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Hydrogen Vehicles Market

Hydrogen Vehicles Market, Share & Trends Analysis Report, By Technology (PAFC (Phosphoric Acid Fuel Cell), DMFC (Direct Methanol Fuel Cell), and PEMFC (Proton Exchange Membrane Fuel Cell)), By Fuel Capacity, By Vehicle Category, and By Region, and Segment Forecasts, 2023-2031

Report ID : 2611 | Published : 2024-07-26 | Pages: 175 | Format: PDF/EXCEL/Power BI Dashbord

The Hydrogen Vehicles Market Size is valued at USD 57.1 Bn in 2023 and is predicted to reach USD 427.3 Bn by the year 2031 at a 29.4% CAGR during the forecast period for 2024-2031.

hydrogen vehicle

The world of science is moving toward environmentally friendly energy sources due to the harmful effects of emissions from conventional fuel cars. Among the various options, hydrogen is an ideal renewable energy source for powering vehicles. As an energy carrier, hydrogen can transport enormous amounts of energy, similar to electricity. Fuel cell electric vehicles (FCEVs) use this electricity to power an electric motor, much like all-electric vehicles. However, unlike other electric cars that rely solely on batteries, FCEVs generate electricity using hydrogen-powered fuel cells. This process involves a chemical reaction between hydrogen and oxygen, producing electricity and emitting only water vapor as a byproduct. This makes FCEVs a clean and efficient alternative for sustainable transportation.

For instance, emerging countries like India (2023) have introduced national hydrogen policies that focus on the development and infrastructure of hydrogen, including vehicles. These policies set the stage for future regulations. The Mission will enable India to take the lead in green hydrogen technology and market share, significantly reduce its dependency on imports of fossil fuels, and decarbonize the economy. Additionally, the European Parliament approved A resolution highlighting the potential of hydrogen for energy-intensive industry, transportation, and seasonal energy storage in July 2020.

Competitive Landscape

Some of the Major Key Players in the Hydrogen Vehicles Market are

  • AB Volvo
  • Audi AG
  • Ballard Power System
  • BMW AG
  • DAF
  • Daimler AG
  • FAW
  • FuelCell Energy Inc.
  • General Motors
  • GM Hydrogenics
  • Hinduja Group
  • Honda Motor Company Ltd.
  • Hydrogen Vehicle Systems Ltd (HVS)
  • Hyperion Motors
  • Hyundai Motor Company
  • Hyzon Motors Inc.
  • MAN SE
  • Mercedes-Benz
  • Nikola Motors
  • Riversimple
  • SAIC Motors
  • Tevva Motors Limited.
  • Toyota Motor Corporation
  • Yutong
  • Other Prominent Players

Market Segmentation:

The market is segmented based on the type of technology, type of fuel capacity, and vehicle capacity. Based on the technology, they segmented into PAFC (Phosphoric Acid Fuel Cells), DMFC (Direct Methanol Fuel Cells), and PEMFC (Proton Exchange Membrane Fuel Cells). By fuel capacity, the segment is categorized into up to 75 kW, 76 to 100 kW, 101 to 150 kW, and above 150 kW. By Vehicle Category, the segmented into, passenger, commercial.

The PEMFC (Proton Exchange Membrane Fuel Cells) Segment is Expected to have the highest growth rate during the forecast period

Based on the technology, the market is categorized into PAFC (Phosphoric Acid Fuel Cells), DMFC (Direct Methanol Fuel Cells), and PEMFC (Proton Exchange Membrane Fuel Cells). Among these, the PEMFC (Proton Exchange Membrane Fuel Cells) Segment is Expected to have the highest growth rate during the forecast period. PEMFC technology is more mature and has been the focus of significant research and development, leading to improved durability, cost reduction, and overall performance. These advancements make PEMFCs the preferred choice for hydrogen vehicles. Additionally, the existing and planned hydrogen refueling infrastructure is primarily designed to support PEMFC-based vehicles, further driving the adoption of PEMFCs in the hydrogen vehicle market.

The Commercial Vehicle Segment Dominate The Market

Based on the vehicle category the market is segmented into passenger, and commercial. Among these, the commercial vehicle segment dominates the market. Environmental concerns, infrastructure development, technology developments, carmaker commitment, government assistance, pilot programs, demonstrations, and industry stakeholder collaborations contribute to the increasing acceptance of hydrogen-powered passenger automobiles. Hydrogen-powered passenger cars are driving the market's growth as a sustainable and effective form of transportation.

North America Have the Largest Market Share During Forecast Period

North America accounts for the largest share due to many leading companies and research institutions focused on advancing hydrogen fuel cell technology. Continuous R&D efforts have led to improvements in fuel cell efficiency, durability, and cost-effectiveness. North America has a growing awareness and demand for environmentally friendly transportation options. Many North American corporations and public sector entities are adopting hydrogen vehicles as part of their sustainability initiatives. This includes using hydrogen-powered buses, trucks, and fleet vehicles, which helps drive market growth.

Recent Developments:

  • In April 2024, Ballard Power announced that its customer Wrightbus (https://wrightbus.com/), a UK-based bus manufacturer deploying hydrogen-powered buses in the UK and Europe, has placed multiple purchase orders totaling seventy FCmove®-HD hydrogen fuel cell engines. Ballard anticipates that the buses will go into operation in 2025 and that the fuel cell engines will be delivered in 2024. In Germany and the UK, hydrogen fuel cell motors will propel single- and double-decker buses.
  • In May 2024, Toyota Motor North America (TMNA) declared that it would be calling its new North American Hydrogen Headquarters (H2HQ) the TMNA R&D California office. The new H2HQ's office space was recently remodeled for its teams working on everything from research and development to commercialization planning and sales of hydrogen-related products and technologies. Plans call for adding significant elements to the H2HQ facility, including a sustainable customer education center and a flexible microgrid.

Hydrogen Vehicles Market Report Scope

Report Attribute

Specifications

Market Size Value In 2023

USD 57.1 Bn

Revenue Forecast In 2031

USD 427.3 Bn

Growth Rate CAGR

CAGR of 29.4% 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 Technology, Fuel Capacity, And Vehicle Category

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; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia

Competitive Landscape

Mercedes-Benz, GM Hydrogenics, DAF, Ballard Power System, Toyota Motor Corporation, Hinduja Group, Daimler AG, FuelCell Energy Inc.

Hyundai Motor Company, Audi AG, BMW AG, General Motors, Honda Motor Company Ltd.

Customization Scope

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

Pricing and Available Payment Methods

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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 Hydrogen Vehicles Market Snapshot

Chapter 4. Global Hydrogen Vehicles 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. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Technology Estimates & Trend Analysis
5.1. by Technology & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Technology:

5.2.1. PAFC (Phosphoric Acid Fuel Cells)
5.2.2. DMFC (Direct Methanol Fuel Cells)
5.2.3. PEMFC (Proton Exchange Membrane Fuel Cells)

Chapter 6. Market Segmentation 2: by Fuel Capacity Estimates & Trend Analysis
6.1. by Fuel Capacity & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Fuel Capacity:

6.2.1. Up to 75 kW
6.2.2. 76 to 100 kW
6.2.3. 101 to 150 kW
6.2.4. Above 150 kW

Chapter 7. Market Segmentation 3: By Vehicle Category Estimates & Trend Analysis
7.1. By Vehicle Category & Market Share, 2019 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Vehicle Category:
7.2.1.1. Passenger
7.2.1.2. Commercial

Chapter 8. Hydrogen Vehicles Market Segmentation 4: Regional Estimates & Trend Analysis

8.1. North America
8.1.1. North America Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031
8.1.2. North America Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by Fuel Capacity, 2024-2031
8.1.3. North America Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts By Vehicle Category, 2024-2031
8.1.4. North America Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

8.2. Europe
8.2.1. Europe Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031
8.2.2. Europe Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by Fuel Capacity, 2024-2031
8.2.3. Europe Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts By Vehicle Category, 2024-2031
8.2.4. Europe Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

8.3. Asia Pacific
8.3.1. Asia Pacific Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031
8.3.2. Asia Pacific Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by Fuel Capacity, 2024-2031
8.3.3. Asia-Pacific Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts By Vehicle Category, 2024-2031
8.3.4. Asia Pacific Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

8.4. Latin America
8.4.1. Latin America Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031
8.4.2. Latin America Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by Fuel Capacity, 2024-2031
8.4.3. Latin America Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts By Vehicle Category, 2024-2031
8.4.4. Latin America Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

8.5. Middle East & Africa
8.5.1. Middle East & Africa Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031
8.5.2. Middle East & Africa Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by Fuel Capacity, 2024-2031
8.5.3. Middle East & Africa Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts By Vehicle Category, 2024-2031
8.5.4. Middle East & Africa Hydrogen Vehicles Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles

9.2.1. AB Volvo
9.2.2. Audi AG
9.2.3. Ballard Power System
9.2.4. BMW AG
9.2.5. DAF
9.2.6. Daimler AG
9.2.7. FAW
9.2.8. FuelCell Energy Inc.
9.2.9. General Motors
9.2.10. GM Hydrogenics
9.2.11. Hinduja Group
9.2.12. Honda Motor Company Ltd.
9.2.13. Hydrogen Vehicle Systems Ltd (HVS)
9.2.14. Hyperion Motors
9.2.15. Hyundai Motor Company
9.2.16. Hyzon Motors Inc.
9.2.17. MAN SE
9.2.18. Mercedes-Benz
9.2.19. Nikola Motors
9.2.20. Riversimple
9.2.21. SAIC Motors
9.2.22. Tevva Motors Limited.
9.2.23. Toyota Motor Corporation
9.2.24. Yutong
9.2.25. Other Prominent Players

Segmentation of Hydrogen Vehicles Market

Global Hydrogen Vehicles Market - By Technology

  • PAFC (Phosphoric Acid Fuel Cells)
  • DMFC (Direct Methanol Fuel Cells)
  • PEMFC (Proton Exchange Membrane Fuel Cells)

hydrogen vehicle

Global Hydrogen Vehicles Market – By Fuel Capacity

  • Up to 75 kW
  • 76 to 100 kW
  • 101 to 150 kW
  • Above 150 kW

Global Hydrogen Vehicles Market – By Vehicle Category

  • Passenger
  • Commercial

Global Hydrogen Vehicles 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 Hydrogen Vehicles Market Size?

The Hydrogen Vehicles Market is estimated to grow at a 29.4% CAGR during the forecast period for 2024-2031.

Mercedes-Benz, GM Hydrogenics, DAF, Ballard Power System, Toyota Motor Corporation, Hinduja Group, Daimler AG, FuelCell Energy Inc., Hyundai Motor Com

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