Government initiatives for the development of hydrogen fuel cell infrastructure, increase in environmental concern, and rise in investments for R&D activities drive the growth of the global hydrogen fuel cell vehicle market.
WILMINGTON, Del., Nov. 6, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Hydrogen Fuel Cell Vehicle Market by Vehicle Type (Sedan, SUV, and Others), Technology (Proton Exchange Membrane Fuel Cell and Phosphoric Acid Fuel Cell), and Range (0-250 Miles, 251-500 Miles, and Above 500 Miles): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global hydrogen fuel cell vehicle market size was valued at $1,479.3 million in 2022 and is projected to reach $57,899.1 million by 2032, registering a CAGR of 43.0% from 2023 to 2032.
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Leading Market Players: –
BMW Group
Hyundai Motor Group
AUDI AG
Ballard Power Systems
Toyota Motor Corporation
MAN SE
Honda Motor Co. Ltd.
Mercedes-Benz Group AG
General Motors
AB Volvo
The report provides a detailed analysis of these key players in the global Hydrogen Fuel Cell Vehicle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Prime determinants of growth
Surge in environmental concerns, increase in government initiatives for the development of hydrogen fuel cell infrastructure, and technological advancement drive the growth of the market. Thus, the hydrogen fuel cell vehicle manufacturing and automotive component manufacturing sector is witnessing prominent growth in growing economies such as Japan, South Korea, and China, which is expected to provide lucrative opportunities for the growth of the hydrogen fuel cell vehicle market in the region. Sales of hydrogen fuel cell vehicles are directly associated with automotive production and sales activities across the globe. The COVID-19 crisis is causing uncertainty in the hydrogen fuel cell vehicle market by delaying supply chains, hampering business growth, and generating uncertain demand scenarios.
Hydrogen Vehicle Industry Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$1,479.3 million |
|
Market Size in 2032 |
$57,899.1 million |
|
CAGR |
43.0 % |
|
No. of Pages in Report |
284 |
|
Segments covered |
Vehicle Type, Technology, Range, and Region. |
|
Drivers |
Increase in environmental concern Government initiatives for the development of hydrogen fuel cell infrastructure Rise in investments for R&D activities |
|
Opportunities |
Technological advancements and future potential in the hydrogen fuel cell vehicle market Rise in adoption of HFCV in development economies |
|
Restraints |
High initial investment in infrastructure Lack of refueling infrastructure for HFCV |
Covid-19 Scenario
The COVID-19 crisis is creating uncertainty in the market. Governments of different regions have announced a total lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales.
It also resulted in flight cancellations, travel bans, and quarantines, which led to massive slowing of the supply chain and logistics activities across the world.
A decrease has been witnessed in the growth rate of the industries such as construction & building, transportation, oil & gas, automotive, and energy sectors owing to the lockdown imposed, globally.
This has further declined the need for fuel cells from stationary, transport, and portable applications, which, in turn, has hampered the growth of the Hydrogen Fuel Cell Vehicle market in 2020.
The positive outlook by governments to embark upon the utilization of low-carbon technologies and boost decarbonization initiatives is anticipated to stabilize the Hydrogen Fuel Cell Vehicle market in the post-COVID-19 stage
The SUV segment is expected to remain dominant throughout the forecast period.
By vehicle type, the SUV segment held the highest market share in 2022, accounting for more than half of the global hydrogen fuel cell vehicle market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 43.2% from 2023 to 2032, owing to the increase in demand for Hydrogen Fuel Cell SUVs.
The proton exchange membrane fuel cell segment is projected to remain dominant throughout the forecast period.
By technology, the proton exchange membrane fuel cell segment held the highest market share in 2022, accounting for more than half of the global Hydrogen Fuel Cell Vehicle market and is projected to grow at a CAGR of 43.4% during the forecast period.
The 251-500 Miles segment is expected to maintain its dominating position during the forecast period.
By range, the 251-500 miles segment accounted for the largest share in 2022, contributing to more than half of the global Hydrogen Fuel Cell Vehicle market revenue. However, 0-250 Miles is projected to lead the market during the forecast period with a CAGR of 44.8% during the forecast period.
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Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for one-third of the Hydrogen Fuel Cell Vehicle market revenue. However, North America is a dominant market for hydrogen fuel cell vehicles with the presence of major players that offer HFCVs. Further, the rapid development of hydrogen refueling stations (HRS) in this region drives the market growth. For instance, in December 2022, at its Performance Manufacturing Center (PMC) in Marysville, Ohio, Honda revealed that it would begin producing a brand-new hydrogen fuel cell electric vehicle (FCEV) in 2024 that will be based on the recently released, all-new Honda CR-V.
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