#Hydrogen Fuel Cell Vehicle Market

[automotivetransportationresearch]

Hydrogen Fuel Cell Vehicle Market Set to Hit $2.1 Billion by 2030 Amid Rising Demand

The global hydrogen fuel cell vehicle market is projected to grow from USD 0.2 billion in 2024 to USD 2.1  billion by 2030, at a CAGR of 48.0%. The development of mobile and community hydrogen fueling systems represents a significant advancement in making hydrogen more accessible for various applications. Hydrogen fuel providers have introduced compact home and community fueling stations that…

[aadeshmmr]

The Hydrogen Fuel Cell Vehicle Market was assessed at USD 1.30 billion in 2023, with total revenue expected to expand at a CAGR of 45.3% between 2024 and 2030, reaching almost USD 17.87 billion.

[marketwire]

Hydrogen Fuel Cell Vehicle Market - Forecast(2024 - 2030)

 Hydrogen Fuel Cell Vehicle Market Size was valued at USD 0.72 billion in 2021. The Hydrogen Fuel Cell Vehicle market industry is projected to grow from USD 1.2 Billion in 2022 to USD 46.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 68.52% during the forecast period (2024–2030). Hydrogen fuel cell vehicles are specially designed vehicles that are powered through hydrogen acting as a fuel and are used to supply power to the electric motors installed within them, thus ensuring emission free vehicle transmission. Vehicle powered with hydrogen fuel cells includes a reverse electrolysis process wherein hydrogen reacts with oxygen, thus producing electricity to power electric motors along with heat and water. The heat & water generated during this process exits through the exhaust as water vapor, thereby leading to zero or no emission.

Key Developments in Hydrogen Fuel Cell Vehicle Industry

In September 2023, Toyota Motor Corporation launched a prototype hydrogen fuel cell electric Hilux. This technology helps to accelerate the development of hydrogen fuel cell solutions to deliver carbon neutrality across the region. It uses core elements from the Toyota Mirai hydrogen fuel cell electric sedan – technology that has proved its quality in almost 10 years of commercial production.

In July 2023, Ballard Power Systems, Inc. signed an agreement with Ford Trucks to supply a fuel cell system as part of the development of a hydrogen fuel cell-powered vehicle prototype. This strategy includes an initial purchase order for 2 FCmoveTM.-XD 120 kW fuel cell engines that are planned to be delivered by Ballard to Ford Trucks in 2023. Furthermore, Ford Trucks plans to develop a Fuel Cell Electric Vehicle (FCEV) F-MAX as part of the project.

In July 2023, Ballard Power Systems, Inc. received orders for a total of 96 hydrogen fuel cell engines from long-standing customer Solaris Bus & Coach sp. z o.o. The purchase orders include 52 fuel cell engines that will power Solaris Urbino hydrogen buses for deployment by public transport in Germany and 44 fuel cell engines that will power Solaris buses in European cities.

In January 2022, General Motors (GM) planned to broaden electrification, by expanding fuel cells beyond vehicles. It also continues to accelerate its growth as a platform innovator and has announced new commercial applications of its HYDROTEC fuel cell technology. HYDROTEC projects, which are currently in development, from heavy-duty trucks to aerospace and locomotives, are being planned for use beyond vehicles for power generation.

Downlaod report sample

Lack of refueling infrastructure for HFCV

The lack of refueling infrastructure for HFCV in most of the countries is due to the limited number of hydrogen refueling stations. For instance, in 2020, globally the hydrogen refueling stations are less than 800, which hampers the growth of HFCV vehicle sales. Furthermore, in many developing countries such as Brazil, African countries, and other countries limited presence of hydrogen vehicles and high cost for development which are also impact the growth of HFCV market. The development of HFCV in underdeveloped countries is slower than in developed countries.

Rise in adoption of HFCV in development economies

Increase in adoption of clean mobility solutions is observed globally due to climatic changes. Continuous usage of fossil fuels in automobiles is a major factor resulting in climate change. Vehicles that run on alternative fuels, such as natural gas, electricity, biofuel, biodiesel, fuel cell, liquid nitrogen, and dimethyl ether result in lesser carbon emissions. Increasing environmental concerns among consumers, introduction of stringent emission regulations, and launch of advanced vehicles supporting alternative fuels are expected to increase the adoption of alternative fuel and hybrid vehicle market during the forecast period.

Purchase report

Key players : 

The key players profiled in the hydrogen fuel cell vehicle market share include General Motors Company, HONDA MOTOR Co., Ltd, AUDI AG, Ballard Power Systems, Inc., BMW Group, Daimler AG, Hyundai Motor Group, MAN SE, Toyota Motor Corp., and Volvo Group which have been operating in the industry & are developing strategies & products for the growth of the market.

[poojagblog-blog]

The global Hydrogen IC Engines Market in terms of revenue was estimated to be worth $12 million in 2024 and is poised to reach $327 million by 2035, growing at a CAGR of 34.7% from 2024 to 2035 according to a new report by MarketsandMarkets™. The global Hydrogen IC Engines Market is anticipated to grow at a higher level. There are various drivers responsible for the growth of the market such as government policies and incentives and technological advancements among others. Existing ICE technologies can be adapted to run on hydrogen with modifications, leveraging established manufacturing and maintenance infrastructure, and reducing the development costs and time compared to completely new technologies.

[creativeera]

Hydrogen Buses Market Estimated to Witness High Growth Owing to Increasing Demand

The hydrogen buses market mainly includes public transportation medium that utilizes hydrogen as fuel to generate power and propel the bus. Hydrogen buses offer zero emission experience and helps reduce air and noise pollution in public transit systems. Growing awareness regarding environmental protection and need for sustainable alternatives to conventional fossil fuel vehicles is augmenting the adoption of hydrogen-based mobility solutions.

Global Hydrogen Buses Market size is estimated to be valued at US$ 10.78 Bn in 2023 and is projected to reach US$ 165.34 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 47.7% during the forecast period (2023-2030).

Key Takeaways Key players operating in the hydrogen buses market are Toray Industries, Inc., Kuraray Co. Ltd., E-Leather Ltd., Mayur Uniquoters Ltd., Zhejiang Hexin Industry Group Co. Ltd., Yantai Wanhua Synthetic Leather Group Co. Ltd., Clarino (Asahi Kasei Corporation), San Fang Chemical Industry Co. Ltd., Anhui Anli Material Technology Co. Ltd., Nan Ya Plastics Corporation. The key opportunities in the hydrogen buses market include growing investments by governments towards developing hydrogen refueling infrastructure and incentives for public transport agencies to replace aging fleet with zero-emission vehicles. The global expansion of the Hydrogen Buses Market Growth  is driven by favorable policies and initiatives towards popularizing hydrogen technologies worldwide. China and European countries are emerging as major markets with increasing focus on developing local hydrogen value chains. Market Drivers The major driver for the growth of the hydrogen buses market is the increasing demand for sustainable public transport solutions. Growing concerns regarding rising emissions from public transport systems are prompting transit agencies to adopt clean fuel buses. Stringent emission norms by regulatory bodies also encourage fleet operators to replace old diesel/CNG buses with zero-emission hydrogen vehicles. Promotion of hydrogen technologies with incentives and subsidies further boosts the largescale adoption of hydrogen buses across regions.

PEST Analysis Political: Governments across the globe are implementing favorable policies and providing subsidies to promote the adoption of clean fuel buses and reduce emissions. This is positively impacting the growth of the hydrogen buses market. Economic: The total cost of ownership of hydrogen buses is higher than conventional diesel buses currently. However, falling battery prices and increasing investments in hydrogen infrastructure are expected to lower the costs and boost the large-scale adoption of hydrogen buses. Social: Growing environmental concerns among the public regarding pollution from public transit are increasing the demand for zero-emission buses. Customers are willing to pay more for environment-friendly transportation solutions. Technological: Major bus manufacturers are investing heavily in developing more efficient hydrogen fuel cell systems and storage technologies. Advancements in fuel cell and battery technologies are improving the driving range and fuel efficiency of hydrogen buses. Geographical regions with high market concentration The hydrogen buses market in China, Germany and France is concentrated in terms of value currently owing to the presence of supportive government policies and initiatives in these countries. China is leading the way with large pilot programs and target to operate over 1,500 fuel cell buses by 2025. Germany and France also have ambitious targets to introduce hydrogen buses in major cities and replace aging fleets. Fastest growing region The Asia Pacific region excluding China is expected to be the fastest growing regional market for hydrogen buses during the forecast period. Countries like Japan, South Korea and India are focusing on expanding hydrogen refueling infrastructure and fleet testing programs. Growing environmental awareness and investments in renewable energy are boosting the demand for zero-emission mobility solutions in the Asia Pacific region.

Get more insights on Hydrogen Buses Market

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

[laxmandige05]

The global hydrogen fuel cell vehicle market size was exhibited at USD 1.44 billion in 2022 and is projected to hit around USD 152.97 billion by 2032, growing at a CAGR of  59.5% during the forecast period 2023 to 2032.

[dsiddhant]

The global Blue Hydrogen Market is projected to grow from USD 18.2 billion in 2022 to USD 44.5 billion by 2030, at a CAGR of 11.9% according to a new report by MarketsandMarkets™.

[electronalytics]

Hydrogen Fuel Cells for Vehicles Market

[aadeshmmr]

The market for hydrogen fuel cell vehicles was estimated to be worth USD 1.30 billion in 2023. From 2024 to 2030, the market's revenue is projected to increase at a compound annual growth rate (CAGR) of 45.3%, or close to USD 17.87 billion.

[awesome-casuallyfamouscollector]

Global plugin vehicle registrations were up 38% in June 2023 compared to June 2022, rising to 1,260,00 units. In the end, plugins represented 19% share of the overall auto market (13% BEV share alone). This means that the global automotive market is firm in the Electric Disruption Zone. 

Full electric vehicles (BEVs) represented 70% of plugin registrations in March, keeping the year-to-date tally also at 70% share.

As a side note, fuel cell electric vehicles (FCEVs) are down 25% year over year (YoY), and if 2023 ends with a drop in fuel cell vehicle sales, it will already be the second year in a row with falling sales. Was 2021 the peak year for fuel cells?…