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The global fuel cell vehicle market size valued at USD 446.7 million in 2018 and is projected to reach USD 6,731.4 million by 2026, exhibiting a CAGR of 29.7% during the forecast period.
The need to conserve natural resources and protect the environment is driving many vehicle manufacturers to take the lead to develop new, more efficient, and cleaner powertrain. Fuel cell vehicles are driven by the electricity generated onboard through fuel cell stack by passing hydrogen gas. This fuel cell technology has the capacity to power passenger cars and commercial vehicles. Also, standards implemented by the U.S. Department of Energy for the usage of a hydrogen fuel cell in vehicles, owing to this, the automakers are making huge progress in the advancement of fuel cell vehicles.
Economic and Social Benefits of Hydrogen Fuel Cell has led to Witnessed Significant Market Trend
Hydrogen-based energy has many benefits, such as decarbonizing transportation, which helps to decarbonize building heating and power, distribute energy across regions and sectors, and also provide clean feedstock for industry. Hydrogen gas has been used successfully and safely in industrial procedures for generations. Since all these solutions support and complement each other, the hydrogen economy is experiencing exponential growth by attracting significant interest.
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Increasing Use of Fuel Cell Vehicles by Government Bodies to Drive the Market
Increasing usage of fuel cell vehicles in the government departments in some countries is expected to drive the fuel cell vehicle market trends. For example, in the U.K., in 2018, the metropolitan police have added 21 Toyota Mirai fuel cell vehicles to their emergency response team, forming the world’s first hydrogen-powered fleet.
Stringent Government Emission Regulations to Drive the Growth of this Market
The vehicle emission has led to an adverse impact on the environment and human life; therefore, several government bodies are implementing stringent emission standards for vehicles. As fuel cell vehicles being zero-emission vehicles are likely to have high demand in the market as they comply with government standards. The rising awareness among the automakers about the effect of vehicle emission on the environment by developing alternative powertrain is also expected to drive the growth of the market over the forecast period.
Rising Government Funding for Hydrogen Refueling Infrastructure to Drive the Market
Governmental funding for the development and installation of the hydrogen refueling stations is expected to boost the fuel cell vehicle market growth. The main objective of the government of developed nations is to develop a strategic plan for the commercial roll-out of fuel cell technology. This funding is expected to support the purchase of fuel cell vehicles. Many nations are aiming for full coverage of hydrogen refueling stations nationwide by 2030. The hydrogen fuel cell vehicles have the advantage of fast refueling. All these factors are likely to drive the growth of this market over the forecast period.
The Initial Cost of Fuel Cell Vehicles to Restrain the Growth of the Market
Fuel cell vehicles are expensive, and the cost of hydrogen per kilo is high in some regions. These two factors are expected to restrain the fuel cell vehicle market demand over the forecast period. However, many automakers are working on the development of the platinum-free metal components fuel cells to combat the high pricing. This may lower the cost of vehicle production.
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Passenger Car Segment to Experience Significant Growth During the Forecast Period
Based on vehicle type, the market is segmented into passenger cars, commercial vehicles, and buses & coaches. The passenger car segment is anticipated to dominate the market over the forecast period. Increasing sales of passenger cars in Japan and South Korea is likely to drive the growth of this segment in the market. The commercial vehicle segment is estimated to show steady growth in the market. The buses & coaches segment is projected to show significant growth in the market owing to rising government deployment of the fuel cell buses in some countries.
Private Segment to Show Exponential Growth in the Market over the Forecast Period
By end-user, the market segments include private and commercial. The private end-user segment is expected to dominate the market over the forecast period. Government subsidies for the purchase of fuel cell vehicles for the consumers are driving the growth of this segment in the market. The commercial end-user segment is projected to show good growth in the market owing to rising governmental funding for the usage of fuel cell vehicles such as buses and light-heavy duty vehicles for public use.
Europe Fuel Cell Vehicle Market Size, 2018
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By region, the market has been segmented into Europe, North America, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to dominate the fuel cell vehicle market share over the forecast period. Japan and South Korea are key driver countries for the growth of this market in this region. Government initiatives in Japan for the usage of fuel cell vehicles and support to consumers through subsidies for the purchase of the vehicles are driving the growth of the market in this region.
Europe is the second-largest region in the market and is estimated to show significant growth in the market over the forecast period. France is a leader in this region owing to a massive deployment of commercial vehicles in the country for public and government usage. North America is expected to show steady growth in the fuel cell vehicle market over the forecast period owing to the lower number of fuel cell vehicles.
Toyota Motor Corporation has Developed Fuel Cell Technology for the Maritime Applications
Competitive landscape depicts that the fuel cell market is dominated by the Toyota Motor Corporation. Toyota’s fuel cell technology demonstrates the adaptability to a variety of maritime applications.
Toyota is also developing technologies for the hydrogen-based society for, as stated in its Environmental Challenge 2050. This project is also supporting the vision and aim of the hydrogen-based society.
An Infographic Representation of Fuel Cell Vehicle Market
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The fuel cell vehicle market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD million)
By Vehicle Type
By End User
Fortune Business Insights says that the global market size was USD 446.7 million in 2018 and is projected to reach USD 6731.4 million in 2026.
In 2018, the market value stood at USD 446.7 million.
Growing at a CAGR of 29.7%, the market will exhibit exponential growth in the forecast period (2019-2026).
The passenger car segment is expected to be the leading segment in this market during the forecast period.
Stringent government emission regulations is the key factor driving the fuel cell vehicle market.
Toyota Motor Corporation is the leading player in the global market.
Asia Pacific dominated the market share in 2018.
The rising Government funding for the hydrogen refueling stations along with stringent government regulations are likely to open new market spaces for the fuel cell vehicle.
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