Hydrogen Fuel Cell Vehicle Market by Vehicle Type (Buses, Trucks, LCVs, Passenger Cars), Component, Fuel Type, Hydrogen Fuel Points, Operating Miles, Power, Capacity, Specialized Vehicle Type and Region - Global Forecast to 2030
[330 Pages Report] The global hydrogen fuel cell vehicle market size is valued at USD 0.2 billion in 2024 and is expected to reach USD 2.1 billion by 2030, at a CAGR of 48.0%, during the forecast period 2024 to 2030. Government subsidies for environmentally friendly hydrogen production, the development of an integrated hydrogen ecosystem, the launch of new generation H2 fuel vehicles, and OEM plans to establish their own H2 refueling ecosystems are all expected to boost the automotive fuel cell business.
The sector is also seeing developments like mobile and community hydrogen fueling systems, which make H2 more accessible for home applications. Air Liquide, Linde, and Powertech Labs are among the companies exploring low-cost, mobile refueling options to help boost market acceptance of fuel-cell electric vehicles.
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Hydrogen Fuel Cell Vehicle Market Dynamics:
Driver: Improved Fuel Efficiency and Driving Range
Vehicles powered by hydrogen fuel cells outperform ICE vehicles in terms of fuel efficiency. They can obtain over 63 miles per gallon gasoline equivalent (MPGge), beating most ICE vehicle models, which average 29 MPGge on the highway. Hybridization also has the potential to improve these vehicles' fuel efficiency by 3.2%. In cities, H2 FCEVs have a fuel economy of 55 MPGge, compared to ~20 MPGge in ICE vehicles. Further, FCEVs can have thravel over 300 miles from one refuel. The average EV on the other hand has a range of around 150 miles. Honda Clarity has the highest EPA range of up to 366 miles. This combination of fuel efficiency and extended driving range is expected to drive demand for H2 FCEVs, consequently driving demand of automotive fuel cells.
Restraint: High infrastructure costs for H2 fuel station setup
Hydrogen fuel station setup cost is much higher compared to petroleum, diesel, and other fuels including fast EV chargers. Further, cost of transportation for H2 fuel is also currently much higher than other fuel types. This can be led by cost of setting H2 pipelines as well as recurring cost of transport of cryogenic hydrogen. This has led to slower growth in H2 fueling infrastructure around the world than other alternative fuels. Higher safety system investment is also required due to necessary precautions and safety measures due to hydrogen being an easily combustible fuel. Hydrogen fuel station setup cost ~USD 1-2 million by value. Meanwhile gasoline fuel station cost ~USD 200,000 and CNG fuel station cost ~USD 150,000, and EV fast charging stations cost less than USD 200,000.
Opportunity: H2 Fuel Cell Vans to be a key emerging hydrogen fuel cell vehicle market opportunity
With surge in conventional fuel prices, and rising concern for automotive emissions, the automotive industry is witnessing a shift towards low emission vehicles, including fuel-cell vans. Companies such as Hyvia, Hyundai, and Bosch have planned to introduce H2 vans. OEMs such as Renault and Stellantis already have such vans operational across Europe. These vans come with higher range and can be refueled faster compared to their electric counterparts. Further, governments initiatives to promote fuel-cell technology and invest in hydrogen infrastructure will drive demand for these vehicles. Countries across Europe, along with China, and American states such as New York and California actively contributing to the development of hydrogen hubs.
Challenge:Insufficient hydrogen infrastructure and storage
Popularization of H2 powered vehicles require setup of sufficient H2 refueling stations and other hydrogen infrastructure. This includes hydrogen production plants, fuel stations, storage facilities, which are ideal for FCEVs. As per ACEA, there must be H2 fuel stations across every 300 miles to support H2 in vehicles, as that is the driving range for FCEVs. However, hydrogen refueling infrastructure setup is currently limited in most countries. H2 storage is another challenge that needs to be addressed for hydrogen fuel cell vehicle market growth. Hydrogen storage need to be under high pressure or as liquid H2 (−252.8?°C) with the help of chemical compounding. Further, high density of H2 poses a challenge for its storage. Thus, the concerns over hydrogen infrastructure and storage need to be settled for the market.
Market Ecosystem
Europe expected to be fastest growing H2 infrastructure provider during forecast period
The H2 re-fueling station demand across Europe is expanding, with Germany and France leading demand. Other countries, including UK and Denmark, are also leading the hydrogen fuel cell vehicle market expansion. Emission reduction plans are also driving the expansion in the number of refueling stations. Collaborations between local OEMs and the government have resulted in tremendous. growth, particularly in Germany. France has also collaborated with domestic OEMs to improve hydrogen fueling stations, which has positively impacted FCEV sales. Shell has also approved the development of Holland Hydrogen L, which will become Europe's largest renewable hydrogen plant by 2025. Similarly, in 2022, 82 MOBILITY received USD 135 million to expand H2 refueling stations with investments from firms such as Shell, Air Liquide, and Daimler.
Passenger Car estimated to be the largest segment during forecast period
The hydrogen fuel cell vehicle market is expected to grow, with growing fuel cell demand in passenger cars leading demand during forecast period. The passenger car segment is expected to drive the demand, driven by a larger market share, growing demand for low emission personal-mobility, and government initiatives for zero-emission taxi fleets. Increasing popularity of H2 powered cars is evident through the sales of Toyota Mirai, Hyundai NEXO FCEV and Honda Clarity FCEV. OEMs such as BMW, Jaguar Land Rover are also actively investing in new H2 fuel cell models in response to the growing potential for FCEVs. BMW for instance, intends to introduce fuel cell technology in its X6 and X7 models. Further, Jaguar Land Rover is also developing its hydrogen fuel cell Defender, with zero tailpipe emissions by 2036.
Asia Oceania's to lead the market with strong market demand in China
The Asia Oceania region has the largest H2 refueling station presence, with strong government support for setup across Japan, China and South Korea. This is driving the expansion of hydrogen stations and FCEVs in the region. They are also fostering the growth of FCEVs with an evolving hydrogen ecosystem in the hydrogen fuel cell vehicle market. Leading OEMs such as Toyota and Hyundai are driving the adoption of fuel cell cars across the region. Countries have planned use of fuel cell buses and trucks, with companies such as Ballard playing key roles in developing an extensive FCEV bus & truck ecosystem. Leading factors such as growing deployment of H2 buses such as in Kansai Airport (Japan), mass deployment of H2 buses in China along with companies like Solaris and West Midlands deploying H2 fuel cell buses in Australia. In the H2 truck industry, companies such as SINOTRUK, BAIC, Hyundai, Sym.Pjg, among others are deploying heavy- duty hydrogen fuel cell trucks in the region.
Key Market Players
The hydrogen fuel cell vehicle market is dominated by companies such as Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Honda (Japan), General Motors (US), Stellantis (Netherlands) among others. These OEMs provide best in class H2 vehicles and have strong global distribution networks. They have worked on expansion initiatives, enmgaged in deals, new product developments and other strategies to grow their presence in the market.
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Report Metric |
Details |
|
Market size available for years |
2020–2030 |
|
Base year considered |
2023 |
|
Forecast period |
2024-2030 |
|
Forecast units |
Volume (Thousand Units) and Value (USD Million/Billion) |
|
Segments covered |
Market by Vehicle Type (Buses, Trucks, LCVs, Passenger Cars), Component, Fuel Type, Hydrogen Fuel Points, Operating Miles, Power, Capacity, Specialized Vehicle Type and Region |
|
Geographies covered |
Asia Oceania, Europe, North America, and RoW |
|
Companies Covered |
Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Honda (Japan), General Motors (US), Stellantis (Netherlands) |
This research report categorizes the hydrogen fuel cell vehicle market based on vehicle type, component, specialized vehicle type, operating miles, power output, hydrogen fuel points and fuel cell type, and region.
Based on Vehicle Type:
- Buses
- LCVs
- Passenger Cars
- Trucks
Based on Component:
- Air Compressors
- Fuel Processors
- Fuel Stacks
- Humidifiers
- Power Conditioners
Based on Operating Miles:
- 0-250 Miles
- 251-500 Miles
- Above 500 Miles
Based on Power Output:
- <150 kW
- 150-250 kW
- >250 kW
Based on Specialized Vehicle Type:
- Material handling vehicles
- Refrigerated trucks
Based on Propulsion:
- FCEV
- FCHEV
Based on Hydrogen Fuel Points:
- Asia Oceania
- Europe
- North America
Based on Fuel Type:
- Hydrogen
- Methanol
- Ethanol
Based on Region:
-
Asia Oceania
- Australia
- China
- Japan
- India
- South Korea
-
North America
- US
- Canada
- Mexico
-
Europe
- Belgium
- Denmark
- France
- Germany
- Italy
- Netherlands
- Norway
- Spain
- Sweden
- Switzerland
- UK
Recent Developments
- In December 2023, Plug Power set-up a 1 megawatt PEM electrolyzer at the Amazon Fulfillment Center, DEN8 (US). This initiative will drive more than 200 h2 fuel cell forklift trucks operating in the facility.
- In November 2023, Ballard Power Systems received 62 H2 fuel cell engine supply order from Solaris Bus & Coach sp. z o.o. (Poland). These engines are are developed for buses operating in Germany and Poland, to expand low emission transportation in the region.
- In October 2023, a 50kW FC module was developed by Toyota Motors, representing a compact fuel cell system. This fuel cell module, will be used for delivery trucks, lift trucks, agricultural machinery, and construction equipment, and provides versatile installation possibilities.
- In March 2023, Hyster-Yale officially launched its G-Series Fuel Cell System, offered in 360 kW and 470 kW module. This power solution is designed for applications in the commercial vehicle and industrial sectors.
- In September 2023, Ballard Power Systems collaborated with QUANTRON to develop a FCEV, integrating QUANTRON's vehicle engineering expertise with Ballard's fuel cell technology.
Frequently Asked Questions (FAQ):
What is the current market size of hydrogen fuel cell vehicle market by volume?
The hydrogen fuel cell vehicle market has been estimated to be 23 thousand units by volume in 2024.
Who are the winners in the hydrogen fuel cell vehicle market?
The hydrogen fuel cell vehicle market is dominated by companies such as Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Honda (Japan), General Motors (US), Stellantis (Netherlands) among others. They have worked with other companies in the hydrogen ecosystem by initiating partnerships for their fuel cell technology and provide best-in-class products to customers.
Which region will have the largest hydrogen fuel cell vehicle market by value?
North America will be leading the hydrogen fuel cell vehicle market, by value due to the huge investment volume in the region, particularly for H2 powered heavy duty vehicles.
What key technologies are impacting the hydrogen fuel cell vehicle market?
Key technologies impacting the hydrogen fuel cell vehicle market are use of non-precious metal catalyst (NPMC), shift to compact fuel cell module, and new H2 propulsion technologies.
Which vehicle type will grow fastest in demand in hydrogen fuel cell vehicle market?
Hydrogen fuel cell vehicle market demand will grow fastest in class 8 H2 trucks and H2 transit buses. .
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The study involved four major activities in estimating the current size of the hydrogen fuel cell vehicle market. Exhaustive secondary research was done to collect information on the market, the peer market, and the child markets. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications [for example, Fuel Cell and Hydrogen Energy Association (FCHEA), International Organization of Motor Vehicle Manufacturers, European Alternative Fuels Observatory (EAFO), International Energy Association (IEA)], articles, directories, technical handbooks, trade websites, technical articles, and databases (for example, Marklines, and Factiva) have been used to identify and collect information useful for an extensive commercial study of the global automotive cell market.
Primary Research
Extensive primary research was conducted after acquiring an understanding of the hydrogen fuel cell vehicle market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand (automotive OEMs) and supply (automotive fuel cell providers) sides across major regions, namely, North America, Europe, and Asia Oceania. Approximately 30% and 70% of primary interviews were conducted from the demand and supply sides, respectively. Primary data was collected through questionnaires, emails, and telephonic interviews.
In the canvassing of primaries, various departments within organizations, such as sales, operations, and marketing, were covered to provide a holistic viewpoint in the report. After interacting with industry experts, brief sessions were also conducted with highly experienced independent consultants to reinforce the findings from primaries. This, along with the in-house subject matter experts’ opinions, led to the findings described in the remainder of this report.
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Market Size Estimation
The bottom-up approach has been used to estimate and validate the size of the Hydrogen fuel cell vehicle market by vehicle type. In this approach, the vehicle sales statistics for each vehicle type [Passenger Cars, Light Commercial Vehicles, Buses, and Trucks] have been considered at the country level.
To determine the market size, in terms of volume, a mapping of fuel cell vehicles has been carried out for each country and vehicle type. The number of fuel cell electric models varied from country to country. After this, the types of FCEVs sold were identified, which derived the volume of each segment type. The country-level data was summed up to arrive at the region-level data in terms of volume. The summation of the country-level market size gives the regional market size, and a further summation of the regional market size provides the global Hydrogen fuel cell vehicle market size.
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Market Size Validation
The top-down approach has been used to estimate and validate the size of the hydrogen fuel cell vehicle market at the global level, and by miles covered, power capacity, fuel cell type in terms of volume.
The top-down approach has been used to estimate and validate the size of the market. This approach identifies key fuel cell type, miles covered and power capacity segments of hydrogen fuel cell vehicles at the regional level. The penetration of each identified segment is multiplied by the volume of each vehicle at the regional level to derive the total segment volume.
For instance,
- The Hydrogen fuel cell vehicle market for operating miles was derived using the top-down approach to estimate the subsegments- <250 miles,251-500 miles, above 500 miles.
- The market size, in terms of volume, was derived at the regional level for each segment using this method. The total volume of the market was multiplied by the adoption rate breakup percentage of these segments in regional level (for miles covered, power capacity) and global level (for fuel cell type), respectively.
Data Triangulation
After arriving at the overall hydrogen fuel cell vehicle market size of the global market through the above-mentioned methodology, this market was split into several segments and subsegments. The data triangulation and market breakdown procedure were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact market value data for the key segments and subsegments. The extrapolated market data was triangulated by studying various macro indicators and regional trends from both the demand- and supply-side participants.
Market Definition
A fuel cell electric vehicle (FCEV) is a type of electric vehicle that uses a fuel cell. These vehicles employ hydrogen to create electricity via a chemical process within a fuel cell, resulting in the emission of solely water as a residual product. Stringent emission regulations have led to the increased use of fuel cells in the automotive and transportation industry. A fuel cell can also be used in combination with a battery or supercapacitor to power the onboard electric motor. In an FCEV, hydrogen is pumped into the car and then fed to the fuel cell stack. The fuel cell stack is the center where hydrogen is electrochemically converted into electricity with no combustion and zero emissions. Fuel cells in vehicles generate electricity to power the motor. As long as hydrogen is available, the fuel cell will continue to produce electricity. Most fuel cell vehicles are classified as zero-emission vehicles that emit only water and heat.
List of Key Stakeholders
- Alternative Fuels Data Center (AFDC)
- Automobile OEMs providing Hydrogen Vehicles
- Automotive fuel cell raw material suppliers
- Automotive fuel cell suppliers
- California Fuel Cell Partnership (CaFCP)
- California Hydrogen Business Council (CHBC)
- Canadian Hydrogen Fuel Cell Association (CHFCA)
- Environmental Protection Agency (EPA)
- Fuel Cell and Hydrogen Energy Association (FCHEA)
- Hydrogen gas suppliers
- Hydrogen station service providers
- United States Council for Automotive Research LLC (USCAR)
Report Objectives
- To segment and forecast the hydrogen fuel cell vehicle market size in terms of volume (thousand units) and Value (USD Million)
- To define, describe, and forecast the market based on vehicle type, component, specialized vehicle type, H2 fuel station, power output, operating miles, fuel cell type, fuel type and region.
- To segment the market and forecast its size, by volume and value, based on region (Asia Oceania, Europe, and North America)
- To segment and forecast the market based on vehicle type (passenger car, light commercial vehicle, bus, truck)
- To segment and forecast the market based on component (fuel processor, fuel stack, humidifier, air compressor, and power conditioner)
- To segment and forecast the market based on H2 Fuel Station (Asia Oceania, Europe, and North America)
- To segment and forecast the market based on power capacity (<150 kW, 150-250 kW, >250 kW)
- To segment and forecast the market based on operating miles (0-250 Miles, 250-500 Miles, Above 500 Miles)
- To segment and forecast the market based on fuel type (hydrogen, methanol, ethanol, others)
- To analyze the technological developments impacting the hydrogen fuel cell vehicle market
- To analyze opportunities for stakeholders and the competitive landscape for market leaders
- To provide detailed information regarding the major factors influencing the market growth (drivers, challenges, restraints, and opportunities)
- To strategically analyze markets with respect to individual growth trends, future prospects, and contribution to the total market
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To study the following with respect to the market
- Value Chain Analysis
- Pricing Analysis
- Technological Roadmap
- Ecosystem
- Technology Analysis
- Case Study Analysis
- Patent Analysis
- Regulatory Landscape
- Buying Criteria
- To strategically profile key players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as deals (joint ventures, mergers & acquisitions, partnerships, collaborations), new product developments, and other activities carried out by key industry participants.
AVAILABLE CUSTOMIZATIONS
With the given market data, MarketsandMarkets offers customizations in line with company-specific needs.
- Hydrogen fuel cell vehicle market, By Propulsion at Country Level
- Hydrogen fuel cell vehicle market, Additional Countries (Up to 3)
- Profiling of additional market players (Up to 3)
Generating Response ...
Growth opportunities and latent adjacency in Hydrogen Fuel Cell Vehicle Market