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Hydrogen Engine: Global Markets

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    Report

  • 201 Pages
  • July 2023
  • Region: Global
  • BCC Research
  • ID: 5849471

This report analyzes the type of vehicle, technology type, sales channels, regional market and others for the hydrogen engine market. Hydrogen engines are commonly marketed as fuel cell vehicles, hydrogen-powered vehicles or fuel cell electric vehicles (FCEV) in many countries. Therefore, the study examines the scenario for fuel-cell electric vehicles and provides the market potential for such vehicles in the coming five years. The study also provides market dynamics such as drivers, restraints, trends and opportunities in the global market. Furthermore, the report includes a chapter deliberately for fundings and M&A related information.

The report is prepared in a simple, easy-to-understand format; tables and figures are included to illustrate historical, current and future market scenarios. The report also covers leading companies with information on product types, business footprints, revenues and employee strength, among other categories. We will also list emerging players in the global and regional markets, along with their product-related information. The study also includes the patent analysis for the hydrogen combustion engine technology market, representing a significant investment area for investors.

The study includes the impact of COVID-19 and the Russia-Ukraine war on the global and regional markets.

2022 is considered as the historic/base year for this report, with 2023 as an estimated year; and the market values are forecasted for five years until 2028. All market values are in U.S. dollars ($).

Report Includes

  • 29 data tables and 35 additional tables
  • An overview of the global markets for hydrogen combustion engine technology
  • Estimation of market size and analyses of global market trends, with data from 2022, estimates for 2023, and projections of compound annual growth rates (CAGRs) through 2028
  • Assessment of the regulatory environment, demographics, and other factors that directly affect the hydrogen combustion engine technology market
  • Discussion on the implications of hydrogen combustion engine technology in the context of the current size and growth of the market
  • Evaluation of key industry acquisitions and strategic alliances and market share analysis of the leading suppliers of the industry
  • Company profiles of major players within the industry, including Cummins Inc., Honda Motor Co. Ltd., Hyundai Motor Co., Tata Motors Ltd., Hyzon Motors, and Nikola Corp.

Table of Contents

Chapter 1 Introduction
  • Introduction
  • Study Goals and Objectives
  • Reasons for Doing this Study
  • Scope of Report
  • Information Sources
  • Research Methodology
  • Geographic Breakdown
  • Analyst's Credentials
  • Custom Research
  • Related Research Reports
Chapter 2 Summary and Highlights
  • Market Summary
Chapter 3 Market Overview
  • Current Market Overview
  • Brief History of Fuel Cell Vehicles
  • Technology Roadmap for Hydrogen Fuel Cell Vehicles
  • Co2 Emission in the Transportation Industry
  • Advantages and Disadvantages of Hydrogen-Powered Vehicles
  • Cost Analysis of Fuel Cells for the Transportation Industry
  • Incentives to Purchase Fuel Cell Electric Vehicles
  • Value Chain Analysis
  • Porter's Five Force Model
  • Supplier Power
  • Buyer Power
  • Threat of New Entrants
  • Threat of Substitute
  • Competitive Rivalry
  • Pestel Analysis
  • Political Factors
  • Economic Factors
  • Sociocultural Factors
  • Technological Factors
  • Environmental Factors
  • Legal Factors
  • Impact of Covid-19 on the Market for Hydrogen Engines
  • Impact of Russia-Ukraine War on the Global Hydrogen Engine Industry
  • Industry Expert Insights
Chapter 4 Market Dynamics
  • Introduction
  • Market Dynamics
  • Market Restraints
  • Challenges
  • Market Opportunities
  • Market Dynamics Impact Analysis
Chapter 5 Market Breakdown by Technology
  • Overview
  • Proton Membrane Exchange
  • Components of a Fuel Cell
  • Fuel Cell Stack
  • Fuel Processor
  • Power Conditioners
  • Air Compressors
  • Humidifiers
  • Components of Pem Fuel Cell
  • Membrane Electrode Assembly
  • Hardware
  • Hydrogen Production Methods
  • Types of Fuel Cells
  • Phosphoric Acid Fuel Cell and Others
  • Direct Methanol Fuel Cells (Dmfc)
  • Alkaline Fuel Cells (Afc)
  • Molten Carbonate Fuel Cells (Mcfc)
  • Solid Oxide Fuel Cells (Sofc)
  • Reversible Fuel Cells
Chapter 6 Market Breakdown by Sales Channel
  • Overview
  • Oems
  • Retrofitting/Conversion
Chapter 7 Market Breakdown by Vehicle Type
  • Overview
  • Global Market Based on Vehicle Type
  • Passenger Cars
  • Buses
  • Commercial Vehicles
  • Additional Applications of Hydrogen Fuel Cells in the Transportation Industry
Chapter 8 Market Breakdown by Region
  • Overview
  • North America
  • Europe
  • Asia-Pacific
  • Rest of World
Chapter 9 Emerging Technologies and Developments
  • Overview
  • Hydrogen-Powered Technology Assessment
  • Trends
Chapter 10 Patent Analysis
  • Overview
  • Recent Key Granted Patents
Chapter 11 M&A and Funding Outlook
  • M&A Analysis
  • Startups Funding in Hydrogen Engine
Chapter 12 Competitive Landscape
  • Overview
  • Market Share Analysis
  • Strategy Analysis
  • Swot Analysis in Brief for the Global Market
  • Key Developments
Chapter 13 Company Profiles
  • Introduction
  • Cummins Inc.
  • Daimler Truck AG
  • General Motors
  • Honda Motor Co. Ltd.
  • Hyundai Motor Co.
  • Hyzon Motors
  • Man Energy Solutions Se
  • Nikola Corp.
  • Tata Motors Ltd.
  • Toyota Motor Corporation
  • Other Players (Hydrogen-Based Engines/Products Providers)
  • Fuel Cell Electric Vehicle (Fcev) Models
Chapter 14 Appendix: Acronyms
List of Tables
Summary Table: Global Market for Hydrogen Engines, by Region, Through 2028
Table 1: Incentives to Purchase Fuel Cell Electric Vehicles, by Country
Table 2: Top Platinum Production Countries, by Platinum Volume, 2022
Table 3: Phasing Out Plans for ICE (Internal Combustion Engine) Vehicles, by Country
Table 4: Market Dynamics: Impact Analysis
Table 5: Global Market for Hydrogen Engines, by Technology, Through 2028
Table 6: Global Market for Proton Membrane Exchange Fuel Cells, by Region, Through 2028
Table 7: Types of Fuel Cells and Their Properties
Table 8: Types of Fuel Cells and Their Applications, Advantages and Challenges
Table 9: Global Market for Phosphoric Acid Fuel Cells and Others, by Region, Through 2028
Table 10: Global Market for Hydrogen Engines, by Sales Channel, Through 2028
Table 11: Global Market for OEM Hydrogen Engines, by Region, Through 2028
Table 12: Global Market for Retrofitting/Conversion of Hydrogen Engines, by Region, Through 2028
Table 13: Fuel Cell Roadway Vehicle Type, by Weight
Table 14: Global Market for Hydrogen Engines, by Vehicle Type, Through 2028
Table 15: Global Market for Hydrogen Engine in Passenger Cars, by Region, Through 2028
Table 16: Global Market for Hydrogen Engines in Buses, by Region, Through 2028
Table 17: Global Market for Hydrogen Engines in Commercial Vehicles, by Region, Through 2028
Table 18: Global Market for Hydrogen Engines, by Region, Through 2028
Table 19: North American Market for Hydrogen Engines, by Country, Through 2028
Table 20: North American Market for Hydrogen Engines, by Technology, Through 2028
Table 21: North American Market for Hydrogen Engines, by Sales Channel, Through 2028
Table 22: North American Market for Hydrogen Engines, by Vehicle Type, Through 2028
Table 23: Fuel Cell Vehicle Deployment Targets in the U.S.
Table 24: European Market for Hydrogen Engines, by Country, Through 2028
Table 25: European Market for Hydrogen Engines, by Technology, Through 2028
Table 26: European Market for Hydrogen Engines, by Sales Channel, Through 2028
Table 27: European Market for Hydrogen Engines, by Vehicle Type, Through 2028
Table 28: Fuel Cell Vehicle Deployment Targets in the Netherlands
Table 29: Fuel Cell Vehicle Deployment Targets in France
Table 30: Fuel Cell Vehicle Deployment Targets in Switzerland
Table 31: Fuel Cell Vehicle Deployment Targets in Norway
Table 32: Fuel Cell Vehicle Deployment Targets in Italy
Table 33: Fuel Cell Vehicle Deployment Targets in Spain
Table 34: Asia-Pacific Market for Hydrogen Engines, by Country, Through 2028
Table 35: Asia-Pacific Market for Hydrogen Engines, by Technology, Through 2028
Table 36: Asia-Pacific Market for Hydrogen Engines, by Sales Channel, Through 2028
Table 37: Asia-Pacific Market for Hydrogen Engines, by Vehicle Type, Through 2028
Table 38: Fuel Cell Vehicle Deployment Scenario in Japan, by Vehicle Type
Table 39: Fuel Cell Vehicle Deployment Targets in South Korea
Table 40: Rest of World Market for Hydrogen Engines, by Region, Through 2028
Table 41: Rest of World Market for Hydrogen Engines, by Technology, Through 2028
Table 42: Rest of World Market for Hydrogen Engines, by Sales Channel, Through 2028
Table 43: Rest of World Market for Hydrogen Engines, by Vehicle Type, Through 2028
Table 44: Comparison among Conventional Vehicles, Electric Vehicles and Fuel Cell Vehicles
Table 45: Key Patents Published on Hydrogen Engines, by Applicant Company, 2022 to till May 2023
Table 46: Active Patents in the Transportation, by Top 20 Fuel Cell Companies, 2000-2021
Table 47: Startup Funding in Hydrogen Engines, January 2022-March 2023
Table 48: Product Launches, by Key Players, May 2021 to November 2022
Table 49: Acquisitions, by Key Players, June 2022 to December 2022
Table 50: Collaboration, by Key Players, June 2021 to March 2023
Table 51: Expansion, by Key Players, January 2021 to April 2023
Table 52: Partnerships/Agreements, by Key Players, April 2021 to May 2023
Table 53: Honda Motor Co. Ltd..: Product Offering
Table 54: Honda Motor Co. Ltd.: Revenue and YOY, 2020-2022
Table 55: Hyundai Motor Co.: Product Offering
Table 56: Hyzon Motors: Product Offering
Table 57: Nikola Corp.: Product Offering
Table 58: Tata Motors Ltd.: Product Offering
Table 59: Toyota Motor Corp.: Product Offering
Table 60: List of Hydrogen-based Technology/Products Providers
Table 61: Common Fuel Cell Electric Vehicle Models, by Manufacturing Company
Table 62: Top Association/Organization/Regulatory Body/Research Institutes Serving the Fuel Cell Field
Table 63: Acronyms Used in This Report

List of Figures
Figure A: Research Methodology Steps
Summary Figure: Global Market Shares of Hydrogen Engines, by Region, 2022
Figure 1: Technology Roadmap for Fuel Cell Vehicles
Figure 2: Transport Sector CO2 Emissions by Mode in The Sustainable Development Scenario, 2000-2030
Figure 3: Government Body of the Respective Country Responsible for Hydrogen Vehicles
Figure 4: Advantages of Fuel Cell Vehicle
Figure 5: Disadvantages of Fuel Cell Vehicles
Figure 6: Cost Analysis for Toyota Mirai Fuel Cell Vehicle
Figure 7: Value Chain Analysis for Market for Hydrogen Engines
Figure 8: Porter’s Five Forces Model for Market for Hydrogen Engines
Figure 9: PESTEL Analysis for Market for Hydrogen Engines
Figure 10: Application of Platinum Material by Industry
Figure 11: Market Dynamics of the Global Market
Figure 12: Government Support Type in the Fuel Cell Market for Hydrogen Engines
Figure 13: Restraints in the Global Market for Hydrogen Engines
Figure 14: Hydrogen Production Sources and Conversion Methods
Figure 15: Challenges in the Global Market for Hydrogen Engines
Figure 16: Opportunities in the Global Market for Hydrogen Engines
Figure 17: Power Application Range for Various Types of Fuel Cells
Figure 18: Global Market Shares of Hydrogen Engines, by Technology, 2022
Figure 19: Global Market Shares of Hydrogen Engines, by Technology, 2028
Figure 20: Global Market Shares of Proton Membrane Exchange Fuel Cells, by Region, 2022
Figure 21: Global Market Shares of Proton Membrane Exchange Fuel Cells, by Region, 2028
Figure 22: Global Market Shares of Phosphoric Acid Fuel Cells and Others, by Region, 2022
Figure 23: Global Market Shares of Phosphoric Acid Fuel Cells and Others, by Region, 2028
Figure 24: Conversion of Diesel Engine to Hydrogen
Figure 25: Global Market Shares of Hydrogen Engines, by Sales Channel, 2022
Figure 26: Global Market Shares of Hydrogen Engines, by Sales Channel, 2028
Figure 27: Global Market Shares of OEM Hydrogen Engines, by Region, 2022
Figure 28: Global Market Shares of OEM Hydrogen Engines, by Region, 2028
Figure 29: Global Market Shares of Retrofitting/Conversion of Hydrogen Engines, by Region, 2022
Figure 30: Global Market Shares of Retrofitting/Conversion of Hydrogen Engines, by Region, 2028
Figure 31: Global Market Shares of Hydrogen Engines, by Vehicle Type, 2022
Figure 32: Global Market Shares of Hydrogen Engines, by Vehicle Type, 2028
Figure 33: Critical Components of a Fuel Cell Electric Passenger Car
Figure 34: Functions of Key Components of a Fuel Cell Electric Passenger Car
Figure 35: Global Market Shares of Hydrogen Engines in Passenger Cars, by Region, 2022
Figure 36: Global Market Shares of Hydrogen Engines in Passenger Car, by Region, 2028
Figure 37: Components of Fuel Cell Buses
Figure 38: Global Market Shares of Hydrogen Engines in Buses, by Region, 2022
Figure 39: Global Market Shares of Hydrogen Engines in Buses, by Region, 2028
Figure 40: Global Market Shares of Hydrogen Engines in Commercial Vehicles, by Region, 2022
Figure 41: Global Market Shares of Hydrogen Engines in Commercial Vehicles, by Region, 2028
Figure 42: Stock of Fuel Cell Electric Vehicles Share, by Country, 2021
Figure 43: Global Market Shares of Hydrogen Engines, by Region, 2022
Figure 44: Global Market Shares of Hydrogen Engines, by Region, 2028
Figure 45: North American Market Shares of Hydrogen Engines, by Country, 2022
Figure 46: North American Market Shares of Hydrogen Engines, by Country, 2028
Figure 47: North American Market Shares of Hydrogen Engines, by Technology, 2022
Figure 48: North American Market Shares of Hydrogen Engines, by Technology, 2028
Figure 49: North American Market Shares of Hydrogen Engines, by Sales Channel, 2022
Figure 50: North American Market Shares of Hydrogen Engines, by Sales Channel, 2028
Figure 51: North American Market Shares of Hydrogen Engines, by Vehicle Type, 2022
Figure 52: North American Market Shares of Hydrogen Engines, by Vehicle Type, 2028
Figure 53: European Market Shares of Hydrogen Engines, by Country, 2022
Figure 54: European Market Shares of Hydrogen Engines, by Country, 2028
Figure 55: European Market Shares of Hydrogen Engines, by Technology, 2022
Figure 56: European Market Shares of Hydrogen Engines, by Technology, 2028
Figure 57: European Market Shares of Hydrogen Engines, by Sales Channel, 2022
Figure 58: European Market Shares of Hydrogen Engines, by Sales Channel, 2028
Figure 59: European Market Shares of Hydrogen Engines, by Vehicle Type, 2022
Figure 60: European Market Shares of Hydrogen Engines, by Vehicle Type, 2028
Figure 61: Asia-Pacific Market Shares of Hydrogen Engines, by Country, 2022
Figure 62: Asia-Pacific Market Shares of Hydrogen Engines, by Country, 2028
Figure 63: Asia-Pacific Market Shares of Hydrogen Engines, by Technology, 2022
Figure 64: Asia-Pacific Market Shares of Hydrogen Engines, by Technology, 2028
Figure 65: Asia-Pacific Market Shares of Hydrogen Engines, by Sales Channel, 2022
Figure 66: Asia-Pacific Market Shares of Hydrogen Engines, by Sales Channel, 2028
Figure 67: Asia-Pacific Market Shares of Hydrogen Engines, by Vehicle Type, 2022
Figure 68: Asia-Pacific Market Shares of Hydrogen Engines, by Vehicle Type, 2028
Figure 69: Rest of World Market Shares of Hydrogen Engines, by Region, 2022
Figure 70: Rest of World Market Shares of Hydrogen Engines, by Region, 2028
Figure 71: Rest of World Market Shares of Hydrogen Engines, by Technology, 2022
Figure 72: Rest of World Market Shares of Hydrogen Engines, by Technology, 2028
Figure 73: Rest of World Market Shares of Hydrogen Engines, by Sales Channel, 2022
Figure 74: Rest of World Market Shares of Hydrogen Engines, by Sales Channel, 2028
Figure 75: Rest of World Market Shares of Hydrogen Engines, by Vehicle Type, 2022
Figure 76: Rest of World Market Shares of Hydrogen Engines, by Vehicle Type, 2028
Figure 77: Hydrogen-Powered Technology Assessment Based on Key Parameters
Figure 78: Current Trends in the Global Market for Hydrogen Engines
Figure 79: Patent Families in the Fields of Fuel Cells and Fuel Cells in Transportation Compared to EVs, 2022
Figure 80: Shares of Different Patent Applicant Profiles in Fuel Cells in Transport, 2022
Figure 81: Patent Filing Shares of Various Transportation Modes, by Fuel Cell Type, 2022 Percentage
Figure 82: Distribution Share of Startup Funding Amount, by Various Rounds, 2020-2023
Figure 83: Market Shares of Fuel Cell Passenger Cars, by Leading Players, 2022
Figure 84: Distribution of Strategies Adopted in the Global Market for Hydrogen Engines, by Type
Figure 85: Honda Motor Co. Ltd.: Revenue Share, by Business Segment, 2022
Figure 86: Honda Motor Co. Ltd.: Revenue Share, by Region, 2022
Figure 87: Honda Motor Co. Ltd.: SWOT Analysis
Figure 88: Hyundai Motor Co.: SWOT Analysis
Figure 89: Hyzon Motors: SWOT Analysis
Figure 90: Nikola Corp.: SWOT Analysis
Figure 91: Tata Motors Ltd.: SWOT Analysis
Figure 92: Toyota Motor Corp.: SWOT Analysis

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Executive Summary

The hydrogen engine market was valued at $2.6 billion in 2022 and is projected to reach $10.5 billion by 2028. This market is expected to grow at a CAGR of 26.8% between 2023 and 2028.

Nowadays, most countries worldwide are looking for alternative solutions to decarbonization. Hydrogen as a fuel is one of the best alternative solutions for carbon emissions-related issues. In the automotive industry, heady duty trucks are the major CO2 gas emitter in the environment. Therefore, automakers are working significantly on hydrogen-powered trucks.

Currently, fuel-cell electric vehicles are available in most developed countries, such as the U.S., Germany, Japan and others. Since these vehicles are very costly compared to conventional vehicles, the governments of individual countries are providing incentives to vehicle purchasers and OEM companies to decrease the overall cost of vehicles.

Currently, proton membrane exchange technology is the main technology used for fuel cells because it can produce electricity frequently, which helps propel vehicles continuously. However, fuel cell companies and automotive companies are working together to develop different types of fuel cells for vehicles, such as phosphoric acid fuel cells and others. Still, this option could increase the overall price of vehicles.

Most OEM (Original Equipment Manufacturer) companies, such as Hyundai, Toyota, Volvo & Daimler, and others, are engaged in producing fuel cell vehicles. However, many OEM companies are working with fuel cell manufacturing companies to design and produce a complete vehicle. Conversely, a few OEM and aftermarket companies can convert vehicles from gasoline/diesel-powered to hydrogenpowered vehicles. Once the hydrogen infrastructure is ready, fleet operators of trucks, taxis, rented vehicles and the like could choose the conversion option.

Currently, fuel cells are integrated with passenger cars, buses and commercial vehicles. Due to the high cost of fuel cell trucks, the commercial vehicle segment dominates the global market. For passenger cars, only two companies, Hyundai and Toyota, offer commercial fuel cell cars across the globe. In comparison, most of the companies are working on heavy-duty trucks.

Companies Mentioned

  • Cummins Inc.
  • Daimler Truck AG
  • General Motors
  • Honda Motor Co. Ltd.
  • Hyundai Motor Co.
  • Hyzon Motors
  • Man Energy Solutions Se
  • Nikola Corp.
  • Tata Motors Ltd.
  • Toyota Motor Corporation

Table Information