Market Overview:
The global hydrogen fuel cell vehicle market size reached US$ 740.1 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 8,535.23 Million by 2027, exhibiting a growth rate (CAGR) of 47.50% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Hydrogen fuel cell vehicles (FCVs) are electric vehicles (EVs) that use an electric motor to power the wheels instead of an internal combustion engine. They comprise battery, battery pack, direct current (DC) converter, electric traction motor, fuel cell stack, fuel filler, fuel tank, power electronics controller, thermal system, and transmission. They rely on hydrogen (H2) gas in the fuel tank of vehicles and oxygen (O2) in the air to generate electricity with water and heat as byproducts.
Hydrogen Fuel Cell Vehicle Market Trends:
The rising awareness among the masses about the benefits of using hydrogen FCVs represents one of the key factors driving the market. Besides this, governments of several countries are undertaking initiatives to develop hydrogen fuel cell infrastructure. They are also promoting the use of hydrogen FCVs to reduce greenhouse gas emissions, which is contributing to the growth of the market. In addition, there is a rise in the demand for fuel-efficient vehicles due to the inflating prices of petrol and diesel across the globe. This, along with the depleting fossil fuel reserves, is catalyzing the demand for hydrogen FCVs. Moreover, key market players are extensively investing in research and development (R&D) activities to introduce enhanced fuel cell trucks and hydrogen fuel cell-powered buses to transport passengers, which is positively influencing the market. Apart from this, there is an increase in the utilization of hydrogen fuel cell technology that offers powertrains that do not emit harmful pollutants, such as nitrogen oxides (NOX) and particulate matter. This, coupled with the burgeoning automotive industry, is propelling the growth of the market. Additionally, the rising development of hydrogen fuel cell infrastructure is offering lucrative growth opportunities to industry investors.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hydrogen fuel cell vehicle market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on technology and vehicle type.
Breakup by Technology:
- Proton Exchange Membrane Fuel Cell
- Phosphoric Acid Fuel Cell
- Others
Breakup by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Breakup by Region:
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Ballard Power Systems Inc., Bayerische Motoren Werke AG, Cummins Inc., General Motors Company, Hyundai Motor Company and Toyota Motor Corporation.
Report Coverage:
| Report Features |
Details |
|---|
| Base Year of the Analysis |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| Units |
US$ Million |
| Segment Coverage |
Technology, Vehicle Type, Region |
| Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered |
Ballard Power Systems Inc., Bayerische Motoren Werke AG, Cummins Inc., General Motors Company, Hyundai Motor Company and Toyota Motor Corporation. |
| Customization Scope |
10% Free Customization |
| Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
| Post-Sale Analyst Support |
10-12 Weeks |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the global hydrogen fuel cell vehicle market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global hydrogen fuel cell vehicle market?
- What are the key regional markets?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the vehicle type?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global hydrogen fuel cell vehicle market and who are the key players?
- What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Hydrogen Fuel Cell Vehicle Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Technology
6.1 Proton Exchange Membrane Fuel Cell
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Phosphoric Acid Fuel Cell
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Others
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Vehicle Type
7.1 Passenger Vehicle
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Commercial Vehicle
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Region
8.1 North America
8.1.1 United States
8.1.1.1 Market Trends
8.1.1.2 Market Forecast
8.1.2 Canada
8.1.2.1 Market Trends
8.1.2.2 Market Forecast
8.2 Asia-Pacific
8.2.1 China
8.2.1.1 Market Trends
8.2.1.2 Market Forecast
8.2.2 Japan
8.2.2.1 Market Trends
8.2.2.2 Market Forecast
8.2.3 India
8.2.3.1 Market Trends
8.2.3.2 Market Forecast
8.2.4 South Korea
8.2.4.1 Market Trends
8.2.4.2 Market Forecast
8.2.5 Australia
8.2.5.1 Market Trends
8.2.5.2 Market Forecast
8.2.6 Indonesia
8.2.6.1 Market Trends
8.2.6.2 Market Forecast
8.2.7 Others
8.2.7.1 Market Trends
8.2.7.2 Market Forecast
8.3 Europe
8.3.1 Germany
8.3.1.1 Market Trends
8.3.1.2 Market Forecast
8.3.2 France
8.3.2.1 Market Trends
8.3.2.2 Market Forecast
8.3.3 United Kingdom
8.3.3.1 Market Trends
8.3.3.2 Market Forecast
8.3.4 Italy
8.3.4.1 Market Trends
8.3.4.2 Market Forecast
8.3.5 Spain
8.3.5.1 Market Trends
8.3.5.2 Market Forecast
8.3.6 Russia
8.3.6.1 Market Trends
8.3.6.2 Market Forecast
8.3.7 Others
8.3.7.1 Market Trends
8.3.7.2 Market Forecast
8.4 Latin America
8.4.1 Brazil
8.4.1.1 Market Trends
8.4.1.2 Market Forecast
8.4.2 Mexico
8.4.2.1 Market Trends
8.4.2.2 Market Forecast
8.4.3 Others
8.4.3.1 Market Trends
8.4.3.2 Market Forecast
8.5 Middle East and Africa
8.5.1 Market Trends
8.5.2 Market Breakup by Country
8.5.3 Market Forecast
9 SWOT Analysis
9.1 Overview
9.2 Strengths
9.3 Weaknesses
9.4 Opportunities
9.5 Threats
10 Value Chain Analysis
11 Porters Five Forces Analysis
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Competition
11.5 Threat of New Entrants
11.6 Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Profiles of Key Players
13.3.1 Ballard Power Systems Inc.
13.3.1.1 Company Overview
13.3.1.2 Product Portfolio
13.3.1.3 Financials
13.3.1.4 SWOT Analysis
13.3.2 Bayerische Motoren Werke AG
13.3.2.1 Company Overview
13.3.2.2 Product Portfolio
13.3.2.3 Financials
13.3.2.4 SWOT Analysis
13.3.3 Cummins Inc.
13.3.3.1 Company Overview
13.3.3.2 Product Portfolio
13.3.3.3 Financials
13.3.3.4 SWOT Analysis
13.3.4 General Motors Company
13.3.4.1 Company Overview
13.3.4.2 Product Portfolio
13.3.4.3 Financials
13.3.4.4 SWOT Analysis
13.3.5 Hyundai Motor Company
13.3.5.1 Company Overview
13.3.5.2 Product Portfolio
13.3.5.3 Financials
13.3.5.4 SWOT Analysis
13.3.6 Toyota Motor Corporation
13.3.6.1 Company Overview
13.3.6.2 Product Portfolio
13.3.6.3 Financials
13.3.6.4 SWOT Analysis
List of Figures
Figure 1: Global: Hydrogen Fuel Cell Vehicle Market: Major Drivers and Challenges
Figure 2: Global: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016-2021
Figure 3: Global: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 4: Global: Hydrogen Fuel Cell Vehicle Market: Breakup by Technology (in %), 2021
Figure 5: Global: Hydrogen Fuel Cell Vehicle Market: Breakup by Vehicle Type (in %), 2021
Figure 6: Global: Hydrogen Fuel Cell Vehicle Market: Breakup by Region (in %), 2021
Figure 7: Global: Hydrogen Fuel Cell Vehicle (Proton Exchange Membrane Fuel Cell) Market: Sales Value (in Million US$), 2016 & 2021
Figure 8: Global: Hydrogen Fuel Cell Vehicle (Proton Exchange Membrane Fuel Cell) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 9: Global: Hydrogen Fuel Cell Vehicle (Phosphoric Acid Fuel Cell) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: Global: Hydrogen Fuel Cell Vehicle (Phosphoric Acid Fuel Cell) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: Global: Hydrogen Fuel Cell Vehicle (Other Technologies) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Hydrogen Fuel Cell Vehicle (Other Technologies) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Hydrogen Fuel Cell Vehicle (Passenger Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Hydrogen Fuel Cell Vehicle (Passenger Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Hydrogen Fuel Cell Vehicle (Commercial Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Hydrogen Fuel Cell Vehicle (Commercial Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: North America: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: North America: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: United States: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: United States: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Canada: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Canada: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Asia-Pacific: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Asia-Pacific: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: China: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: China: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Japan: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Japan: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: India: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: India: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: South Korea: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: South Korea: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: Australia: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: Australia: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: Indonesia: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: Indonesia: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Others: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Others: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: Europe: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: Europe: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: Germany: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: Germany: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: France: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: France: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 45: United Kingdom: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: United Kingdom: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: Italy: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: Italy: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: Spain: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: Spain: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: Russia: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: Russia: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: Others: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: Others: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: Latin America: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 56: Latin America: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 57: Brazil: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 58: Brazil: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 59: Mexico: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 60: Mexico: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 61: Others: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 62: Others: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 63: Middle East and Africa: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 64: Middle East and Africa: Hydrogen Fuel Cell Vehicle Market: Breakup by Country (in %), 2021
Figure 65: Middle East and Africa: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Global: Hydrogen Fuel Cell Vehicle Industry: SWOT Analysis
Figure 67: Global: Hydrogen Fuel Cell Vehicle Industry: Value Chain Analysis
Figure 68: Global: Hydrogen Fuel Cell Vehicle Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Hydrogen Fuel Cell Vehicle Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Hydrogen Fuel Cell Vehicle Market Forecast: Breakup by Technology (in Million US$), 2022-2027
Table 3: Global: Hydrogen Fuel Cell Vehicle Market Forecast: Breakup by Vehicle Type (in Million US$), 2022-2027
Table 4: Global: Hydrogen Fuel Cell Vehicle Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 5: Global: Hydrogen Fuel Cell Vehicle Market: Competitive Structure
Table 6: Global: Hydrogen Fuel Cell Vehicle Market: Key Players