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The global hydrogen fuel cell vehicle market size reached US$ 1,130.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 12,324.9 Million by 2028, exhibiting a growth rate (CAGR) of 45.11% during 2023-2028.
Hydrogen fuel cell vehicles (FCVs) use a hydrogen fuel cell to power their onboard electric motor instead of an internal combustion engine. They include a direct current (DC) converter, electric traction motor, battery, fuel cell stack, fuel filler, power electronics controller, fuel tank, transmission, battery pack, and thermal system.
They rely on hydrogen (H2) and oxygen (O2) to generate electricity with heat and water. They also provide various benefits, such as minimized carbon footprint, reduced visual and noise pollution, zero emission level, low maintenance, and no dependency on fossil fuel. Owing to these benefits, hydrogen fuel cell vehicles are gaining traction across the globe.
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.
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Market Summary:
Breakup by Technology:
• Proton Exchange Membrane Fuel Cell
• Phosphoric Acid Fuel Cell
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
On account of the aforementioned factors, the market is anticipated to witness strong growth during 2023-2028.
Breakup by Vehicle Type:
• Passenger Vehicle
• Commercial Vehicle
Competitive Landscape:
• Ballard Power Systems Inc.
• Bayerische Motoren Werke AG
• Cummins Inc.
• General Motors Company
• Hyundai Motor Company
• Toyota Motor Corporation
View Report TOC, Figures and Tables:
https://www.imarcgroup.com/hydrogen-fuel-cell-vehicle-market
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