Hydrogen Fuel Cell Vehicle Market by New Innovations, Technology and Research 2021, Advancement Outlook till 2030

At an estimated value of over USD 9.98 billion in 2020, the Global Hydrogen Fuel Cell Vehicle Market is predicted to thrive at a CAGR of 49.8% during the forecast period 2021-2030 and valued at over USD 850.67 billion by 2030.

These vehicles use hydrogen fuel cells to power an on-board electric motor. Vehicles using hydrogen fuel cells do not emit any greenhouse gasses as opposed to diesel or gasoline vehicles. Due to this eco-friendly characteristic, hydrogen fuel cell vehicles are expected to have massive potential throughout the forecast period.

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Competitive Landscape

Lucrative growth opportunities make the hydrogen fuel cell vehicles market extremely competitive. Some of the major players in the market are Honda, Toyota, Hyundai, Dailmer, Audi, Ballard Power System, MAN, Volvo, BMW and General Motors among others. Strategic alliances, acquisitions and innovations along with R&D are key strategies used by market players to maintain market dominance.

Market Dynamics and Trends

There has been tremendous growth in the automotive industry owing to increased demand of vehicles. However, in recent times, there has been increasing awareness and concerns with regards to the adverse environmental impact cause by engines running on fossil fuel, as they emit significant amount of of greenhouse gases. This in turn is expected to support the growth of hydrogen fuel cell vehicle market over the forecast period. Other factors such as technological advancements, improved performance, reduced noise, rising petroleum prices and stringent government regulation about environmental conservation are further expected to augment the growth of hydrogen fuel cell vehicle market. However, high cost of these vehicles is expected to hamper the market growth to some extent. On the other hand, innovations, and aggressive research and developments are expected to create ample opportunities for the market players in the coming years.

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Market Segmentations and Scope of the Study:

The hydrogen fuel cell vehicle market is segmented on the basis of vehicle type, technology and geography. On the basis of type, the market is segmented into passenger vehicle and commercial vehicle. On the basis of technology, the market is segmented into proton membrane exchange, phosphoric acid fuel cell and others. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.

Geographical Analysis

North America holds the lion market share of hydrogen fuel cell vehicle market. This is attributed to factors such as higher purchasing power, better transportation infrastructure, access to hydrogen fueling stations, and technological advancements. Also, governments in the U.S. and Canada are encouraging its citizens to adopt vehicles that runs on alternate energy. For example, the state of California in the U.S. has been investing heavily for the development of 100 hydrogen refueling stations to meet its target of 1.5 million zero-emission vehicles by 2025. This is also contributing towards the growth of the hydrogen fuel cell vehicle market in this region.

However, Asia Pacific is predicted to show rapid and consistent growth in market share within the forecast period owing to the heavy investments by the major players and government’s in this region. For instance, South Korean automotive manufacturer Hyundai Motor and SK Holding have recently committed to make multibillion-dollar investments, which will play a pivotal role in bridging the gap between hydrogen dreams and reality. Similarly, China had raised hydrogen’s profile in its 14th five year plan (2021-2025), and shows signs of picking national champions like Beijing Sinohytec. Also, surge in disposable income of the expanding population in this region is further expected to propel growth of the hydrogen fuel cell vehicle market.

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