According to a recent report published by Allied Market Research, titled, "Hydrogen Fuel Cell Vehicle Market by Vehicle Type, Technology: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global hydrogen fuel cell vehicle was valued at $651.9 million in 2018, and is projected to reach $42,038.9 million by 2026, registering a CAGR of 66.9% from 2019 to 2026.
At present, the U.S. dominates the market, followed by Canada and Mexico in North America. However, Mexico is expected to grow at a higher CAGR during the forecast period. In addition, in 2018, UK led the hydrogen fuel cell vehicle industry in Europe region followed by Germany, Russia, France, and rest of Europe. However, rest of European countries are expected to grow at a lucrative CAGR than others.
The conventional gas-powered vehicle makes use of an internal combustion engine to generate power. In an ideal scenario, the combustion system fully incinerates the fuel and only create carbon dioxide and water as waste, however, the combustion system generates various greenhouse gases, leading to environmental pollution. On the other hand, a hydrogen fuel cell vehicle utilizes a hydrogen fuel cell to power its on-board electric motor and hydrogen is used to operate a hydrogen fuel cell to generate electricity, which does not create any pollution. Hydrogen fuel cell vehicles possess high potential to reduce emissions related to the transportation sector as it does not create any pollutants. Countries such as U.S., Germany, France, and China have implemented stringent government laws and regulations for vehicular emission, making it mandatory for the automobile manufacturers to use advanced technologies to combat high-emission levels in vehicles. A program launched by California Air Resources Board (CARB) also includes guidelines for manufacturers to produce and deliver zero-emission vehicles (ZEVs), substantially boosting the adoption of electric vehicles. Hence, such hydrogen fuel cell vehicle market trends are opportunistic for the market expansion
Key Findings of the Study:
- Based on vehicle type, the passenger vehicle segment generated the highest revenue in the hydrogen fuel cell vehicle market analysis in 2018.
- LAMEA is anticipated to exhibit the highest CAGR during the forecast period while considering hydrogen fuel cell vehicle market growth.
- In 2018, Japan led the hydrogen fuel cell vehicle market in Asia-Pacific region. However, rest of Asia-Pacific countries (Other than Japan, South Korea, India, and China) are expected to grow at lucrative CAGR during the forecast period.
- Latin America leads the market in the LAMEA region.
The key players profiled in the hydrogen fuel cell vehicle market share include Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors, and MAN.