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Hydrogen Fuel Cell Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

March 2023 | 142 pages | ID: H668B1ED3A50EN
IMARC Group

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Market Overview:

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) 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 2023-2028. 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
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

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.

Key Questions Answered in This Report

1. What was the size of the global hydrogen fuel cell vehicle market in 2022?
2. What is the expected growth rate of the global hydrogen fuel cell vehicle market during 2023-2028?
3. What are the key factors driving the global hydrogen fuel cell vehicle market?
4. What has been the impact of COVID-19 on the global hydrogen fuel cell vehicle market?
5. What is the breakup of the global hydrogen fuel cell vehicle market based on the technology?
6. What is the breakup of the global hydrogen fuel cell vehicle market based on the vehicle type?
7. What are the key regions in the global hydrogen fuel cell vehicle market?
8. Who are the key players/companies in the global hydrogen fuel cell vehicle market?
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 TABLES

Table 1: Global: Hydrogen Fuel Cell Vehicle Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Hydrogen Fuel Cell Vehicle Market Forecast: Breakup by Technology (in Million US$), 2023-2028
Table 3: Global: Hydrogen Fuel Cell Vehicle Market Forecast: Breakup by Vehicle Type (in Million US$), 2023-2028
Table 4: Global: Hydrogen Fuel Cell Vehicle Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 5: Global: Hydrogen Fuel Cell Vehicle Market: Competitive Structure
Table 6: Global: Hydrogen Fuel Cell Vehicle Market: Key Players

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$), 2017-2022
Figure 3: Global: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 4: Global: Hydrogen Fuel Cell Vehicle Market: Breakup by Technology (in %), 2022
Figure 5: Global: Hydrogen Fuel Cell Vehicle Market: Breakup by Vehicle Type (in %), 2022
Figure 6: Global: Hydrogen Fuel Cell Vehicle Market: Breakup by Region (in %), 2022
Figure 7: Global: Hydrogen Fuel Cell Vehicle (Proton Exchange Membrane Fuel Cell) Market: Sales Value (in Million US$), 2017 & 2022
Figure 8: Global: Hydrogen Fuel Cell Vehicle (Proton Exchange Membrane Fuel Cell) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 9: Global: Hydrogen Fuel Cell Vehicle (Phosphoric Acid Fuel Cell) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Hydrogen Fuel Cell Vehicle (Phosphoric Acid Fuel Cell) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Hydrogen Fuel Cell Vehicle (Other Technologies) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Hydrogen Fuel Cell Vehicle (Other Technologies) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Hydrogen Fuel Cell Vehicle (Passenger Vehicle) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Hydrogen Fuel Cell Vehicle (Passenger Vehicle) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Hydrogen Fuel Cell Vehicle (Commercial Vehicle) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Hydrogen Fuel Cell Vehicle (Commercial Vehicle) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: North America: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: North America: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: United States: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: United States: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Canada: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Canada: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Asia-Pacific: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Asia-Pacific: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: China: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: China: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Japan: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Japan: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: India: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: India: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: South Korea: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: South Korea: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Australia: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Australia: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: Indonesia: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: Indonesia: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Others: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Others: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Europe: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Europe: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Germany: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Germany: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: France: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: France: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: United Kingdom: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: United Kingdom: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: Italy: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: Italy: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: Spain: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: Spain: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Russia: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Russia: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Others: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Others: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Latin America: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Latin America: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Brazil: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Brazil: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Mexico: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Mexico: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: Others: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: Others: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: Middle East and Africa: Hydrogen Fuel Cell Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: Middle East and Africa: Hydrogen Fuel Cell Vehicle Market: Breakup by Country (in %), 2022
Figure 65: Middle East and Africa: Hydrogen Fuel Cell Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
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


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