Hydrogen Fuel Cell Vehicle Market Growth and Opportunities Analysis, Industry Forecast 2023

Global Hydrogen Fuel Cell Vehicle Market was valued at $278 million in 2016, and is projected to reach at $12,133 million by 2023, growing at a CAGR of 72.4% from 2017 to 2023. Hydrogen Fuel Cell Vehicle Market is a device that generates electricity from hydrogen while the vehicle is running. It uses a hydrogen fuel cell to power its on-board electric motor. Hydrogen fuel cell vehicles do not create any greenhouse gas (GHG) emissions during vehicle operation unlike diesel-powered and gasoline vehicles. Furthermore, the remarkable potential of hydrogen fuel cell vehicles to reduce emissions from the transportation sector fuels the market growth rate.

The global hydrogen fuel cell vehicle market is expected to register significant growth during the forecast period, owing to rise in environmental concern and government initiatives to propel hydrogen fuel cell infrastructure. Furthermore, tax rebates and developments in aggressive hydrogen refueling stations (HRS) fuels the market growth. However, initial large investment in infrastructure is expected to restrain the market growth.

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Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors, and MAN some of the key players operating in the global hydrogen fuel cell vehicle market.

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

Factors that are expected to impact the global hydrogen fuel cell vehicle market during the forecast period are as follows

  • Rise in environmental concern
  • Government initiatives for development of hydrogen fuel cell infrastructure
  • High initial investment in infrastructure
  • Advance in technology and future potential in hydrogen fuel cell vehicle market

Rise in environmental concern

Due 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. People are being aware of the consequences of air pollution, rise in levels of exposure to carbon footprint, and greenhouse gas emission. All these factors surge the demand for hydrogen fuel cell vehicle as it is eco-friendly as it does not use fossil fuel as other conventional vehicles.

High Initial investment in infrastructure

Hydrogen fuel cell technology offer powertrain that emits no tailpipe greenhouse gases and other harmful pollutants such as nitrogen oxides and particulate matter, which attract vendor towards this technology. However, costly 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 market growth.

Key Benefits For Stakeholders

  • This study comprises analytical depiction of the global hydrogen fuel cell vehicle market with current trends and future estimations to portray the imminent investment pockets.
  • The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The current market is quantitatively analyzed from 2017 to 2023 to highlight the financial competency of the market.
  • Porters Five Forces analysis illustrates the potency of the buyers and suppliers in the industry.

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