The market for fuel cell vehicles was estimated to be worth USD 1.14 billion in 2021, and from 2022 to 2030, it is projected to grow at a rate of 49.9% CAGR
There is upward graph of global fuel cell vehicle industry as the fuel cell technology offers efficiency to power airport tugs, passenger vehicles and heavy duty vehicles. This technology has set foot in the market with its rapid advancement. Additionally, the leading automobile manufacturers are investing heavily and moving towards this technology. These vehicles shows immaculate durability which indicates positive growth towards the main motive set by U.S. Department of Energy. Sale is slated to have steady and stable growth in the forthcoming years owing to advent of transit buses and hydrogen fuel cell vehicle market.
The expansion of global hydrogen fuel cell vehicle size is slated to create higher job and business opportunities mainly in the R&D department. With help of hydrogen fuel cell vehicle, there is commendable decline in air pollutants and greenhouse gas emissions. Acceptance of hydrogen vehicles and proliferating implementation will up surge the industry demand over forecast period.
The region which owns the major global fuel cell vehicle share is North America. The factors that have major contribution is higher rate of development of fuel cell infrastructure like hydrogen filling stations. The market is projected to exhibit a CAGR of x.x% in the forthcoming years to retain its leading position. The United States Department of Energy have invested considerably in development of fuel cells so as to encourage higher adoption of FCVs. Additionally, states of U.S. such as California, Connecticut, New York and Nebraska have introduced launched rebate programs that is inclusive of incentives for FCVs.
In Europe, fuel cell vehicle market is predicted to expand at the highest CAGR of xx.x in the next couple of years. This substantial growth is due to the announcement of European Commission to invest USD 106 million in the next upcoming years. Asia-Pacific aggressive growth is contributed to promotion and subsequent adoption of FCEVs in Japan. Huge investments coming from Chinese and South Korean government is expected to contribute positively in the regional growth.
The global fuel cell vehicle market is segmented on the basis of vehicle type, which includes Commercial Vehicles and Passenger Cars. Further segmentation based on the fuel cell technology type includes Proton Exchange Membrane Fuel Cell, Modern-Day Fuel Cells, Fuel Cells and Batteries, Platinum as a Catalyst, Durability of Fuel Cell Systems and Others.
The global players who operate the global fuel cell vehicle market are Cellkraft AB, Ballard Power Systems, Altergy Systems, Ceramic Fuel Cells Ltd., BIC Consumer Products, Automotive Fuel Cell Cooperation CorpAFC Energy and Acumentrics SOFC Corporation. The companies who use fuel cell in vehicles are Nissan Motor Company Ltd., BMW AG, Toyota Motor Corporation, Daimler AG and Audi AG.
Fuel Cell Vehicle Market Scope
|Revenue forecast in 2029
|USD 1.14 billion
|CAGR of 49.9 % during 2019-2029
|vehicle type, technology type, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Cellkraft AB, Ballard Power Systems, Altergy Systems, Ceramic Fuel Cells Ltd., BIC Consumer Products, Automotive Fuel Cell Cooperation CorpAFC Energy and Acumentrics SOFC Corporation. The companies who use fuel cell in vehicles are Nissan Motor Company Ltd., BMW AG, Toyota Motor Corporation, Daimler AG and Audi AG.
Key segments of ‘Global Fuel Cell Vehicle Market’
Based on vehicle type, the market has been segmented into,
- Passenger Cars
- Commercial Vehicles
Based on technology type, the market has been segmented into,
- Proton Exchange Membrane Fuel Cell
- Modern-Day Fuel Cells
- Fuel Cells and Batteries
- Platinum as a Catalyst
- Durability of Fuel Cell Systems
Based on region, the market has been segmented into,
- North America
- Rest of Europe
- South Korea