Hydrogen Fuel Cell Vehicle Global Market Report 2024

The hydrogen fuel cell vehicle market size has grown exponentially in recent years. It will grow from $8.01 billion in 2023 to $9.73 billion in 2024 at a compound annual growth rate (CAGR) of 21.5%. The increase observed in the historical period can be attributed to the rise in the automotive sector, infrastructure development, an increase in emissions regulations, and heightened consumer awareness.

The hydrogen fuel cell vehicle market size is expected to see exponential growth in the next few years. It will grow to $20.52 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%. The expansion anticipated in the forecast period can be linked to global market expansion, cost reduction strategies, commercialization initiatives, research and development efforts, and the rising environmental concern. Major trends projected for the forecast period encompass cost reduction strategies, rapid prototyping and commercialization, emissions regulations, supply chain development, and increased consumer demand and awareness.

The hydrogen fuel cell vehicle market is experiencing growth due to the rising adoption of electric vehicles. Electric vehicles, utilizing hydrogen fuel cells to power electric motors, have seen increased demand amid higher fuel prices and environmental concerns. In July 2023, the International Energy Agency reported a nearly doubled sales figure of electric vehicles, reaching 6.6 million in 2021. This surge in demand for electric vehicles is expected to drive the hydrogen fuel cell car market, as they offer sustainable energy solutions without emitting greenhouse gases.

The growth of the hydrogen fuel cell vehicle market is anticipated to be propelled by increasing environmental concerns. Environmental concerns encompass challenges related to the state of the natural world and its ecosystems. Hydrogen fuel cell vehicles (FCVs) address these concerns by producing zero tailpipe emissions, reducing greenhouse gas emissions, enhancing energy efficiency, decreasing dependence on fossil fuels, improving air quality, reducing noise pollution, and serving as a means of energy storage to balance the intermittent nature of renewable energy sources. For example, in October 2023, the Office for National Statistics reported a 2% increase in the United Kingdom's greenhouse gas emissions per resident in 2022 compared to 2021. Consequently, the growth of the hydrogen fuel cell vehicle market is driven by escalating environmental concerns.

A prominent trend gaining traction in the hydrogen fuel cell vehicle market is the strategic partnership, with major companies in the sector joining forces to harness each other's resources and expand into new markets. An example of this trend is the partnership formed in March 2022 between Hyundai Motor Company, a South Korean automotive manufacturer specializing in hydrogen fuel cell vehicles, and Iveco Group, a Netherlands-based vehicle manufacturer with expertise in powertrain technology. This collaboration aims to leverage the strengths of both companies, including electric drivetrains, platforms, fuel cell technology, automated driving, and communication for commercial vehicles. Another partnership in March 2021 involved Hyundai Motor Company joining forces with Forze Hydrogen Racing to advance fuel cell mobility, with Hyundai providing expertise through its professionals.

Major players in the hydrogen fuel cell vehicle market are innovating by introducing new products such as power generation packs to gain a competitive advantage. A power generation pack is a compact, lightweight device that converts household electrical circuits or battery power sources into suitable voltages for electronic devices. For example, in August 2022, Proton Motor Power Systems PLC, a Germany-based company specializing in fuel cell and hydrogen technology, unveiled a 90 kW gross power-producing PM module. This module includes a complete balance of plant and power electronics and is based on the latest generation of the company's PM400 stack modules. The 90 kW Module has versatile applications, including power generation, rail, maritime, and standby generators for large vehicles. Housed in a cabinet with a volume of 452 liters (0.2 kW per liter), it exemplifies the company's commitment to replacing diesel engines with hydrogen fuel cell engines.

In August 2023, Hyundai Motor Company, a South Korea-based automotive manufacturer, acquired General Motors Company for an undisclosed sum. This acquisition aims to double Hyundai's annual vehicle production in South Korea to one million units. The manufacturing facilities are expected to be operational by 2025. General Motors Company, a US-based automaker, is known for its production of hydrogen fuel cell vehicles.

Major companies operating in the hydrogen fuel cell vehicle market report are Toyota Motor Corporation, Daimler AG, General Motors Company, BMW AG, Honda Motor Company Ltd., Hyundai Motor Company, Bosch, Ballard Power Systems Inc., Kia Motor Corporation, Groupe Renault, Volvo Group, Audi AG, Mazda Motor Corporation, Tata Motors Limited, SinoHytec, Faurecia, Jaguar Land Rover, China National Heavy Duty Truck Group (CNHTC), Ashok Leyland Ltd., Man SE, Rivian, Symbio, Wrightbus, Nel Hydrogen, Nikola Motor Company, GreenGT, Doosan Mobility Innovation, Riversimple, H2 Energy, Ulemco, Microcab Industries Ltd., GreenPower Motor Company, Hyzon Motors, Kawasaki Heavy Industries, Quantum Fuel Systems, Nuvera Fuel Cells, ElringKlinger AG.

North America was the largest region in the hydrogen fuel cell vehicle market in 2023. The regions covered in the hydrogen fuel cell vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hydrogen fuel cell vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of hydrogen fuel cell vehicles include passenger cars and commercial vehicles. Commercial vehicles are utilized for transporting goods or passengers and contribute to reducing harmful emissions. Various technologies, such as proton exchange membrane fuel cells, alkaline fuel cells, and solid oxide fuel cells, are employed for both private and commercial purposes.

The hydrogen fuel cell vehicle market research report is one of a series of new reports that provides hydrogen fuel cell vehicle market statistics, including hydrogen fuel cell vehicle industry global market size, regional shares, competitors with a hydrogen fuel cell vehicle market share, detailed hydrogen fuel cell vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the hydrogen fuel cell vehicle industry. This hydrogen fuel cell vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hydrogen fuel cell vehicle market consists of sales of battery, battery pack, fuel cell stack, fuel filler, power electronics controller (FCEV). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.