Fuel Cell Vehicles Market Surge at 40.1% CAGR to 2028

The fuel cell vehicles market is projected to reach US$ 6,051.17 million by 2028 from US$ 570.43 million in 2021; it is estimated to register a CAGR of 40.1% during 2021-2028.

Fuel cell vehicles are primarily powered by hydrogen-powered fuel cells. Numerous countries across the globe are strategizing toward the higher adoption of fuel cell vehicles. Currently, most of the hydrogen produced globally is from fossil fuels; stakefolders in the fuel cell vehicle market are focusing on the adoption of green hydrogen. The declining cost of green hydrogen is expected to have a positive impact on the growth of the fuel cell vehicle market during the forecast period. According to statistics from the European Commission, green hydrogen produced through renewable sources costs between the range of US$ 2-6/kg. It is estimated that price of hydrogen will decline to below US$ 1/kg by 2030. Some of the major factors expected to drive the demand for green hydrogen include the development of electrolytes, increasing market players, economies of scale, and growing industrial applications.

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Companies Profiled in this report includes: Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc; General Motors; AB Volvo; Honda Motors Co., Ltd.; Riversimple; Hyzon Motors; Daimler AG; and Ballard Power Systems

Fuel cell vehicles compete with plug-in electric vehicles to expand the market for alternative fuel vehicles. It provides advantageous features such as it takes less time to get fully charged, has a longer range of more than 300 miles, and emits water vapor and warm air that makes it more lucrative for adopting fuel cell vehicles in North American countries. Increasing investment in R&D to develop fuel cell technologies is augmenting the market growth. For instance, the US Department of Energy (DOE) has announced its plan to invest US$ 100 million in the next five years to advance hydrogen and fuel cell technologies. This investment is made with an aim to enable resiliency, energy security, and economic growth across various sectors. Thus, the growing adoption of emission-free vehicles to achieve the Paris agreement, coupled with booming investment prospects and regulatory supports, is the prominent factor attributed to the growth of the fuel cell vehicles market.

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Impact of COVID-19 Pandemic on Global Fuel Cell Vehicles Market

According to the latest situation report from World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Italy, Germany, Argentina, and South Africa are among the worst-affected countries due to the COVID-19 outbreak. The pandemic has disturbed fuel cell vehicle businesses and vendors around the globe. The factory shutdowns, travel bans, trade bans, and border lockdowns have adversely affected the fuel cell vehicles market industry.

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