Hydrogen Fuel Cell Vehicle Market Size, Trends, Growth Forecast 2024-2032
Hydrogen Fuel Cell Vehicle Market Overview:
The Hydrogen Fuel Cell Vehicle Market is predicted to develop at an 8.12% CAGR between 2017- 2023 reveals the Market Research Future (MRFR) report. Hydrogen fuel cell vehicles produce electricity themselves. It gets its power from an in-built battery which can be charged from external power sources. Some of its advantages include longer range, quick charging time, a lively start, no engine noise, and will not deteriorate in cold weather.
Several factors are adding to the global Hydrogen Fuel Cell Vehicle Market growth. Some of these factors, according to the MRFR report, include the growing environmental concerns, a rise in government initiatives to develop hydrogen fuel cell infrastructure, growing demand for low-emission, high-performance, and fuel-efficient cars, rising concerns over alarming pollution levels, shift to eco-friendly cars from conventional fuel vehicles, and growing consumer awareness associated with healthy air quality.
On the flip side, high initial investments and high costs of fuel cell electric cars may impede the global Hydrogen Fuel Cell Vehicle Market growth over the forecast period.
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COVID-19 Analysis
The COVID-19 pandemic has significantly affected the Hydrogen Fuel Cell Vehicle Market. The government imposed lockdowns have led to a global economic crisis that has pushed the auto industry to an almost collapse condition, emptying showrooms and shutting down factories. In fact, the automotive industry has been badly hit by the outbreak.
Companies have faced huge revenue losses and a slowdown in commercial and passenger car production for the scarcity of workers. Supply chain disruptions followed by a halt in the distribution, release and final assembly of such cars have hindered market growth drastically. The pause from China’s raw material supply has led to a demand-supply gap. Also, delays in the deployment of electrolyzer capacity for delayed or canceled low-carbon production projects have resulted in revenue losses for electrolyzer manufacturers that are also impacting the market growth.
Following the gradual lifting of lockdowns, there has been a resumption of manufacturing operations though at small capacities, that is likely to boost the market growth. Also, the growing e-commerce sector due to the increase in online shopping during the pandemic that has led to the demand for commercial trucks to offer online purchase deliveries is also likely to have a positive impact on the Hydrogen Fuel Cell Vehicle Market growth.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global Hydrogen Fuel Cell Vehicle Market based on vehicle type and technology.
By technology, the Hydrogen Fuel Cell Vehicle Market is segmented into solid oxide fuel cell, alkaline fuel cell, and proton exchange membrane fuel cell (PEMFC). Of these, PEMFC segment will lead the market over the forecast period.
By vehicle type, the Hydrogen Fuel Cell Vehicle Market is segmented into passenger cars and commercial cars. Among these, passenger cars are likely to dominate the market in the forecast period.
Regional Segmentation
Geographically, the Hydrogen Fuel Cell Vehicle Market covers the recent trends and growth opportunities across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Substantial investments US department of energy in fuel cell production to promote the adoption of FCVs, and the introduction of discount schemes that offer rewards for FCEVs in Nebraska, Connecticut, California, and New York is adding to the global Hydrogen Fuel Cell Vehicle Market growth in the region.
In Europe, the Hydrogen Fuel Cell Vehicle Market is predicted to have the second-largest share over the forecast period for the heavy investment by the European Commission to add fuel cell vehicles as well as hydrogen filling stations in the European network are adding to the Hydrogen Fuel Cell Vehicle Market growth in the region.
In the APAC region, the Hydrogen Fuel Cell Vehicle Market is predicted to have healthy growth over the forecast period for the aggressive promotion and increasing adoption of fuel cell vehicles in Japan. Besides, massive investments in South Korea and China to set up this industry are also adding market growth in the region.
Key Players
The prominent players profiled in the Hydrogen Fuel Cell Vehicle Market report include Tata Motors Limited (India), Kia Motor Corporation (South Korea), Hydrogenics (Canada), Mazda Motor Corporation (Japan), Groupe Renault (France), General Motors Company (U.S.), BMW (Germany), Daimler AG (Mercedes-Benz) (Germany), The Hyundai Motor Company (South Korea), and Toyota Motor Sales, USA, Inc. (Japan).
Industry Updates
- February 2021- California based Karma Automotive will test a hydrogen fuel cell vehicle sans the infrastructure hurdles.
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