Hydrogen Fuel Cell Vehicle Market Size was valued at USD 0.72 billion in 2021. The Hydrogen Fuel Cell Vehicle market industry is projected to grow from USD 1.2 Billion in 2022 to USD 46.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 68.52% during the forecast period (2024 - 2030). The trend toward clean fuels and green technology has changed due to the population boom's impact on growing pollution levels. The need to successfully reduce carbon emissions is the key market driver enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The fuel cell vehicles market is in its early stages of development and expansion. A few vehicles from Toyota Motor Corporation, Honda Motor Corporation, and Hyundai Motor Group are currently operating in some particular places, but many technologies are still in the experimental stage. Based on their previous prototypes, European automakers like BMW AG and Audi are creating fuel cell vehicles with a later launch date in mind. Following in the footsteps of BMW and Audi are numerous additional businesses. For instance, Renault produced the SUV prototype powered by hydrogen fuel cells. The 16kW fuel cell in the Scenic Vision SUV will increase the vehicle's driving range to 800 kilometers without recharging. The 16kW fuel cell in the Scenic Vision SUV will increase the vehicle's driving range to 800 kilometers without recharging. The carbon footprint will be decreased by 75% compared to the conventional electric vehicle model, and the battery will be lightweight. The French automaker's model won't be accessible until 2030 or 2032. By 2024, the business will introduce its all-electric model.
Hydrogen fuel cell vehicles are extending their use to big commercial trucks to improve efficiency. For instance, Hyzon Motors Inc., a significant global player in commercial vehicles powered by hydrogen fuel cells and emitting no emissions, has announced the development of a hydrogen storage system technology that can reduce commercial cars' manufacturing costs and weight. The new technology, which has yet to receive a patent, can reduce the number of manufacturing components used by 75%, the system's weight by 43%, and the system storage cost by 52%. This concept is based on a single rack system that can hold five hydrogen cylinders at once and uses lightweight composite material for the system metal print. Therefore, such factors have enhanced the Hydrogen Fuel Cell Vehicle market CAGR globally in recent years.
However, rising spending on power implants is another factor driving the growth of the hydrogen fuel cell market revenue.
Based on technology, the Hydrogen Fuel Cell Vehicle Market segmentation includes proton exchange membrane fuel cells, solid oxide fuel cells, and Alkaline Fuel cells. The proton exchange membrane fuel cell segment held the majority share in 2021, contributing to around ~45% of the Hydrogen Fuel Cell Vehicle Market revenue. By reacting hydrogen with oxygen over a suitable catalyst, a PEM fuel cell directly transforms chemical energy from a fuel into electricity with water as a byproduct. Proton exchange membrane fuel cells will become more popular due to growing worries about greenhouse gas emissions and laudable government efforts to encourage carbon-free nations. The need for PEMFC will be further fueled by the rise of commercial, medium, light, and heavy-duty vehicles with extremely low-harmful discharges.
The Hydrogen Fuel Cell Vehicle Market data has been bifurcated by vehicle type into a commercial vehicle and passenger cars. The passenger cars segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. The market for fuel cell vehicles is experiencing substantial expansion due to the rapid uptake of passenger automobiles in nations like Japan and South Korea. The depletion of fossil fuel reserves drives the cost of vehicle fuel. The government is prompted to search for environmentally friendly and low-emission sources to fuel automobiles.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The commercial vehicle was the fastest-growing segment. Commercial vehicles are essential modes of transportation utilized in supply chains. Instead of a battery, a fuel cell offers high-efficiency electrochemical energy conversion into torque. As a result, using fuel cells in long-distance vehicles like LCVs is the best option from the standpoint of economical and effective transportation.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Hydrogen Fuel Cell Vehicle market accounted for USD 0.31 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Fuel cell cars are in high demand for both private and public transportation, and a significant portion of passenger van production is what propels the market.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Hydrogen Fuel Cell Vehicle market accounts for the second-largest market share. Integrating fuel cell systems and fuel cells in passenger and commercial vehicles is a constant focus of major businesses in European areas. Further, the Germany Hydrogen Fuel Cell Vehicle market held the largest market share, and the UK Hydrogen Fuel Cell Vehicle market was the fastest-growing market in the European region
The Asia-Pacific Hydrogen Fuel Cell Vehicle Market is expected to grow at the fastest CAGR from 2024 to 2030. The main driver of this region's passenger car market expansion is the rising number of auto sales in nations like South Korea and Japan. Government programs encouraging the use of fuel-cell cars and offering customer assistance in the form of vehicle subsidies in Japan are both boosting the market's expansion in this area. For instance, the China Development and Reform Commission ordered the production of 5,000 hydrogen fuel cell cars by 2025 for use in intercity buses, port transportation, and logistics. Moreover, China's Hydrogen Fuel, Cell Vehicle market, held the largest market share, and the India Hydrogen Fuel Cell Vehicle market was the fastest-growing market in the Asia-Pacific region.
The market for hydrogen fuel cell vehicles will expand even further as a result of major market participants investing heavily in R&D to expand their product ranges. In addition, market participants are introducing key developments, entering into contracts, acquiring companies, increasing investments, and working with other organizations, among other significant market changes, in an effort to expand their global footprint. In order to grow and thrive in a market that is becoming more and more competitive, players in the hydrogen fuel cell vehicle industry must offer products that are affordable.
Manufacturing locally to cut operating costs is one of the main business methods used by manufacturers in the worldwide hydrogen fuel cell vehicle industry to serve customers and develop the market sector. The hydrogen fuel cell vehicles industry has recently offered some of the most important advantages. The Hydrogen Fuel Cell Vehicle market major player such as Horiba mira, Renault Groupand others are working to expand the market demand by investing in research and development activities.
With over 75 years of experience creating some of the most recognizable automobiles in history, HORIBA MIRA is a leading global provider of automotive engineering, research, and test services. In March 2022, To develop and test the fuel cell, HORIBA MIRA and Ceres announced a partnership at the Ceres desk facility at the HORIBA MIRA West Midlands campus in the United Kingdom.
Also, The Renault Group is at the forefront of evolving transportation. Renault Group, which consists of 5 complementing brands (Renault, Dacia, LADA, Alpine, and Mobilize) and provides sustainable and cutting-edge mobility solutions to its clients, is strengthened by its alliance with Nissan and Mitsubishi Motors and its unique competence in electrification. In June 2021, According to the signed memorandum of understanding (MOU) contract, Renault Group, a major player in the automotive industry, and Plug Power Inc., a global leader in turnkey hydrogen and fuel cell solutions, are launching their joint venture HYVIA.
August 2022:Â Proton Motor Power Systems PLC, a producer of hydrogen fuel cells and electric hybrid systems, unveiled a 90-kilowatt power-generating pack.
August 2022:Â A memorandum of understanding (MOU) was signed by the natural gas company SK E&S and the Korea South-East Power (KOEN) to work together on generating power from green hydrogen and ammonia.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 0.72 billion |
| Market Size 2022 | USD 1.2 billion |
| Market Size 2030 | USD 46.8 billion |
| Compound Annual Growth Rate (CAGR) | 68.52% (2024-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Vehicle Type and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | The Hyundai Motor Company (South Korea), Daimler AG (Mercedes-Benz) (Germany), BMW (Germany), General Motors Company (U.S.), Groupe Renault (France), Mazda Motor Corporation (Japan), Hydrogenics (Canada), Kia Motor Corporation (South Korea), Tata Motors Limited(India) |
| Key Market Opportunities | Growing government funding for hydrogen refueling infrastructure |
| Key Market Dynamics | In order to successfully reduce carbon emissions, the rise in pollution caused by the population boom has caused a movement in the market toward clean fuels and green technology. |
Hydrogen Fuel Cell Vehicle Market Highlights:
Frequently Asked Questions (FAQ) :
The Hydrogen Fuel Cell Vehicle Market size was valued at USD 0.72 Billion in 2021.
The global market is projected to grow at a CAGR of 4.7% during the forecast period, 2024-2030.
North America had the largest share in the global market
The key players in the market are The Hyundai Motor Company (South Korea), Daimler AG (Mercedes-Benz) (Germany), BMW (Germany), General Motors Company (U.S.), Groupe Renault (France).
The Proton Exchange Membrane Fuel Cell category dominated the market in 2021.
The passenger Vehicle had the largest share in the global market.
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