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Hydrogen Fuel Cell Vehicle Global Market Report 2024

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    Report

  • 175 Pages
  • February 2024
  • Region: Global
  • The Business Research Company
  • ID: 5785493
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.


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Table of Contents

1. Executive Summary2. Hydrogen Fuel Cell Vehicle Market Characteristics3. Hydrogen Fuel Cell Vehicle Market Trends and Strategies
4. Hydrogen Fuel Cell Vehicle Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Hydrogen Fuel Cell Vehicle Market Size and Growth
5.1. Global Hydrogen Fuel Cell Vehicle Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Hydrogen Fuel Cell Vehicle Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Hydrogen Fuel Cell Vehicle Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Hydrogen Fuel Cell Vehicle Market Segmentation
6.1. Global Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Commercial Vehicle
  • Passenger Cars
6.2. Global Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Proton Exchange Membrane Fuel Cell
  • Alkaline Fuel cell
  • Solid Oxide Fuel Cell
  • Other Technologies
6.3. Global Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Private
  • Commercial
7. Hydrogen Fuel Cell Vehicle Market Regional and Country Analysis
7.1. Global Hydrogen Fuel Cell Vehicle Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Hydrogen Fuel Cell Vehicle Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Hydrogen Fuel Cell Vehicle Market
8.1. Asia-Pacific Hydrogen Fuel Cell Vehicle Market Overview
Region Information, Impact of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9. China Hydrogen Fuel Cell Vehicle Market
9.1. China Hydrogen Fuel Cell Vehicle Market Overview
9.2. China Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10. India Hydrogen Fuel Cell Vehicle Market
10.1. India Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11. Japan Hydrogen Fuel Cell Vehicle Market
11.1. Japan Hydrogen Fuel Cell Vehicle Market Overview
11.2. Japan Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12. Australia Hydrogen Fuel Cell Vehicle Market
12.1. Australia Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13. Indonesia Hydrogen Fuel Cell Vehicle Market
13.1. Indonesia Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14. South Korea Hydrogen Fuel Cell Vehicle Market
14.1. South Korea Hydrogen Fuel Cell Vehicle Market Overview
14.2. South Korea Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. Western Europe Hydrogen Fuel Cell Vehicle Market
15.1. Western Europe Hydrogen Fuel Cell Vehicle Market Overview
15.2. Western Europe Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16. UK Hydrogen Fuel Cell Vehicle Market
16.1. UK Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17. Germany Hydrogen Fuel Cell Vehicle Market
17.1. Germany Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. France Hydrogen Fuel Cell Vehicle Market
18.1. France Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19. Italy Hydrogen Fuel Cell Vehicle Market
19.1. Italy Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20. Spain Hydrogen Fuel Cell Vehicle Market
20.1. Spain Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. Eastern Europe Hydrogen Fuel Cell Vehicle Market
21.1. Eastern Europe Hydrogen Fuel Cell Vehicle Market Overview
21.2. Eastern Europe Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22. Russia Hydrogen Fuel Cell Vehicle Market
22.1. Russia Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. North America Hydrogen Fuel Cell Vehicle Market
23.1. North America Hydrogen Fuel Cell Vehicle Market Overview
23.2. North America Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. USA Hydrogen Fuel Cell Vehicle Market
24.1. USA Hydrogen Fuel Cell Vehicle Market Overview
24.2. USA Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. Canada Hydrogen Fuel Cell Vehicle Market
25.1. Canada Hydrogen Fuel Cell Vehicle Market Overview
25.2. Canada Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. South America Hydrogen Fuel Cell Vehicle Market
26.1. South America Hydrogen Fuel Cell Vehicle Market Overview
26.2. South America Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27. Brazil Hydrogen Fuel Cell Vehicle Market
27.1. Brazil Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. Middle East Hydrogen Fuel Cell Vehicle Market
28.1. Middle East Hydrogen Fuel Cell Vehicle Market Overview
28.2. Middle East Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. Africa Hydrogen Fuel Cell Vehicle Market
29.1. Africa Hydrogen Fuel Cell Vehicle Market Overview
29.2. Africa Hydrogen Fuel Cell Vehicle Market, Segmentation by Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Hydrogen Fuel Cell Vehicle Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Hydrogen Fuel Cell Vehicle Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
30. Hydrogen Fuel Cell Vehicle Market Competitive Landscape and Company Profiles
30.1. Hydrogen Fuel Cell Vehicle Market Competitive Landscape
30.2. Hydrogen Fuel Cell Vehicle Market Company Profiles
30.2.1. Toyota Motor Corporation
30.2.1.1. Overview
30.2.1.2. Products and Services
30.2.1.3. Strategy
30.2.1.4. Financial Performance
30.2.2. Daimler AG
30.2.2.1. Overview
30.2.2.2. Products and Services
30.2.2.3. Strategy
30.2.2.4. Financial Performance
30.2.3. General Motors Company
30.2.3.1. Overview
30.2.3.2. Products and Services
30.2.3.3. Strategy
30.2.3.4. Financial Performance
30.2.4. BMW AG
30.2.4.1. Overview
30.2.4.2. Products and Services
30.2.4.3. Strategy
30.2.4.4. Financial Performance
30.2.5. Honda Motor Company Ltd
30.2.5.1. Overview
30.2.5.2. Products and Services
30.2.5.3. Strategy
30.2.5.4. Financial Performance
31. Hydrogen Fuel Cell Vehicle Market Other Major and Innovative Companies
31.1. Hyundai Motor Company
31.2. Bosch
31.3. Ballard Power Systems Inc
31.4. Kia Motor Corporation
31.5. Groupe Renault
31.6. Volvo Group
31.7. Audi AG
31.8. Mazda Motor Corporation
31.9. Tata Motors Limited
31.10. SinoHytec
31.11. Faurecia
31.12. Jaguar Land Rover
31.13. China National Heavy Duty Truck Group (CNHTC)
31.14. Ashok Leyland Ltd
31.15. Man SE
32. Global Hydrogen Fuel Cell Vehicle Market Competitive Benchmarking33. Global Hydrogen Fuel Cell Vehicle Market Competitive Dashboard34. Key Mergers and Acquisitions in the Hydrogen Fuel Cell Vehicle Market
35. Hydrogen Fuel Cell Vehicle Market Future Outlook and Potential Analysis
35.1 Hydrogen Fuel Cell Vehicle Market in 2028 - Countries Offering Most New Opportunities
35.2 Hydrogen Fuel Cell Vehicle Market in 2028 - Segments Offering Most New Opportunities
35.3 Hydrogen Fuel Cell Vehicle Market in 2028 - Growth Strategies
35.3.1 Market Trend-based Strategies
35.3.2 Competitor Strategies
36. Appendix
36.1. Abbreviations
36.2. Currencies
36.3. Historic and Forecast Inflation Rates
36.4. Research Inquiries
36.5. About the Analyst
36.6. Copyright and Disclaimer

Executive Summary

Hydrogen Fuel Cell Vehicle Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on hydrogen fuel cell vehicle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
  • Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
  • Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
  • All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for hydrogen fuel cell vehicle? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
  • The forecasts are made after considering the major factors currently impacting the market. These include:
  • The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
  • The impact of higher inflation in many countries and the resulting spike in interest rates.
  • The continued but declining impact of COVID-19 on supply chains and consumption patterns.
  • Market segmentations break down the market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Report Scope

Markets Covered:
1) By Vehicle Type: Commercial Vehicle; Passenger Cars
2) By Technology: Proton Exchange Membrane Fuel Cell; Alkaline Fuel cell; Solid Oxide Fuel Cell; Other Technologies
3) By End-user: Private; Commercial

Key Companies Mentioned: Toyota Motor Corporation; Daimler AG; General Motors Company; BMW AG; Honda Motor Company Ltd

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita

Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes

Delivery Format: PDF, Word and Excel Data Dashboard

Companies Mentioned

  • 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

Methodology

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