What Has Been The Historical And Current Growth Of The Fuel Cell Vehicle Market?
The fuel cell vehicle market has seen considerable growth due to a variety of factors.
• The scale of the fuel cell vehicle market has seen enormous expansion in the past few years. It is anticipated to rise from $2.15 billion in 2024 to $3.26 billion in 2025, representing a compound annual growth rate (CAGR) of 51.6%. This surge in the historic period can be ascribed to worldwide apprehensions about air pollution, business sustainability approaches, government incentives and grants, consumer insistence on eco-friendly transport, not to mention demonstration projects and pilot schemes.
What are the Market Size and Expected Growth Rates for the Fuel Cell Vehicle Market?
The Fuel Cell Vehicle market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the fuel cell vehicle market is projected to experience remarkable expansion. The market is expected to surge to $15.27 billion in 2029, with a compound annual growth rate (CAGR) of 47.2%.
This projected development during the forecast period can be traced back to decreasing fuel cell system costs, progress in hydrogen production, escalation of investments in research & development, the emphasis on the development of long-range fuel cell vehicles, and the integration of FCVS into public transportation. The forecast period will likely witness significant trends such as advancements in fuel cell technology, amplified international cooperation, incorporation with renewable energy sources, progress in hydrogen storage methods, and a surge in technological collaborations and alliances.
Which Key Drivers Are Propelling The Fuel Cell Vehicle Market's Growth?
The surge in demand for high-performance, fuel-efficient cars with minimal emissions is anticipated to spur the development of the fuel-cell vehicle sector moving forward. Electric vehicles, which encompass vehicles powered by an electric motor and utilising electricity stored in batteries, are becoming increasingly popular in light of COVID-19 precautions and the goal of achieving net-zero emissions. These vehicles are notably more sustainable and effective than conventional combustion-engine vehicles, which bolsters demand for the low-emission car market. For example, the Global EV Outlook 2022 report disclosed that sales of electric vehicles (EVs) doubled from the previous year in 2021, attaining a new peak of 6.6 million. Moreover, worldwide sales of electric cars in 2021 hit 6600000 units, up from 2980000 units. Consequently, the upswing in demand for fuel-efficient, superior-performance, and low-emission vehicles is fuelling the expansion of the fuel-cell vehicle market.
What Are The Key Segments Within The Global Fuel Cell Vehicle Market?
The fuel cell vehicle market covered in this report is segmented –
1) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
2) By Technology: Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC), Molten Carbonate Fuel Cells (MCFC)
3) By End-User: Private, Commercial
Subsegments:
1) By Passenger Vehicle: Sedans, SUVs, Hatchbacks
2) By Commercial Vehicle: Light Commercial Vehicles (LCVs), Heavy-Duty Trucks, Buses, Vans
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How Are New Trends Impacting The Size Of The Fuel Cell Vehicle Market?
The key trend gaining traction in the fuel cell vehicle market is technological advancements. Major corporations in this industry are strategizing to create new technologies that enhance fuel cell efficiency and cost-effectiveness. Nikola Corporation, a US-based firm specializing in zero-emission vehicles and hydrogen station infrastructure, exemplified this in October 2023, when they unveiled the Hydrogen Fuel Cell Electric Truck. This innovation in their hydrogen-powered truck line was underscored by improved performance and increased operational efficiency. Each truck can carry 70 kg of hydrogen, providing an estimated range of 500 miles on a full tank. Refueling these trucks takes roughly 20 minutes, rendering them a notable competitor to conventionally refueled diesel vehicles.
Who Are the Key Players In The Fuel Cell Vehicle Market?
Major companies operating in the fuel cell vehicle market include:
• Toyota Motor Corporation
• Honda Motor Co. Ltd.
• Hyundai Motor Company
• Volvo AB
• General Motors
• Bayerische Motoren Werke Aktiengesellschaft AG
• Audi AG
• Ford Motor Company
• Ballard Power System Inc.
• Nikola Corporation
• SAIC Motor Corporation Limited
• Mercedes-Benz Group
• Plug Power Inc
• Daimler Truck
• Beiqi Foton Motor Co. Ltd.
• Dongfeng Motor Corporation
• Great Wall Motor
• Hyzon Motors
• Riversimple
• Symbio.one
• Tata Motors
• VDL Bus & Coach
• Wrightbus
• Yutong Group
• Proton Motor Fuel Cell GmbH
• PowerCell Sweden AB
• Intelligent Energy
• ITM Power
What Are The Regional Insights Into The Fuel Cell Vehicle Market?
North America was the largest region in the fuel cell vehicle market in 2024. Asia-Pacific is expected to be the fastest-growing region in the fuel cell vehicle market during the forecast period. The regions covered in the fuel cell vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
