Global Hydrogen Fuel Cell Vehicle Market was valued at US $ 1.5 billion in 2023 and is expected to reach US $ 57.9 billion by 2032 growing at a CAGR of 43 % during the forecast period 2024 – 2032.

They are also purpose-built cars that use hydrogen as a propellant to power electric motors imbedded within the vehicles. This design sets hydrogen fuel cell vehicles apart from others, and emission-free transmission is guaranteed. Through a reverse electrolysis process involving oxygen, hydrogen fuel cells are used in vehicles to generate heat and electricity for electric motors. Water is created as well. The water and heat produced as exhaust during this process appear in the form of water vapor with a zero or no emission.

Through a fuel cell, the electric powertrain is converted to hydrogen of Hydro green cars. To generate electricity through electrolysis, the hydrogen fuel cell is driven by using a supply of hydrogen. Hydrogen fuel cell vehicles can reduce greenhouse gas emissions caused by transport to a considerable extent. This particular motorized vehicle, unlike diesel and gasoline-powered vehicles produces no greenhouse gases (GHG) while in motion.

The Hydrogen Fuel Cell Vehicle Market Trend Analysis

Population increase has been accompanied by increased pollution, which prompted concentration on green technology and clean fuels in order to promote market expansion.

The market for fuel cell vehicles is still at the infant stages of development and growth. For instance, at present some places have a few vehicles produced by Toyota Motor Corporation, Honda Motor Corporation and Hyundai Motor Group. However, most of these technologies are still just experimental stages. European manufacturers such as BMW AG and Audi are already developing vehicles based on their earlier prototypes for a subsequent release in time. Many other enterprises are following in the footsteps of BMW and Audi. For example, Renault built a prototype SUV powered by hydrogen fuel cells. The fuel cell in the Scenic Vision SUV will have a 16kW output, which means that it won't need to be recharged and its driving range can go up as high as 800 kilometers. The 16kW fuel cell on the Scenic Vision SUV goes so far as not requiring recharging, and the driving range is extended to 800 kilometers. Compared to conventional electric models, carbon burden will be reduced 75 %, and the battery weight less. By 2030 or 2032, the model produced by the French automaker will be on sale. Its fully electric model is planned for release no later than 2024.

Large commercial haulers are seeking to increase efficiency, and the use of hydrogen fuel cell vehicles is being applied more widely. For example, in the case of Hyzon Motors Inc., a major multinational company concentrating on zero-emission commercial vehicles powered by hydrogen fuel cells, they just announced that their development for a new way to store and transport liquid or gaseous hydrogen has enabled them not only to reduce costs (and thereby even more so) but also downsize it as well. Unattributed, the new technology is poised to cut system storage costs by 52 %, manufacturing component use by 75 % and overall system weight by 43 %. This concept relies on a single rack system that can simultaneously handle five hydrogen containers; the metal print of the system is made from lightweight composite material. As a result, these factors have contributed to the rise in CAGR of the global hydrogen fuel cell vehicle market over recent years.

Segmentation Analysis of the Hydrogen Fuel Cell Vehicle Market

The hydrogen fuel cell vehicle industry can be broken down into separate sectors by type of vehicles, technology used, range and region. By vehicle type, it is divided into sedans, SUVs and so on. According to the technology used in fuel cells, there are two main methods of grouping the market for fuel cell. proton exchange membrane fuel cells and phosphoric acid fuel cells. By range, the market is divided into the following three categories: 0-250 miles; 251-50 miles; over 5omiles.

The public sector attempts to develop the infrastructure for hydrogen fuel cells

Different rulers have used different policies depending on environmental situations. One example is California, which invested financial resources in the creation of one hundred hydrogen refueling stations to help it reach its target goal by 2025 of having 1.5 million zero-emission vehicles on the state's roads. This admirable effort is greatly contributing to the growth of its market. Furthermore, it is expected that the Inflation Reduction Act (IRA) of 2022 will spur development in U.S. hydrogen electric vehicles market. Legislation designates a tax credit of $ 7,500 for hydrogen fuel cell vehicles.. In addition, for the manufacture of pure hydrogen, it will grant a tax credit at $ 3 per kilogram from IRA. Likewise in South Korea, through national and state incentives as much $30k was added to each of the 2021 Nexos sold. Because of these sorts of subsidies and incentives, production and sales of HFCV vehicles are expected to be stimulated over the forecast period.

Ecological concern is gaining ground.

Awareness of environmental degradation and the exhaustion of natural resources has spawned many technology options relevant to the conceptually green, environmentally sustainable model. Also, with the increased recognition of air pollution's harmful effects in addition to rising levels of traffic and greenhouse-gas emissions, many more people are switching to hydrogen fuel cell vehicles that cause less environmental damage than regular cars. In addition, governments around the world and industry leaders have made great strides in developing zero-emission vehicles. It has led to a favorable trend in the global market for zero-emission automobiles. In December 2019, for instance, Toyota announced its future plans to come out with a hydrogen fuel cell-powered version of the popular Hilux pickup. A further announcement from Toyota states that in 2023, fuel-cell modules will replace their heavy-duty diesel counterparts among Class8 semitrailers. These developments open doors to all kinds of possibilities for the international market's further expansion.

Infrastructure deficiency for HFCV fuelling

Lacking hydrogen refueling stations, infrastructure for HFCVs is weak in most countries. As of 2020, only around 8oo hydrogen refueling stations exist in the world. This is an obstacle to expanding sales for HFCV vehicles. The lack of hydrogen vehicles together with high development costs also act to restrain the market for HFCVs in many developing nations, including Brazil, Africa and others. The rate of HFCV development is relatively delayed in lower developed countries.

Increasing use of HFCV by development economies

Global fascination with sustainable mobility has grown as a result of climate change. Combustion of fossil fuels by automobiles is a major factor in global warming.. Propulsion systems employing dimethyl ether, electricity, natural gas, biofuel and biodiesel are responsible us for reduced carbon emissions. Fuel cells as well liquid nitrogen also lower greenhouse gases into the atmosphere. During the forecast period, this shift is expected to be triggered by rising consumer environmental consciousness and stricter emission regulations, as well as advanced vehicles capable of supporting alternative fuels.

Regional Analysis of the Hydrogen Fuel Cell Vehicle Market

Asia-Pacific is expected to have the largest market for autonomous fuel cells in terms of revenue during forecast period, followed by North America and Europe. Europe's strong demand for fuel cell vehicles to serve both private and public transportation, along with the unusually large proportion of passenger vans produced in total vehicle production at present are all factors driving them.

Besides, Asia-Pacific is at present the biggest fuel cell market. Japan China and South Korea are also major green technology markets in this region. Large sums of money are being invested by many corporations, and they have high-level strategic objectives to expand fuel cell vehicle production capacities as well build up their sales channels. Take Hyundai for example, which has earmarked USD 6.7 billion to ramp up fuel cell production and double its manufacturing capacity over a period of ten years from now (2032).

Top Key Players

• Ballard Power System
• ITM Power
• Plug Power
• Delphi Technologies
• Doosan Corporation
• Hydrogenics
• Proton Power System PLC
• Intelligent Energy Holdings plc
• Panasonic Corporation
• Pearl Hydrogen
• Horizon Fuel Cell Technologies

Key Industry Developments in the Hydrogen Fuel Cell Vehicle Market

• In September 2023, Toyota Motor Corporation exhibited a hydrogen fuel cell electric Hilux prototype. A: This technology will help us to speed up the development of a hydrogen fuel cell solution so that high-quality carbon neutrality can be achieved throughout the region. But its basic components are simply taken from the Toyota Mirai hydrogen fuel cell electric sedan, a technology breakthrough which has already gone through almost 10 years of practical use.
• July 2023: Ballard Power Systems, Inc. and Ford Trucks sign a contract for the supply of a fuel cell system along with prototype developments on vehicles propelled by hydrogen fuel cells. This involves an initial purchase order for two FCmoveTM.-XD 120 kW fuel cell engines, which Ballard expects to deliver Ford Trucks next year. In addition, as part of the undertaking as a whole, Ford Trucks wants to develop an FCEV (Fuel Cell Electric Vehicle) called the F-MAX.
• Solaris Bus & Coach sp. In July 2023, z o.o., an important customer since 2018, placed orders with Ballard Power Systems Inc for 96 hydrogen fuel cell engines. There are fifty-two purchase orders signed for fuel cell engines to be used in Solaris Urbino hydrogen buses designed specifically for public transportation use in German cities, as well as forty-four more designated not only for regular Solaris city and intercity bus service but also all the way down through schoolbusing.
• In January 2022, General Motors (GM) wanted to bring electrification beyond vehicles by widening the application of fuel cells. Apart from expediting the development of its platform innovator role, recently this company introduced other commercial uses for their HYDROTEC fuel cell technology. These projects, which are now in various stages of development and apply from aerospace to locomotives and heavy-duty trucks as far as the range can be extended do not stop there.

Table of Contents

1. Introduction Of Global Hydrogen Fuel Cell Vehicle Market
   1. Overview of the Market
   2. Scope of Report
   3. Assumptions
2. Executive Summary
3. Research Methodology
   1. Data Mining
   2. Validation
   3. Primary Interviews
   4. List of Data Sources
4. Global Hydrogen Fuel Cell Vehicle Market Outlook
   1. Overview
   2. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
   3. Porters Five Force Model
      1. Bargaining Power of Suppliers
      2. Threat of New Entrants
      3. Threat of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power among Buyers
   4. Value Chain Analysis
5. Global Hydrogen Fuel Cell Vehicle Market, By Vehicle Type
   1. Overview
   2. Sedan
   3. SUV
   4. Others
6. Global Hydrogen Fuel Cell Vehicle Market, By Technology
   1. Overview
   2. Proton Exchange Membrane Fuel Cell
   3. Phosphoric Acid Fuel Cell
7. Global Hydrogen Fuel Cell Vehicle Market, By Range
   1. Overview
   2. 0-250 Miles
   3. 251-500 Miles
   4. Above 500 Miles
8. Global Hydrogen Fuel Cell Vehicle Market, By Region
   1. North America
      1. U.S.
      2. Canada
   2. Europe
      1. Germany
      2. U.K.
      3. France
      4. Rest of Europe
   3. Asia Pacific
      1. China
      2. Japan
      3. India
      4. South Korea
      5. Singapore
      6. Malaysia
      7. Australia
      8. Thailand
      9. Indonesia
      10. Philippines
      11. Rest of Asia Pacific
   4. Others
      1. Saudi Arabia
      2. U.A.E.
      3. South Africa
      4. Egypt
      5. Israel
      6. Rest of Middle East and Africa (MEA)
      7. Brazil
      8. Argentina
      9. Mexico
      10. Rest of South America
9. Company Profiles
   1. Ballard Power System
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   2. ITM Power
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   3. Plug Power
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   4. Delphi Technologies
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   5. Doosan Corporation
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   6. Hydrogenics
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   7. Proton Power System PLC
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   8. Intelligent Energy Holdings plc
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   9. Panasonic Corporation
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
   10. Pearl Hydrogen
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News
   11. Horizon Fuel Cell Technologies
       1. Company Overview
       2. Key Executives
       3. Operating Business Segments
       4. Product Portfolio
       5. Financial Performance (As per availability)
       6. Key News

Global Hydrogen Fuel Cell Vehicle Market Segmentation

Hydrogen Fuel Cell Vehicle by Vehicle Type: Market Size & Forecast 2024-2032

• Sedan
• SUV
• Others

Hydrogen Fuel Cell Vehicle by Technology: Market Size & Forecast 2024-2032

• Proton Exchange Membrane Fuel Cell
• Phosphoric Acid Fuel Cell
  
  

Hydrogen Fuel Cell Vehicle by Range: Market Size & Forecast 2024-2032

• 0-250 Miles
• 251-500 Miles

• Above 500 Miles

Hydrogen Fuel Cell Vehicle by Geography: Market Size & Forecast 2024-2032

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
• South America (Brazil, Argentina, Columbia, Rest of South America)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major Players:

• Ballard Power System
• ITM Power
• Plug Power
• Delphi Technologies
• Doosan Corporation
• Hydrogenics
• Proton Power System PLC
• Intelligent Energy Holdings plc
• Panasonic Corporation
• Pearl Hydrogen
• Horizon Fuel Cell Technologies