Hydrogen Fuel Cell Vehicle Market Projected to Grow at a CAGR of ~65% By 2030

Research Nester published a report titled “Hydrogen Fuel Cell Vehicle Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global hydrogen fuel cell vehicle market in terms of market segmentation by vehicle type, technology, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global hydrogen fuel cell vehicle market is anticipated to attain a CAGR of ~65% over the forecast period, i.e., 2022 – 2030. The market is segmented on the basis of vehicle type into commercial, personal, and others, out of which the personal segment is foreseen to attain a notable market share as hydrogen fuel cell vehicles are being used for personal use only, presently. The cost of these vehicles is higher than other battery powered cars, which is why, the commercial segment is estimated to experience slower growth.

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The global hydrogen fuel cell vehicle market is projected to grow on the back of growing acceptance of low-emission cars, backed by the rising environment awareness amongst the population. Unlike hydrogen vehicles, hydrogen fuel cell vehicle only produce water as residue of the chemical reaction, making it eco-friendly and efficient. The shift of consumer demand from fossil fuel driven vehicles to eco-friendly vehicles is evident by the growing demand for EVs. The growing sale of electric and battery powered vehicles is also estimated to strengthen the market growth.

On the basis of geographical analysis, the global hydrogen fuel cell vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness highest CAGR over the forecast period owing to the growing adoption of clean-fuel vehicles in countries, such as, China, Japan, Korea, and others. The various government initiatives to curb vehicular pollution is estimated to fuel the regional market growth. According to the report by International Energy Agency (IEA), China has around 3.349 million electric cars on road, in 2019.

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The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

Growing Awareness Regarding Air Pollution to Boost the Market Growth

According to the data by the World Health Organization, over 7 million people die prematurely due to air pollution. The toxic emissions from vehicles are a major cause of air pollution.

Traditionally, fossil fuels, such as, petrol, diesel, and gasoline, are used to power the vehicles. However, within the last decade, automotive industry has witnessed a significant transformation, from petroleum to battery and electricity powered vehicles, in order to reduce pollution. Growing concerns amongst authorities to curb emissions from vehicles, is estimated to boost the market growth.

However, requirement of huge investment, and high competition from electric vehicle are expected to operate as key restraint to the growth of the global hydrogen fuel cell vehicle market over the forecast period.

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This report also provides the existing competitive scenario of some of the key players of the global hydrogen fuel cell vehicle market which includes company profiling of Toyota Motor Sales, U.S.A., Inc. and Hyundai Motor Company and others. With the growing research and development activities in hydrogen fuel cell technology, other prominent automotive manufacturers are estimated to enter the market. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global hydrogen fuel cell vehicle market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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