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2020
Hydrogen Fuel Cell Vehicle Market

Hydrogen Fuel Cell Vehicle Market by Vehicle Type (Passenger Vehicle and Commercial Vehicle) and Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026
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A04207
Pages: 200
Jan 2020 | 50170 Views
Author(s) : Akshay Jadhav
Tables: 72
Charts: 75
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Hydrogen Fuel Cell Vehicle Market Statistics - 2026

The hydrogen fuel cell vehicle market size was valued at $651.9 million in 2018, and is projected to reach at $42,038.9 million by 2026, growing at a CAGR of 66.9% from 2019 to 2026. The key factors that impact the growth of the global market include surge in environmental concerns, increase in government initiatives for development of hydrogen fuel cell infrastructure, high initial investment in infrastructure, and technological advancement and future potential. Each of these factors is anticipated to have a definite impact on the hydrogen fuel cell vehicle market during the forecast period.

The major companies profiled in the hydrogen fuel cell vehicle market share include Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors, and MAN.

Hydrogen Fuel Cell Vehicle Market

Hydrogen fuel cell vehicles utilizes a hydrogen fuel cell to power its on-board electric motor. Hydrogen is used to operate a hydrogen fuel cell to generate electricity. Hydrogen fuel cell vehicles possess high potential to reduce emissions related to the transportation sector. This vehicle does not generate any greenhouse gas (GHG) emissions during vehicle operation unlike diesel-powered and gasoline vehicles. 

The hydrogen fuel cell vehicle industry is segmented based on vehicle type, fuel cell technology type, and region. Based on vehicle type, it is bifurcated into passenger vehicle and commercial vehicle. According to fuel cell technology type, the market is classified into proton exchange membrane fuel cells, phosphoric acid fuel cells, and others. Based on region, the hydrogen fuel cell vehicle market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Hydrogen Fuel Cell Vehicle Market by Region

Top Impacting Factors

Increase in environmental concern

Owing to rise in concerns of environment degradation and depletion of natural resources, various technologies are being launched in the market that support the eco-friendly concept to sustain the environment. Moreover, increase in awareness toward the consequences of air pollution and rise in levels of traffic & greenhouse gas emission drive the adoption of hydrogen fuel cell vehicles, as it is eco-friendly than other conventional vehicles.  

Hydrogen Fuel Cell Vehicle Market Top Impacting Factor

 

Government initiatives for development of hydrogen fuel cell infrastructure

Several policies have been deployed by the different governments to cater with environment conditions. For instance, the state of California in the U.S. committed funds for the development of 100 hydrogen refueling stations to meet its target of 1.5 million zero-emission vehicles by 2025 which is driving the growth of the hydrogen fuel cell vehicle market. 

Increase in demand for fuel-efficient, high-performance, and low-emission vehicles

Gasoline being a fossil fuel is not a renewable source of energy and is expected to exhaust in the future. It is important to develop and use alternative sources of fuel to support sustainable development. This involves use of hydrogen fuel cell vehicles, electric vehicles, which do not use gasoline and are economical when compared with conventional vehicles. For instance, an electric vehicle converts over 50% of the electrical energy from the grid to power at the wheels, whereas the gas-powered vehicle only manages to convert about 17%–21% of the energy stored in gasoline. 

The hydrogen fuel cell vehicles are more efficient over IC engine vehicles and hybrid vehicles and has efficiency of 60-70% over the other two. The demand for fuel-efficient vehicles has increased recently owing to rise in price of petrol and diesel. This has also resulted due to depleting fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves. Thus, these factors boost the need for advanced fuel-efficient technologies, leading to surge in demand for hydrogen fuel cell vehicles for travel.

High initial investment in infrastructure

Hydrogen fuel cell technology offers powertrains that do not emit tailpipe greenhouse gases and other harmful pollutants such as nitrogen oxides and particulate matter. This feature helps to attract vendors towards use of this technology. However, high cost of raw materials such as platinum in the fuel cell anode and carbon fiber to produce the hydrogen fuel tanks and others required to develop hydrogen infrastructure is expected to hamper the hydrogen fuel cell vehicle market growth.

Rapid R&D to propel the adoption of hydrogen fuels

The world has been aware of hydrogen fuel cells and its advantages in the automobile industry. However, the process to split water molecules into oxygen and hydrogen is expensive, which hampers the adoption of hydrogen fuel cell vehicles. 

Scientists have been working relentlessly to formulate an inexpensive method to create hydrogen energy. According to a research paper published in Nature Communications, the scientists at Swinburne University of Technology and Griffith University successfully captured hydrogen by splitting it from water molecules using inexpensive metals such as iron and nickel as catalysts. The use of these metals boosts the chemical process while minimizing the energy required for it.  

Prior to this, precious metals such as ruthenium, iridium, and platinum were used as catalysts in this process. However, iron and nickel, the commonly found metals on Earth, can easily replace the benchmark catalysts. The research offered an affordable way to develop hydrogen fuel cells.  

Big plans regarding hydrogen fuel cells in the future

The pioneer in the automobile industry, Toyota has unveiled big plans regarding futuristic city powered by hydrogen fuel cells. The company stated the city would be located at the foot of Mount Fuji in Japan and employee and their families along with researchers and scientists would be the residents of the city. 

The city is named Woven City and would flaunt a connected ecosystem. In addition, Toyota is partnering with Paccar Inc. to develop around 10 Class 8 fuel cell trucks to use in Southern California. The partnership is expected to use up to 100 hydrogen fuel cell-powered buses to transport visitors during the 2020 Olympics in Tokyo. 

That being said, the demand for hydrogen fuel cell vehicles is expected to gain momentum. In addition, the increase in innovations to decrease the cost of manufacturing is bound to create new opportunities in the future, which would define a new era of transportation. 

Key Benefits for Stakeholders:

  • This study comprises analytical depiction of the hydrogen fuel cell vehicle market trends with current trends and future estimations to depict the imminent investment pockets.
  • The overall potential is determined to understand the profitable trends to gain a stronger foothold.
  • The hydrogen fuel cell vehicle market analysis report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The current growth and forecast is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
  • The study also comprises the hydrogen fuel cell vehicle market opportunity which help key players in decision making.

Key Market Segments & Key Market Players

Segments Sub-segments
By Vehicle Type
  • PASSENGER VEHICLE
  • COMMERCIAL VEHICLE
By Technology
  • PROTON EXCHANGE MEMBRANE FUEL CELL
  • PHOSPHORIC ACID FUEL CELL
  • OTHERS
By Region
  • NORTH AMERICA  (U.S., Canada, Mexico)
  • EUROPE  (UK, France, Germany, Russia, Rest of Europe)
  • ASIA-PACIFIC  (Japan, South Korea, India, China, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players AUDI AG, BALLARD POWER SYSTEMS INC, BMW GROUP, DAIMLER AG, GENERAL MOTORS COMPANY, HONDA MOTOR CO., LTD., HYUNDAI MOTOR GROUP, MAN SE, TOYOTA MOTOR CORPORATION, VOLVO GROUP
 

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In accordance with the insights by the CXOs of leading companies, the hydrogen fuel cell vehicle market is projected to witness considerable growth, especially in the LAMEA region, owing to growth in population along with the increase in globalization and rise in purchasing power. Companies in this industry are adopting various innovative techniques to provide customers with advanced and innovative feature offerings.

The market in the countries, such as the U.S., Canada, the UK, and others is projected to report a slower growth rate as compared to the developing countries such as Venezuela, Colombia, Peru, Chile, Ecuador, and others, owing to the increase in environmental concern, and government initiatives for the development of hydrogen fuel cell infrastructure.

However, high initial investment in infrastructure restricts the market growth. Moreover, technological advancement and future potential in hydrogen fuel cell vehicle market are the factors expected to create lucrative opportunities for the market in near future.

Among the analyzed regions, North America is expected to account for the highest revenue in the global market in 2026. However, LAMEA is expected to grow at a higher rate, predicting lucrative opportunities for the key players operating in the hydrogen fuel cell vehicle market.

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FREQUENTLY ASKED QUESTIONS?

A. The hydrogen fuel cell vehicle market growth will be around 66.9%in year 2026. owing to the features such as zero emissions, higher efficiency, silent operations coupled with the rise in disposable income.

A. The hybrid vehicles industry is will generate significant demand, owing to the development of infrastructure to produce hybrid vehicles. Further, domestic presence of hydrogen fuel cell vehicle (HFCV) OEMs globally is boosting the market growth.

A. The report sample for hydrogen fuel cell vehicles market report can be obtained on demand from the website.

A. The report segments the hydrogen fuel cell vehicle market on the basis of vehicle type, fuel cell technology type, and region. Based on vehicle type, it is bifurcated into passenger vehicle and commercial vehicle.

A. The global hydrogen fuel cell vehicles market was valued at $651.90 million in 2018, and is projected to reach $42,038.90 million by 2026. In addition, the market CAGR value of hydrogen fuel cell vehicles market from 2019 to 2026 is 66.9%.

A. The statistical data of the top market players of hydrogen fuel cell vehicles Industry can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the hydrogen fuel cell vehicles industry.

A. The market trends in hydrogen fuel cell vehicles market include increase in ecological concerns and rise in government support for development of hydrogen fuel cell infrastructure. For instance, Shanghai plans to operate 10,000 FCEV’s commercial vehicles by 2025.

A. The important factors which are driving the global hydrogen fuel cell cars include development of infrastructure to produce hydrogen, domestic presence of hydrogen fuel cell vehicle (HFCV) OEMs globally and developments in aggressive hydrogen refueling stations (HRS).

A. The manufacturing cost & process of hydrogen fuel cell vehicles include component suppliers such as Helander Metal, Wisco Products, Inc., and others. In addition, the cost is also directly dependent on the fuel cell solution suppliers such as Ballard Power Systems, Doosan.

A. LAMEA region will provide more business opportunities for hydrogen fuel cell vehicles in upcoming years. As, Middle East region has a distinct advantage over other regions as it can produce electricity from the Sun for a much lower cost than Western Europe.

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