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Fuel Cell Commercial Vehicle Market

Fuel Cell Commercial Vehicle Market Size, Share & Trends Analysis Distribution by Vehicle (Light Commercial Vehicles, Medium Commercial Vehicles, Heavy Commercial Vehicles), Fuel Cell Technology (Proton Exchange Membrane, Alkaline Fuel Cells, Solid Oxide Fuel Cells), Range (Short-Range, Medium-Range, Long-Range), End User and Segment Forecasts, 2024-2031

Report ID : 2824 | Published : 2024-10-04 | Pages: 172 | Format: PDF/EXCEL

The Fuel Cell Commercial Vehicle Market Size is valued at USD 2.6 Bn in 2023 and is predicted to reach USD 19.3 Bn by the year 2031 at an 28.6% CAGR during the forecast period for 2024-2031.

fuel cell commercial vehicle

The commercial vehicle market for fuel cells is rapidly taking off as a sustainable solution for the transportation sector. Hydrogen-fueled cells produce electricity by combining hydrogen and oxygen, and vehicles emit just water vapor, which makes it clean compared with most options that are transported via fossil-based transport vehicles. Applications range from logistics to public transportation systems and heavy-duty trucking in cities with strict emissions regulations. In some cases, this has led to the designing of buses, trucks, and forklifts.

The primary driver for this market's growth is the global interest to reduce greenhouse gas emissions. Hydrogen fuel cells become a more viable alternative in achieving sustainability targets as governments step up the implementation of strict climate regulations. Hydrogen fuel cells enable faster refueling and greater driving ranges than those of battery electric vehicles, making them an attractive option for fleet operators seeking to improve operational efficiency without increasing their carbon footprint.

Competitive Landscape

Some of the Key Players in Fuel Cell Commercial Vehicle Market:

  • Foton Motor
  • Honda Motor
  • Hyundai Motor
  • Hyzon Motors
  • Mercedes-Benz Group
  • New Flyer
  • Nikola
  • PACCAR
  • Renault
  • Solaris Bus & Coach
  • Tata Motors
  • Toyota Motor Company
  • Volkswagen Group (Scania)
  • Volvo Group
  • Zhejiang Geely Holding Group

Market Segmentation:

The fuel cell commercial vehicle market is vehicle, fuel cell technology, range, end user. By vehicle the market is segmented into light commercial vehicles, medium commercial vehicles, heavy commercial vehicles, by fuel cell technology market is categorized into proton exchange membrane, alkaline fuel cells, solid oxide fuel cells. By range market is categorized into short-range, medium-range, long-range. By end user the market is categorized into public transit, construction and mining, logistics & transportation, others.

Light Commercial Vehicles Segment is Expected to Drive the Fuel Cell Commercial Vehicle Market

Light commercial vehicles will drive growth in the market because they offer efficiency and suitability for sustainable transport. Hydrogen fuel cell light commercial vehicles average five minutes at refuelling, which is much faster than any battery electric vehicle and, therefore, marketable for businesses whose days are stitched up around uptime, such as courier and delivery services. These zero-emission vehicles emit only water vapor. Hydrogen fuel cell LCVs meet stricter urban emission standards and align with corporate sustainability initiatives. Like their diesel counterparts, they preserve full payload capacity without compromising cargo space, ensuring efficient operations. This versatility makes them useful in grocery delivery, parcel services, and utility operations. This in turn aids better penetration of hydrogen technology into the market by increasing interest in hydrogen technology as a viable solution for diverse commercial applications.

Proton Exchange Membrane Fuel Cells (PEMFCs) are Growing at the Highest Rate in the Fuel Cell Commercial Vehicle Market.

Proton Exchange Membrane Fuel Cells (PEMFCs) drive significant growth in the fuel cell commercial vehicle market, particularly in light and medium commercial vehicles. Their high efficiency, quick start-up times, and ability to operate at low temperatures make them ideal for commercial vehicles requiring rapid acceleration. PEMFCs produce zero emissions, emitting only water vapor, aligning with regulatory demands for cleaner cars. Additionally, they are more compatible with existing hydrogen production and distribution infrastructure than other fuel cell technologies, which eases adoption. Their versatility across various applications, from buses to trucks and vans, further enhances their appeal in the market.

Regionally, Asia-Pacific Led the Fuel Cell Commercial Vehicle Market.

The APAC region dominates the fuel cell commercial vehicle market, motivated by support from governments and an increasing demand for zero-emission vehicles with investment in a well-placed infrastructure. Countries such as China and Japan have launched fiscal incentives and subsidies to fuel the adoption of hydrogen fuel cells, while Japan has implemented a strategic plan along with a road map to develop hydrogen fueling stations. Drivers for fuel cell-based commercial vehicles include rising environmental awareness and rigorous emissions regulation, which is yet another factor driving the demand for cleaner solutions to transportation. The strong manufacturing base in APAC, especially with companies such as Toyota and Hyundai now producing hydrogen-powered vehicles besides Geely, further cements the region's leadership in this market.

Fuel Cell Commercial Vehicle Market Report Scope

Report Attribute

Specifications

Market Size Value In 2022

USD 2.6 Bn

Revenue Forecast In 2031

USD 19.3 Bn

Growth Rate CAGR

CAGR of 28.6% from 2024 to 2031

Quantitative Units

Representation of revenue in US$ Bn and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Vehicle, Fuel Cell Technology, Range, End User, and By Region

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; Southeast Asia

Competitive Landscape

Foton Motor, Honda Motor, Hyundai Motor, Hyzon Motors, Mercedes-Benz Group, New Flyer, Nikola, PACCAR, Renault, Solaris Bus & Coach, Tata Motors, Toyota Motor Company, Volkswagen Group (Scania), Volvo Group, Zhejiang Geely Holding Group

Customization Scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Geographic competitive landscape.                     

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Chapter 1.          Methodology and Scope

1.1.        Research Methodology

1.2.        Research Scope & Assumptions

Chapter 2.          Executive Summary

Chapter 3.          Global Fuel Cell Commercial Vehicle Market Snapshot

Chapter 4.          Global Fuel Cell Commercial Vehicle Market Variables, Trends & Scope

4.1.        Market Segmentation & Scope

4.2.        Drivers

4.3.        Challenges

4.4.        Trends

4.5.        Investment and Funding Analysis

4.6.        Porter's Five Forces Analysis

4.7.        Incremental Opportunity Analysis (US$ MN), 2024-2031

4.8.        Global Fuel Cell Commercial Vehicle Market Penetration & Growth Prospect Mapping (US$ Mn), 2023-2031

4.9.        Competitive Landscape & Market Share Analysis, By Key Player (2023)

4.10.     Use/impact of AI on Fuel Cell Commercial Vehicle Industry Trends

Chapter 5.          Fuel Cell Commercial Vehicle Market Segmentation 1: By Vehicle, Estimates & Trend Analysis

5.1.        Market Share by Vehicle, 2023 & 2031

5.2.        Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Vehicle:

5.2.1.    Light Commercial Vehicles

5.2.2.    Medium Commercial Vehicles

5.2.3.    Heavy Commercial Vehicles

Chapter 6.          Fuel Cell Commercial Vehicle Market Segmentation 2: By Fuel Cell Technology, Estimates & Trend Analysis

6.1.        Market Share by Fuel Cell Technology, 2023 & 2031

6.2.        Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Fuel Cell Technology:

6.2.1.    Proton Exchange Membrane

6.2.2.    Alkaline Fuel Cells

6.2.3.    Solid Oxide Fuel Cells

Chapter 7.          Fuel Cell Commercial Vehicle Market Segmentation 3: By Range, Estimates & Trend Analysis

7.1.        Market Share by Range, 2023 & 2031

7.2.        Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Range:

7.2.1.    Short-range

7.2.2.    Medium-range

7.2.3.    Long-range

Chapter 8.          Fuel Cell Commercial Vehicle Market Segmentation 4: By End User, Estimates & Trend Analysis

8.1.        Market Share by End User, 2023 & 2031

8.2.        Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following End User:

8.2.1.    Public Transit

8.2.2.    Construction And Mining

8.2.3.    Logistics & Transportation

8.2.4.    Others

Chapter 9.          Fuel Cell Commercial Vehicle Market Segmentation 5: Regional Estimates & Trend Analysis

9.1.        Global Fuel Cell Commercial Vehicle Market, Regional Snapshot 2023 & 2031

9.2.        North America

9.2.1.    North America Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031

9.2.1.1. US

9.2.1.2. Canada

9.2.2.    North America Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Vehicle, 2024-2031

9.2.3.    North America Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Fuel Cell Technology, 2024-2031

9.2.4.    North America Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Range, 2024-2031

9.2.5.    North America Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by End User, 2024-2031

9.3.        Europe

9.3.1.    Europe Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031

9.3.1.1. Germany

9.3.1.2. U.K.

9.3.1.3. France

9.3.1.4. Italy

9.3.1.5. Spain

9.3.1.6. Rest of Europe

9.3.2.    Europe Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Vehicle, 2024-2031

9.3.3.    Europe Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Fuel Cell Technology, 2024-2031

9.3.4.    Europe Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Range, 2024-2031

9.3.5.    Europe Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by End User, 2024-2031

9.4.        Asia Pacific

9.4.1.    Asia Pacific Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031

9.4.1.1. India

9.4.1.2. China

9.4.1.3. Japan

9.4.1.4. Australia

9.4.1.5. South Korea

9.4.1.6. Hong Kong

9.4.1.7. Southeast Asia

9.4.1.8. Rest of Asia Pacific

9.4.2.    Asia Pacific Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Vehicle, 2024-2031

9.4.3.    Asia Pacific Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Fuel Cell Technology, 2024-2031

9.4.4.    Asia Pacific Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Range, 2024-2031

9.4.5.    Asia Pacific Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by End User, 2024-2031

9.5.        Latin America

9.5.1.    Latin America Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031

9.5.1.1. Brazil

9.5.1.2. Mexico

9.5.1.3. Rest of Latin America

9.5.2.    Latin America Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Vehicle, 2024-2031

9.5.3.    Latin America Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Fuel Cell Technology, 2024-2031

9.5.4.    Latin America Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Range, 2024-2031

9.5.5.    Latin America Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by End User, 2024-2031

9.6.        Middle East & Africa

9.6.1.    Middle East & Africa Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

9.6.1.1. GCC Countries

9.6.1.2. Israel

9.6.1.3. South Africa

9.6.1.4. Rest of Middle East and Africa

9.6.2.    Middle East & Africa Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Vehicle, 2024-2031

9.6.3.    Middle East & Africa Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Fuel Cell Technology, 2024-2031

9.6.4.    Middle East & Africa Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by Range, 2024-2031

9.6.5.    Middle East & Africa Fuel Cell Commercial Vehicle Market Revenue (US$ Million) Estimates and Forecasts by End User, 2024-2031

Chapter 10.        Competitive Landscape

10.1.     Major Mergers and Acquisitions/Strategic Alliances

10.2.     Company Profiles

 

10.2.1.  Foton Motor

10.2.1.1.             Business Overview

10.2.1.2.             Key Product/Service Offerings

10.2.1.3.             Financial Performance

10.2.1.4.             Geographical Presence

10.2.1.5.             Recent Developments with Business Strategy

10.2.2.  Honda Motor

10.2.3.  Hyundai Motor

10.2.4.  Hyzon Motors

10.2.5.  Mercedes-Benz Group

10.2.6.  New Flyer

10.2.7.  Nikola

10.2.8.  PACCAR

10.2.9.  Renault

10.2.10.              Solaris Bus & Coach

10.2.11.              Tata Motors

10.2.12.              Toyota Motor Company

10.2.13.              Volkswagen Group (Scania)

10.2.14.              Volvo Group

10.2.15.              Zhejiang Geely Holding Group

10.2.16.              Other Prominent Players

Segmentation of Fuel Cell Commercial Vehicle Market -

Fuel Cell Commercial Vehicle Market by Vehicle -

  • Light commercial vehicles
  • Medium commercial vehicles
  • Heavy commercial vehicles

Fuel cell commercial vehicle

Fuel Cell Commercial Vehicle Market by Fuel Cell Technology -

  • Proton Exchange Membrane
  • Alkaline Fuel Cells
  • Solid Oxide Fuel Cells

Fuel Cell Commercial Vehicle Market by Range -

  • Short-range
  • Medium-range
  • Long-range                     

Fuel Cell Commercial Vehicle Market by End User -

  • Public Transit
  • Construction And Mining
  • Logistics & Transportation
  • Others

Fuel Cell Commercial Vehicle Market by Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

 

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

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Frequently Asked Questions

How big is the Fuel Cell Commercial Vehicle Market Size?

The Fuel Cell Commercial Vehicle Market is expected to grow at an 28.6% CAGR during the forecast period for 2024-2031.

Foton Motor, Honda Motor, Hyundai Motor, Hyzon Motors, Mercedes-Benz Group, New Flyer, Nikola, PACCAR, Renault, Solaris Bus & Coach, Tata Motors, Toyo

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