Increasing environmental concerns, supportive government initiatives for the development of hydrogen fuel cell vehicles across the globe, and rising investment in research and development are expected to drive the global hydrogen fuel cell vehicle market. On the basis of region, Asia Pacific held the largest share in 2021, contributing nearly one-third of the global hydrogen fuel cell vehicle market share.
Portland, Ore., Jan. 31, 2023 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, the global hydrogen fuel cell car market collected USD 923.8 million in 2021 and is expected to generate USD 43,208.3 million by 2031, showing a CAGR of 45.5% from 2022 to 2031. The report provides an extensive analysis of the changing market dynamics, the major segments, value chains, competitive scenarios and regional landscapes. This research offers valuable guidance to leading players, investors, shareholders and start-ups in developing strategies for sustainable growth and gaining a competitive edge in the market.
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Report coverage and details:
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Report coverage |
Details |
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Forecast period |
2022–2031 |
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Base year |
2021 |
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Market size in 2021 |
$923.8 million |
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Market Size in 2031 |
$43,208.3 million |
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CAGR |
45.5% |
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Number of pages in the report |
253 |
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Covered segments |
vehicle type, technology, range and region |
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Drivers |
Increasing environmental concerns Government initiatives to develop hydrogen fuel cell infrastructure Growth in investment in research and development |
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Opportunities |
Technological Advancement and Future Potential of Hydrogen Fuel Cell Car Market Increasing adoption of HFCVs in developing economies |
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Limits |
The high initial investment in infrastructure Lack of refueling infrastructure for HFCVs |
Covid-19 scenario:
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The outbreak of the COVID-19 pandemic has harmed the growth of the global hydrogen fuel cell vehicle market due to the implementation of a global lockdown that has resulted in the hindrance of the end-use industry.
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Global curfew practices have affected the domestic and global production of hydrogen fuel cell vehicles, which in turn has hindered the growth of the overall market.
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The supply chain was disrupted due to import and export restrictions. Manufacturers faced labor shortages and raw materials.
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The hydrogen fuel cell vehicle market has a large scope of growth opportunities in the future due to factors such as high demand for vehicles with better fuel efficiency and greater adoption of alternative fuel vehicles. In addition, the introduction of safety regulations for hydrogen fuel cell vehicles in countries.
The study provides detailed segmentation of the global hydrogen fuel cell vehicle market based on vehicle type, technology, range and region. The report examines the segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the top revenue generating and fastest growing segments mentioned in the report.
On the basis of vehicle type, the SUV segment had the highest share in 2021, accounting for more than one-third of the global hydrogen fuel cell vehicle market and is expected to continue its leadership status during the forecast period. However, the SUV segment is expected to register the highest CAGR of 45.7% from 2022 to 2031.
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On the basis of technology, the proton exchange membrane fuel cell segment accounts for the highest share in 2021, contributing more than 60% of the global hydrogen fuel cell vehicle market and is expected to maintain its leading position in terms of revenue through the forecast period. However, the proton exchange membrane fuel cell segment is expected to exhibit the highest CAGR of 45.6% from 2022 to 2031.
Based on range, the 251-500 miles segment accounts for the highest share in 2021, holding more than two-thirds of the global hydrogen fuel cell vehicle market and is expected to continue its leadership status during the forecast period. However, the 0-250 miles segment is expected to grow at the highest CAGR of 47.4% during the forecast period.
On the basis of region, Asia Pacific held the largest share in 2021, contributing almost half of the global hydrogen fuel cell vehicle market share and is expected to retain its dominant share in terms of revenue in 2031. In addition, the same region is expected to exhibit the fastest CAGR of 47.5% during the forecast period.
The leading market players in the global hydrogen fuel cell vehicle market analyzed in the research include Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors and MAN.
The report provides a detailed analysis of these key players in the global hydrogen fuel cell vehicle market. These players have adopted various strategies such as new product launches, collaborations, expansions, joint ventures, agreements, and others to increase their market share and maintain dominant shares in various regions. For example, in January 2022, General Motors (GM) plans to expand electrification by extending fuel cells beyond vehicles, also continues to accelerate its growth as a platform innovator and announced new commercial applications of its HYDROTEC fuel cell technology. The report is valuable as it highlights the business performance, operational segments, product portfolio and strategic moves of the market players to show the competitive scenario.
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About us
Allied Market Research (AMR) is the market research and business consulting arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises, as well as medium and small businesses, with an unmatched quality of “Market research reports” and “Business Intelligence Solutions.” AMR has a single-minded view of providing business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relationship with various companies and this helps us to extract market data which helps us to generate accurate data tables from surveys and confirms extreme accuracy in our market forecasts. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high data quality and help clients in every possible way to achieve success. All the data presented in the reports published by us are derived through primary interviews with senior executives from leading companies in the respective domain. Our secondary data delivery methodology involves in-depth online and offline research and discussions with experienced industry professionals and analysts.
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