Global Hydrogen Fuel Cell Vehicle Market Size, Drivers, Trends, Opportunities And Strategies – Includes Hydrogen Fuel Cell Vehicle Market Share
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The increasing adoption of electric vehicles are expected to drive innovation in hydrogen fuel cell vehicle manufacturing, thus driving the market during the forecast period.
The global hydrogen fuel cell vehicle market is expected to grow from $6.64 billion in 2022 to $8.13 billion in 2023 at a compound annual growth rate (CAGR) of 22.30%. The hydrogen fuel cell vehicle market size is expected to reach $17.05 billion in 2027 at a CAGR of 20.3%.
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Global Hydrogen Fuel Cell Vehicle Market Segments Include:
- By Vehicle Type:Commercial Vehicle, Passenger Cars
- By Technology:Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell, Other Technologies
- By End User:Private, Commercial
- By Geography:The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global hydrogen fuel cell vehicle market in 2021.
Major Market Players in the hydrogen fuel cell vehicle market include Honda Motor Company, Ltd., Toyota Motor Corporation, Hyundai Motor Company, Daimler AG, Audi AG, BMW AG, Volvo Group.
Strategic partnership is a key trend gaining popularity in the hydrogen fuel cell vehicle market. Major companies operating in the hydrogen fuel cell vehicle are entering into a partnership to leverage each other’s resources and expand into a new market. For instance, in March 2022, Hyundai Motor Company, a South-Korea based automotive manufacturer specialising in hydrogen fuel cell vehicles, partnered with Iveco Group. The partnership aims at leveraging the potential of both companies in terms of electric drivetrains, platforms, fuel cell technology, automated driving, and communication for commercial vehicles. Iveco Group is a Netherland-based vehicle manufacturer that specialises in powertrain technology. Also, in March 2021, Hyundai Motor Company partnered with Forze Hydrogen Racing. Through this partnership, Hyundai will work with Forze to push the limits of fuel cell mobility even further, and the student team will have access to professionals from the Hyundai Motor Europe Technical Center for consultation. Forze is a student team that creates, constructs, and races hydrogen-electric racing cars to support fuel cell transportation.
The Hydrogen Fuel Cell Vehicle Global Market Report 2023 provides a hydrogen fuel cell vehicle market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The hydrogen fuel cell vehicle market forecast analyzes hydrogen fuel cell vehicle market size, hydrogen fuel cell vehicle market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The hydrogen fuel cell vehicle are vehicle that uses a hydrogen fuel cell to power its on-board electric motor. Hydrogen fuel cell vehicles convert chemical energy into mechanical energy for driving, and they utilise renewable energy sources that don’t release greenhouse gases or precursors to ozone depletion. Vehicles powered by hydrogen fuel cells have no engine noise and a strong pickup and start.
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