, making hydrogen fuel cell vehicles environmentally friendly with zero carbon emissions. In recent years, the automotive is an evolving sector with the potential to play a significant role in reducing greenhouse gas emissions and advancing clean transportation solutions.

Market Insights & Analysis: Global Hydrogen Fuel Cell Vehicle Market (2024-30)

The Global Hydrogen Fuel Cell Vehicle Market size is estimated to grow at a CAGR of around 45.26% during, i.e., 2024-30. The current market of Hydrogen Fuel Cell Vehicles (HFCVs) is still in its nascent stages but shows promising growth and potential in the forecast period. The growth of the market is attributed to government policies and legislative mandates for reducing carbon footprint, increasing environmental awareness, investor and stakeholder expectations, etc.

Growing awareness of climate change and the need to reduce greenhouse gas emissions has led to an increased demand for zero-emission vehicles across the globe. HFCVs produce only water vapor as a byproduct, making them an attractive option for eco-conscious consumers. It is an attractive option for governments too as most of the countries are aiming to meet carbon reduction goals.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 45.26%
Regions Covered North America: The US, Canada, Mexico
Europe: The UK, Germany, Rest of Europe
Rest of the World
Key Companies Profiled BMW Group, Toyota Motor Corporation, Hyundai Motor Group, General Motor Company, Audi AG, Daimler AG, Volvo, MAN Truck & Bus, JCB, Honda, and Others
Unit Denominations USD Million/Billion

 

The governments and regulatory bodies in the USA, China, EU, Japan, etc., are strictly mandating carbon emission regulation and policies on industries and businesses. For instance,

  • In 2023, The European Union granted approval for the world's inaugural carbon border tax. This groundbreaking legislation, which applies to imported goods, marks a significant milestone and has the capacity to bring about substantial changes in some of the most environmentally damaging industries, both within the EU and on a global scale.

These regulations and policies are primarily focused on carbon emission targets, energy security, and commitment to international agreements like COP21, UNFCCC, Vienna Convention, Montreal Protocol, etc. According to the World Energy Outlook 2021, above 120 countries announced new targets for emission reduction by 2030, and governments representing around 70% of global C02 emissions have pledged to reduce emissions by 2050.  This has created a sense of urgency for industries and businesses to reduce their carbon footprints. As a result, Hydrogen FCVs help automakers in meeting these regulations while providing consumers with vehicles that have no carbon emissions.

With ongoing advancements in fuel cell technology, supportive government policies, and collaborative efforts, the future for HFCVs looks promising. As infrastructure expands, and consumer awareness increases then HFCVs have the potential to become a viable and sustainable transportation option, contributing to the overall goal of decarbonizing the automotive industry and reducing dependence on fossil fuels in the forecast period.

Moreover, the growing development of hydrogen refueling stations across countries like the US, the UK, India, Canada, etc., and the escalated manufacturing of fuel cell electric vehicles which is further expected to enhance the market size in the forecast period. In addition, the intensive development of ammonia-fueled engines by companies like MAN Energy Solutions, Wartsila Corporation, etc., is further catalyzing the usage of hydrogen as a clean fuel in the transportation industry.


Global Hydrogen Fuel Cell Vehicle Market Research Report: Forecast (2024-2030)

Global Hydrogen Fuel Cell Vehicle Market Driver:

Advancements in Hydrogen Infrastructure Driving the Adoption of Hydrogen Fuel Cell Vehicles – The global expansion of hydrogen refueling stations established by the key regions including the America and Europe along with the transportation corridors is expected to escalate the market size in the coming years.  As hydrogen infrastructure continues to improve, there will be an increase in demand for hydrogen-powered vehicles and fuel storage by 2030. In addition, the increasing investment in refueling stations is a key development for hydrogen storage companies such as NPROXX, as it supports the hydrogen infrastructure, making H2-powered transport more accessible and affordable. As more hydrogen stations are built, it will be easier for businesses and consumers to use hydrogen-powered vehicles in the forthcoming years.

Global Hydrogen Fuel Cell Vehicle Market Opportunity:

Integration of Renewable Energy Using Hydrogen Fuel Cell Vehicles: HFCVs facilitate the integration of renewable energy sources, such as solar and wind, into the transportation sector. Hydrogen serves as an energy storage medium across the globe. The excess electricity generated from renewable sources could be used to produce hydrogen through electrolysis, which is stored and later used in fuel cells to generate electricity. This integration of hydrogen fuel cells with renewable energy sources supports the development of a sustainable and resilient energy system, enabling the utilization of intermittent renewable energy and helping to balance the grid.

Furthermore, HFCVs are equipped with vehicle-to-grid technology, enabling them to consume electricity from the grid and feed electricity back into the grid. Hence, the two-way flow of electricity could provide valuable grid services, such as peak shaving, frequency regulation, and load management, helping to enhance grid reliability and stability. This symbiotic relationship between renewable energy integration and HFCVs presents a compelling opportunity for the Global Hydrogen Fuel Cell Vehicle Market, positioning it as a key player in the future of sustainable transportation and grid support.

Global Hydrogen Fuel Cell Vehicle Market Challenge:

High Competition from Battery Electric Vehicles to Hinder Hydrogen Fuel Cell Vehicle Market Growth: A major challenge for HFCVs comes from battery electric vehicles (BEVs). BEVs currently hold a more prominent position in the market compared to HFCVs. They benefit from better consumer awareness, more developed charging infrastructure, and rapidly improving battery technology, which has led to significant reductions in vehicle costs and improvements in driving range. In addition, BEVs benefit from a relatively mature and growing charging infrastructure network, particularly in urban areas. For instance,

  • In 2023, according to the International Energy Agency, FCEVs represented around 0.02% of global passenger vehicle sales in 2022, with 15,391 units sold as compared to 10.5 million battery electric vehicles.

HFCVs require a network of hydrogen refueling stations, which is less developed as compared to battery vehicles which is anticipated to hamper the market size during 2024-2030.

Global Hydrogen Fuel Cell Vehicle Market Trend:

Government Policies and Initiatives Play a Vital Role in Promoting the Adoption of HFCVs: The government offers financial incentives such as tax credits, grants, and subsidies to lower the purchase price of HFCVs, making them more competitive compared to conventional vehicles. For instance, in the United States, the federal government provides a tax credit of up to USD 8,000 for the purchase of a new hydrogen fuel cell vehicle. In addition, governments are providing funds for developing hydrogen refueling infrastructure through public–private partnerships, grants, or direct investment.

Moreover, the implementation of government regulations and standards that encourage the use of HFCVs is expected to elevate the market size in the coming years. This includes mandates for a certain percentage of new vehicle sales to be zero-emission vehicles or regulations to limit CO2 emissions, effectively promoting cleaner alternatives like HFCVs.

Also, the government funding to boost R&D in HFCV technology further helps to improve the efficiency, reliability, and affordability of these vehicles. Hence, owing to such factors the market size is anticipated to grow considerably during 2024-2030.

Global Hydrogen Fuel Cell Vehicle Market (2024-30): Segmentation Analysis

The Global Hydrogen Fuel Cell Vehicle Market study of MarkNtel Advisors evaluates & highlights the major hydrogen fuel cell vehicle market trends & influencing factors in each segment. It includes predictions for the period 2024–2030 at the global, level. According to the analysis, the market has been further classified as:

Based on Technology:

  • Proton Exchange Membrane Fuel Cells
  • Phosphoric Acid Fuel Cells
  • Solid Oxide Fuel Cells
  • Others (Alkaline Fuel Cell, Molten Carbonate Fuel Cell, etc.)

Out of them all, the Proton Exchange Membrane Fuel Cells are expected to dominate the Global Hydrogen Fuel Cell Vehicle Market in the forecast period due to various factors such as rising demand for clean energy solutions, development in Proton Exchange Membrane (PEM) technology, and favorable government measures. PEM electrolyzers are highly efficient, fuel-efficient, and suitable for a variety of energy applications, such as power generation, transportation, and industrial processes.

Furthermore, corporations are guiding investments into research and development efforts aimed at enhancing the performance and durability of Proton Exchange Membrane (PEM) technology. Concurrently, governments in various regions, including Europe and the Asia-Pacific, are actively advocating for the uptake of renewable energy technologies, such as fuel electrolyzers, by enacting supportive legislation and offering incentives. This collective effort is driving the expansion of the hydrogen fuel cell vehicle market growth during 2024-2030.

Based on Vehicle Type:

  • Passenger Vehicle
    • Sedans
    • SUVs
    • Hatchbacks
  • Commercial Vehicles
    • Light Commercial Vehicle
    • Medium & Heavy Commercial Vehicle
  • Others (Dump Trucks, Excavators, etc.)

Based on vehicle type, passenger vehicle is anticipated to witness notable growth in the Hydrogen Fuel Cell Vehicle Market in the forthcoming years. The rising consumer adoption of environmentally friendly vehicles and increasing demand for personal mobility are expected to drive the sales of hydrogen fuel cell cars.

In addition, rising government initiatives to convert internal combustion engine (ICE) taxi fleets into zero-emission are expected to provide growth opportunities in the coming years. For instance, in 2023, the biggest companies such as BMW Group announced its plan to introduce fuel cell technology which is being developed with Toyota in the BMW X6 and X7 models in the forthcoming years. It indicates a commitment to providing consumers with diverse clean energy options, driving technological advancements, and contributing to the growth of the HFCV market as a competitive and sustainable choice within the global automotive landscape, which is further anticipated to enhance the hydrogen fuel cell vehicle market growth during 2024-2030.

Global Hydrogen Fuel Cell Vehicle Market (2024-30): Regional Projection

Geographically, the Global Hydrogen Fuel Cell Vehicle Market expands across:

  • North America
  • Europe
  • Rest of the World

Among all the regions, North America is predicted to hold a considerable market share of the Hydrogen Fuel Cell Vehicle market during the historical years. The inclination of the governments in North America to decrease the carbon emissions from the transportation sector has been facilitating the production of fuel cells for hydrogen fuel cell vehicles (HFCVs). In response to this, the leading fuel-cell integrated automakers and multinational engineering and technology biggest companies such as Robert Bosch GmbH, Quantron AG, etc., are heavily investing in the proper deployment of fuel-cell vehicles on the road, to ensure the successful deployment and widespread adoption of fuel-cell vehicles.

Hence, the gradually increasing HFCVs in the wake of reducing carbon footprints by the transportation sector in countries such as the US, Canada, Brazil, etc., are expected to enhance the market size in the coming years. For instance:

  • In 2022, Quantron AG and Ballard Power Systems invested USD50 million for the development of fuel cell modules to accelerate fuel truck production in the US. The fuel cell modules are expected to be delivered in between 2023 to 2024. 

Furthermore, the government's support in the region to reduce carbon emissions by initiating carbon sequestration regulations has been further supporting the projects for the development of hydrogen fuel cell vehicles in countries such as the US and Canada. This is further anticipated to escalate the market size during 2024-2030.

Global Hydrogen Fuel Cell Vehicle Industry Recent Development:

  • 2023: Honda announced its plans to sell a new fuel cell electric vehicle in Japan and North America starting in 2024. The FCEV would be equipped with a next-generation fuel cell system codeveloped with US carmaker General Motors.
  • 2022: Toyota Motors launched its first hydrogen-fuel electric car as a part of its pilot project with the International Center for Automotive Technology. The Toyota Mirai FCEV is one of the first hydrogen fuel cell electric vehicles across the globe and it runs on pure hydrogen-generated electricity.

Gain a Competitive Edge with Our Global Hydrogen Fuel Cell Vehicle Market Report

  • Global Hydrogen Fuel Cell Vehicle Market Report by Markntel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of the market dynamics & make informed decisions.
  • This report also highlights current hydrogen fuel cell vehicle market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  • The Global Hydrogen Fuel Cell Vehicle Industry Report aids in assessing & mitigating risks associated with entry or operation level in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The Hydrogen Fuel Cell Vehicle Market is expected to grow at a CAGR of around 45.26% during 2024-2030.

   A. Advancement in hydrogen infrastructure is expected to drive the Hydrogen Fuel Cell Vehicle Market during 2024-2030.

   A. The top companies in the Hydrogen Fuel Cell Vehicle Market are BMW Group, Toyota Motor Corporation, Hyundai Motor Group, General Motor Company, Audi AG, Daimler AG, Volvo, MAN Truck & Bus, JCB, Honda, and Others.

   A. Proton Exchange Membrane Fuel Cells is the leading technology in the Hydrogen Fuel Cell Vehicle Market.

   A. North America would present growth prospects in the Hydrogen Fuel Cell Vehicle Market during 2024-30.

   A. Government policies and initiatives play a vital role in promoting the adoption of HFCVs and pushing the growth of the Hydrogen Fuel Cell Vehicle Market.

   A. Renewable energy integration using hydrogen fuel cell vehicles is one of the main growth opportunities driving the Hydrogen Fuel Cell Vehicle Market through 2030.

   A. High competition from battery electric vehicles is one of the possible restraints affecting the growth of the Hydrogen Fuel Cell Vehicle Market.

Global Hydrogen Fuel Cell Vehicle Market Research Report (2024-2030) - Table of Contents

 

  1. Market Segmentation
  2. Introduction
    1. Market Definition
    2. Research Process
    3. Assumptions
  3. Global Macroeconomic Outlook
  4. Global Hydrogen Industry Outlook, 2023
    1. Production vs Consumption (Million Tons)
    2. Major Players Involved in the Production of Hydroge
    3. Green Hydrogen and its Role in FCVs
    4. Future Scope
  5. Global Hydrogen Fuel Cell Vehicle Market Timeline, 2021-2030
    1. Technological Development
    2. Prototype (Technical Specifications, Year of Launch, etc.)
    3. Patents
  6. Global Hydrogen Fuel Cell Vehicle Market Policies, Regulations, Product Standards
  7. Global Hydrogen Fuel Cell Vehicle Market Trends & Insight
  8. Global Hydrogen Fuel Cell Vehicle Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  9. Global Hydrogen Fuel Cell Vehicle Market Hotspots & Opportunities
  10. Global Hydrogen Fuel Cell Vehicle Market Development, By Country
    1. China
      1. Government Initiatives
      2. Public-Private Partnerships
      3. Vehicle Launch, By Company
    2. India
      1. Government Initiatives
      2. Public-Private Partnerships
      3. Vehicle Launch, By Company
    3. Japan
      1. Government Initiatives
      2. Public-Private Partnerships
      3. Vehicle Launch, By Company
    4. Chile
      1. Government Initiatives
      2. Public-Private Partnerships
      3. Vehicle Launch, By Company
    5. Brazil
      1. Government Initiatives
      2. Public-Private Partnerships
      3. Vehicle Launch, By Company
    6. France
      1. Government Initiatives
      2. Public-Private Partnerships
      3. Vehicle Launch, By Company
    7. Spain
      1. Government Initiatives
      2. Public-Private Partnerships
      3. Vehicle Launch, By Company
    8. The UAE
      1. Government Initiatives
      2. Public-Private Partnerships
      3. Vehicle Launch, By Company
    9. Saudi Arabia
      1. Government Initiatives
      2. Public-Private Partnerships
      3. Vehicle Launch, By Company
    10. Other Potential Countries
  11. Global Hydrogen Fuel Cell Vehicle Market Outlook, 2021-2030F
    1. Market Size & Analysis
      1. By Revenue (USD Million)
      2. By Unit Sold
    2. Market Share & Analysis
      1. By Vehicle Type
        1. Passenger Vehicle- Market Size & Forecast 2021-2030, (Unit Sold)
          1. Sedans
          2. SUVs
          3. Hatchbacks
        2. Commercial Vehicles- Market Size & Forecast 2021-2030, (Unit Sold)
          1. Light Commercial Vehicle
          2. Medium & Heavy Commercial Vehicle
        3. Others (Dump Trucks, Excavators, etc.)- Market Size & Forecast 2021-2030, (Unit Sold)
      2. By Technology
        1. Proton Exchange Membrane Fuel Cells- Market Size & Forecast 2021-2030, (Unit Sold)
        2. Phosphoric Acid Fuel Cells- Market Size & Forecast 2021-2030, (Unit Sold)
        3. Solid Oxide Fuel Cells- Market Size & Forecast 2021-2030, (Unit Sold)
        4. Others (Alkaline Fuel Cell, Molten Carbonate Fuel Cell, etc.)- Market Size & Forecast 2021-2030, (Unit Sold)
      3. By Range
        1. Up to 250 Miles- Market Size & Forecast 2021-2030, (Unit Sold)
        2. 251-500 Miles- Market Size & Forecast 2021-2030, (Unit Sold)
        3. Above 500 Miles- Market Size & Forecast 2021-2030, (Unit Sold)
      4. By Region
        1. North America
        2. Europe
        3. Rest of the World
      5. By Company
        1. Market Share
        2. Competition Characteristics
  12. North America Hydrogen Fuel Cell Vehicle Market Outlook, 2021-2030F
    1. Market Size & Analysis
      1. By Revenue (USD Million)
      2. By Unit Sold
    2. Market Share & Analysis
      1. By Vehicle Type- Market Size & Forecast 2021-2030, (Unit Sold)
      2. By Technology- Market Size & Forecast 2021-2030, (Unit Sold)
      3. By Range- Market Size & Forecast 2021-2030, (Unit Sold)
    3. By Country
      1. The US
      2. Canada
      3. Rest of North America
    4. The US Hydrogen Fuel Cell Vehicle Market Outlook, 2021-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
        2. By Unit Sold
      2. Market Share & Analysis
        1. By Technology- Market Size & Forecast 2021-2030, (Unit Sold)
    5. Canada Hydrogen Fuel Cell Vehicle Market Outlook, 2021-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
        2. By Unit Sold
      2. Market Share & Analysis
        1. By Technology- Market Size & Forecast 2021-2030, (Unit Sold)
  13. Europe Hydrogen Fuel Cell Vehicle Market Outlook, 2021-2030F
    1. Market Size & Analysis
      1. By Revenue (USD Million)
      2. By Unit Sold
    2. Market Share & Analysis
      1. By Vehicle Type- Market Size & Forecast 2021-2030, (Unit Sold)
      2. By Technology- Market Size & Forecast 2021-2030, (Unit Sold)
      3. By Range- Market Size & Forecast 2021-2030, (Unit Sold)
    3. By Country
      1. Germany
      2. The UK
      3. Rest of Europe
    4. Germany Hydrogen Fuel Cell Vehicle Market Outlook, 2021-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
        2. By Unit Sold
      2. Market Share & Analysis
        1. By Technology- Market Size & Forecast 2021-2030, (Unit Sold)
    5. The UK Hydrogen Fuel Cell Vehicle Market Outlook, 2021-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
        2. By Unit Sold
      2. Market Share & Analysis
        1. By Technology- Market Size & Forecast 2021-2030, (Unit Sold)
  14. Rest of the World Hydrogen Fuel Cell Vehicle Market Outlook, 2021-2030F
    1. Market Size & Analysis
      1. By Revenue (USD Million)
      2. By Unit Sold
    2. Market Share & Analysis
      1. By Vehicle Type- Market Size & Forecast 2021-2030, (Unit Sold)
      2. By Technology- Market Size & Forecast 2021-2030, (Unit Sold)
      3. By Range- Market Size & Forecast 2021-2030, (Unit Sold)
  15. Global Hydrogen Fuel Cell Vehicle Market Key Strategic Imperatives for Growth and Success
  16. Competitive Outlook
    1. Company Profiles 
      1. BMW Group
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Toyota Motor Corporation
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. Hyundai Motor Group
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. General Motor Company
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. Audi AG
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      6. Diamler AG
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. Volvo
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. MAN Truck & Bus
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. JCB
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. Honda
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      11. Others
  17. Disclaimer


Hydrogen Fuel Cell Market Segmentation