The hydrogen fuel cell vehicle market is witnessing exponential growth, anticipated to rise from $8.01 billion in 2023 to $9.73 billion in 2024, with a CAGR of 21.5%. Factors driving this growth include infrastructure development and emissions regulations. By 2028, the market is projected to reach $20.52 billion, influenced by cost reduction strategies and environmental concerns.
Major Driver In The Hydrogen Fuel Cell Vehicle Market
The hydrogen fuel cell vehicle market is experiencing growth propelled by the increasing adoption of electric vehicles. Electric vehicles, operating on electric motors rather than internal combustion engines, have gained popularity due to rising fuel prices and environmental concerns. These vehicles utilize hydrogen fuel cells to power electric motors, converting chemical energy into mechanical energy without emitting greenhouse gases or ozone-depleting precursors. According to the International Energy Agency in July 2023, global electric vehicle sales nearly doubled to 6.6 million in 2021. This surge in electric vehicle demand is expected to drive the hydrogen fuel cell car market, reflecting a positive trend in 2023, 2024, and beyond.
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Hydrogen Fuel Cell Vehicle Market Competitive Landscape
Toyota Motor Corporation, Daimler AG, General Motors Company, BMW AG, Honda Motor Company Ltd, Hyundai Motor Company, Bosch, Ballard Power Systems Inc, Kia Motor Corporation, Groupe Renault, Volvo Group, Audi AG, Mazda Motor Corporation, Tata Motors Limited, SinoHytec, Faurecia, Jaguar Land Rover, China National Heavy Duty Truck Group (CNHTC), Ashok Leyland Ltd, Man SE, Rivian, Symbio, Wrightbus, Nel Hydrogen, Nikola Motor Company, GreenGT, Doosan Mobility Innovation, Riversimple, H2 Energy, Ulemco, Microcab Industries Ltd., GreenPower Motor Company, Hyzon Motors, Kawasaki Heavy Industries, Quantum Fuel Systems, Nuvera Fuel Cells, ElringKlinger AG
Key Hydrogen Fuel Cell Vehicle Market Trend
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 specializing 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 specializes 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.
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Hydrogen Fuel Cell Vehicle Market Segmentation
The hydrogen fuel cell vehicle market covered in this report is segmented –
1) By Vehicle Type: Commercial Vehicle, Passenger Cars
2) By Technology: Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell, Other Technologies
3) By End User: Private, Commercial
By Geography:The regions covered in the hydrogen fuel cell vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the hydrogen fuel cell vehicle market in 2023.
The Hydrogen Fuel Cell Vehicle Global Market Report 2024 furnishes information about the global hydrogen fuel cell vehicle market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
