Fuel Cell Vehicle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Fuel cell vehicles Market

The fuel cell vehicles market size was valued at USD 446.7 million in 2018, and the market is now projected tgrow tUSD 16499.7 million by 2032, exhibiting a CAGR of 32% during the forecast period of 2019-2026.

COVID-19 had certain effects on the development of fuel cell vehicle (FCV) market as follows. Due tdisruptions in supply chain and a reduced automotive manufacturing activity due tlockdowns, the development and evolution of FCVs were impacted negatively. However, the pandemic alsdrew focus tsustainability, which has led tnew attempts at achieving clean mobility. Publics globally ramped up the support thydrogen technologies as a part of green recovery aspirations and extended the support tfunding and policies for FCVs. The market started its gradual increase when economies reopened due trising environmental consciousness and improvements in hydrogen fuelling stations. This kept the fuel cell vehicles market growth steady.

The vehicle emission has resulted inta disagreeable effect on environment and life; therefore many authorities are inclining emission control measures for vehicles. Since fuel cell vehicles as being zero-emission vehicles are likely thave a high demand in the market since they meet the governments requirement. The rising awareness among the automakers about the impact of vehicle emission on environment by making different types of powertrains is alsinfluential factor tfuel the growth of the market over the forecast time span. These factors drive the fuel cell vehicle market shares.

Hydrogen-based energy offer numerous advantages like cleaner transport tdecarbonize building heating & power, energy distribution at regional & sectorial levels, and clean raw material source for industry. It is alsimportant tnote that hydrogen as a gas has been handled in industrial processes in different procedures safely over the period of many generations. Since all of these solutions are mutually supportive and complementary, the hydrogen economy is growing exponentially by garnering considerable interest.

Comprehensive Analysis of Fuel cell vehicles Market

The fuel cell vehicles market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided int2 Segments, By Vehicle Type analysis and By End-User Analysis. By car type, the market can be divided intpassenger cars, light-heavy commercial vehicles, and buses & coaches. In particular, the projected increase in the percentage of passenger car sales is expected tremain the highest throughout the forecast period. New car sales penetration in Japan and south Korea especially in the range of passenger cars are expected tfuel the growth of this segment. End user can be categorized as private and commercial. Of the two, the private end-user segment shall remain the market leader over the course of the forecast period. Subsidy for the acquisition of the fuel cell vehicles by the consumers is the major factor fueling the growth of this segment in the market.

The market size in Asia Pacific had a considerable presence in the global market. This market in the region is mainly driven by twcountries, Japan and South Korean as key driver countries. The main trends influencing the market growth in this region are the government activities regulating FCVs use in Japan and supporting consumers via subsidies towards purchase of FCVs.

Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), Nissan Motor Corporation (Japan), Daimler AG (Germany), AUDI AG (Germany), and BMW AG (Germany) are significant players in the automotive electrical and electronics market. They are the key player that ensures the industry's success while still having tkeep pace with their innovation in product and services. They offer a competitive zone that incites the growth of technologies and quality assurance. They operate on a global scale and have a wide range of product lines ensuring that the market players compete on a fair playing field bringing in innovations that result in the market's evolution.

In September 2019, BMW AG introduced i Hydrogen Next car. The BMW Group is affirming the ability tcounterpart it’s the electrified vehicle department by sounding the example of hydrogen powered fuel cell vehicles.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2015-2026

Base Year 2018

Forecast Period 2019-2026

Historical Period 2015-2017

Unit Value (USD million)

Segmentation By Vehicle Type

Passenger Cars

Commercial Vehicles

Buses & Coaches

By End User

Private

Commercial

By Geography

North America (U.S., Canada, and Mexico)

Europe (UK, Germany, France, and Rest of Europe)

Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia- Pacific)

Rest of the World