The global Hydrogen Fuel Cell Electric vehicles market size outlook report study is a comprehensive work on passenger cars and commercial vehicles fuelled by Hydrogen fuel cells. As the green hydrogen technology evolves, the report provides insights and forecasts into the Market Trends, Companies and Growth Strategies.
Hydrogen Fuel Cell Electric Vehicles Market Outlook
The global Hydrogen Fuel Cell Vehicles Market Size stood at $2.6 billion in 2022 and is poised to register 59.27% growth over the forecast period from 2021 to 2028.
Introduction to Hydrogen Fuel Cell Electric Vehicles Markets, 2022
A wide range of vehicle types including passenger cars and commercial vehicles (including buses, light commercial vehicles, medium duty trucks, heavy duty trucks, forklifts, and others) deploy hydrogen fuel cell powered vehicles are marketed in the automotive industry. Of the vehicle types, passenger cars accounted for 72.3% market share during 2021.
Among markets, Asia Pacific is the largest market for Hydrogen Fuel Cell Vehicles, predominantly driven by purchases from South Korea, China, and Japan consumers. The region accounted for 70% of the market share in the global Hydrogen Fuel Cell Vehicles market size worldwide.
Key market driving forces including hydrogen fuel cell vehicles provide a zero-emissions option, challenges associated with lithium-ion batteries, government incentives and investments, leading automotive OEMs foray into the industry, technological advancements in the production of green hydrogen, projected Hydrogen fuel cost declines, and others are identified among main market dynamics
On the other hand, challenges associated with high Initial Costs compared to electric vehicles, and the pollution caused during the hydrogen production process restrict the market growth
The market is relatively concentrated with intense competitive conditions among leading market players.
Hydrogen Fuel Cell Electric Vehicles Market size outlook by Region
The global Hydrogen Fuel Cell Vehicles market is one of the rapidly growing automotive markets worldwide. The market is in early growth stage and will be characterized by multiple factors over the forecast period to 2028.
The industry is in the early stages of commercial deployment- but offers significant growth potential as an alternative to lithium-ion battery-based vehicles. Hydrogen fuel cell vehicles provide cost-effective and environment-friendly solutions to growing energy needs. The role of governments remains robust in determining the success of hydrogen fuel cell vehicles, as well as investments in infrastructure, decarbonization policies, and incentives for private companies.
The scale of adoption plays a major role in long-term market success. Scaling up infrastructure deployment must bring hydrogen costs down further. To create a self-sustained market, governments across countries are improving investments in the segment. In particular, heavy-duty vehicles with long daily trips are likely to adopt hydrogen fuel cells, presenting significant long-term growth potential.
Driven by robust market potential and the launch of new models, low- or no-emission vehicles making inroads into Japan, South Korea, Germany, the US, and other countries. These countries extend strong support to hydrogen fuel cell vehicles, fuelling stations, and supportive infrastructure.
Key Hydrogen Fuel Cell Electric Vehicles Market Drivers-
Potential Hydrogen Fuel Cell Electric Vehicles Market Challenges-
The Hydrogen Fuel Cell Vehicles market is forecast to increase at a 59.27% growth rate (CAGR) over the forecast period from 2021 to 2028. However, achieving the market size involves significant risk factors including development of cost-effective models, continued efforts from companies, subsidies, policy support, incentives and investments by governments and consumer preference for the vehicles.
HFCV Market Trends- Technological advancements in the production of green hydrogen
Green hydrogen is one of the key roads to decarbonization. It is produced through electrolysis and accounts for less than 0.1% of global hydrogen production, according to the IEA.
Amidst declining costs of electrolysis and renewable electricity, the production economics of green hydrogen is likely to be favorable, encouraging its wide adoption across the automotive industry. According to the European Commission, Green hydrogen produced with renewable resources costs around $3/Kg to $6.55/Kg while fossil fuel-based hydrogen costs around $1.8 to 2.5/Kg.
Technological advancements coupled with growing R&D investments drive green hydrogen adoption across countries. While the EU aims to achieve 40 GW of electrolyzer capacity by 2030, China plans to generate 17% of its hydrogen requirements through the electrolysis process.
Digital technology advancements such as advanced analytics, improved monitoring and control, and others tend to support the cost-effective production of green hydrogen.
Projected Hydrogen fuel cost declines
The global hydrogen prices are likely to reduce significantly by 2030, making the fuel more competitive with that of other vehicle types including battery EVs. Ongoing project announcements, investments needed to reach government production targets and spending projections across the value chain add up to more than USD 300 billion through 2030.
| Projected Hydrogen fuel cost | per Kg |
|---|---|
| 2015 | 3.8 |
| 2020 | 3.4 |
| 2025 | 3.1 |
| 2030 | 2.6 |
| 2035 | 2.4 |
In addition, cost reduction in the prices of green hydrogen will further support the market. Key drivers for continued cost reduction include the industrialization of electrolyzer manufacturing, improvements in electrolyzer efficiency, operations and maintenance, and the use of low-cost renewable power.
Scope
Vehicle Types
Passenger Cars
Commercial Vehicles
Hydrogen Fuel Cell Vehicle Companies
Mercedes Benz Group AG
Audi AG
Honda Motor Co., Ltd
General Motors Company
Toyota Motor Corporation
Ballard Power Systems Inc.
BMW Group
Daimler AG
Hyundai Motor Group
Volvo Group
Trending Topic's
Japan Electric Kick Scooter Market
Chapter 1- Executive Summary
THE TOTAL MARKET SIZE IS VALUED AT $1.47 BILLION IN 2021 AND IS POISED TO GROW AT A CAGR OF 59.27% IN 2021-2028 TO REACH $38.2 BILLION IN 2028.
KEY AREAS THAT WILL DRIVE THE FUTURE GROWTH OF THE GLOBAL MARKETS
HYDROGEN FUEL CELL VEHICLES SYSTEMS ARE EVOLVING RAPIDLY DRIVEN BY THE ADOPTION OF ZERO-EMISSION VEHICLES
GLOBAL HYDROGEN FUEL CELL VEHICLES MARKET BY REGION, 2021
REGIONAL MARKETS
ABBREVIATIONS
MARKET SEGMENTATION
Chapter 2- MACROECONOMIC & DEMOGRAPHIC OUTLOOK
GDP Outlook (Current Prices) in USD Billion
Population Forecasts across Countries, Million People
Chapter 3- Global Hydrogen Fuel Cell Vehicles Market Overview
INDUSTRY PANORAMA, 2021
COMPANIES PROFILED IN THE REPORT
Chapter 4- HYDROGEN FUEL CELL VEHICLES MARKET DYNAMICS
Potential Market Drivers
Market Restraints
Chapter 5- Market Trends in Hydrogen Fuel Cell Vehicles Types
MARKET OUTLOOK BY VEHICLE TYPES- OVERVIEW
MARKET OUTLOOK BY TYPES- PASSENGER CARS
MARKET OUTLOOK BY TYPES- COMMERCIAL VEHICLES
Chapter 6- Market Trends in Hydrogen Fuel Cell Vehicles by Regions
MARKET SHARE OUTLOOK BY MARKETS
Chapter 7- Global Outlook across Covid-19 Recovery Scenarios
Low Growth Scenario
Reference Case Scenario
High Growth Case Scenario
Chapter 8- North America Hydrogen Fuel Cell Vehicles Market Outlook and Opportunities
NORTH AMERICA MARKET OUTLOOK- SNAPSHOT
NORTH AMERICA MARKET OUTLOOK BY COUNTRIES
United States Market Outlook
Canada Market Outlook
Chapter 9- Europe Hydrogen Fuel Cell Vehicles Market Outlook and Opportunities
EUROPE MARKET OUTLOOK- SNAPSHOT
EUROPE MARKET OUTLOOK BY TYPES
EUROPE MARKET OUTLOOK BY COUNTRIES
Germany Market Outlook
France Market Outlook
United Kingdom Market Outlook
Rest of Europe Market Outlook
Chapter 10- Asia Pacific Hydrogen Fuel Cell Vehicles Market Outlook and Opportunities
ASIA PACIFIC MARKET OUTLOOK- SNAPSHOT
ASIA PACIFIC MARKET OUTLOOK BY TYPES
ASIA PACIFIC MARKET OUTLOOK BY COUNTRIES
China Market Outlook
South Korea Market Outlook
Japan Market Outlook
Rest of Asia Pacific Market Outlook
Chapter 11- Rest of World Hydrogen Fuel Cell Vehicles Market Outlook and Opportunities
REST OF WORLD MARKET OUTLOOK- SNAPSHOT
REST OF WORLD MARKET OUTLOOK BY TYPES
REST OF WORLD MARKET OUTLOOK BY SUB-REGION
Latin America Market Outlook
Middle East Market Outlook
Africa Market Outlook
Chapter 12- Hydrogen Fuel Cell Vehicles Company Profiles
Mercedes Benz Group AG
Audi AG
Honda Motor Co., Ltd
General Motors Company
Toyota Motor Corporation
Ballard Power Systems Inc.
BMW Group
Daimler AG
Hyundai Motor Group
Volvo Group
Chapter 13- Appendix