US Automotive Fuel Cell Market (2024-2029)

RESEARCH METHODOLOGY

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
• 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)