Fuel Cell Vehicle Market Size, Share & Trends Analysis Report By Vehicle type (Passenger Cars, LCVs, HCVs), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), And Segment Forecasts, 2023 - 2030

Fuel Cell Vehicle Market Size, Share & Trends Analysis Report By Vehicle type (Passenger Cars, LCVs, HCVs), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), And Segment Forecasts, 2023 - 2030


Fuel Cell Vehicle Market Growth & Trends

The global fuel cell vehicle market size is expected to reach USD 36.89 billion by 2030, registering a CAGR of 52.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Factors such as strict environmental laws, the availability of incentives and subsidies for clean fuels, and hazardous gas emissions from combustion engine are the key drivers driving the global growth of the fuel cell vehicle market. Vehicle emissions have a negative influence on the environment and human life, and several government agencies have enacted rigorous emission regulations. As long as regulatory rules are met, fuel cell vehicles will be in high demand. The growing awareness among manufacturers of the damage caused by car emissions on the environment and the development of alternative powertrains is fueling the market growth.

The government's major goal in developed countries is to develop and install hydrogen refueling stations. The government's primary goal in developing countries is to design a strategic plan for the commercial roll-out of fuel cell technology. Therefore, the urgent need for infrastructure investment is another aspect driving market growth. To boost the market growth for the fuel cell vehicle market, several countries such as Australia, Canada and South Korea are aiming for a full range of hydrogen filling stations across the world.

Although, fuel cell vehicles are expensive and hydrogen (per kilo) is expensive in some locations, these reasons are impeding the growth of the fuel cell vehicle market. It is a scalable and adaptable electrical source for big transportation applications such as material handling trucks, buses, railroads, defense vehicles, and light commercial vehicles (LCVs). In commercial applications, it is also employed as a stationary fuel source. Furthermore, rising government attempts to promote fuel cells for transportation provide the potential for the fuel cell vehicle market to develop.

The North America and Asia Pacific is expected to witness positive market growth owing to the increased adoption of passenger and commercial electric vehicles. The markets are experiencing strong advocacy to make fuel cell vehicles mainstream due to its positive impact on the environment. The government in the Asia Pacific are also promoting the uptake of fuel cell vehicle by providing subsidies to the buyers. Thus, propelling the market growth.

Fuel Cell Vehicle Market Report Highlights
  • The market is expected to register growth due to increased crude oil prices and increasing concentration of carbon emission
  • The governments of developed and developing countries are actively investing in fuel cell technology and infrastructure
  • The passenger car segment is expected to witness growth owing to extensive usage for commuting and supply chain purpose
  • The industry's progress is limited by a failing distribution network, fear of electric shock, and flammability owing to the chemical attribute of hydrogen fuel cells, which act as a limitation on the market's growth.
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Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.1.1. Vehicle type
1.1.2. Regional scope
1.1.3. Estimates and forecast timeline
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. GVR’s internal database
1.3.3. Secondary sources
1.3.4. Primary research
1.3.5. Details of primary research
1.4. Information or Data Analysis
1.5. Market Formulation & Validation
1.6. Model Details
1.7. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Vehicle type outlook
2.2.2. Regional outlook
2.3. Competitive Insights
Chapter 3. Fuel Cell Vehicle Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market driver analysis
3.3.2. Market restraint analysis
3.3.3. Market opportunity analysis
3.4. Fuel Cell Vehicle Market Analysis Tools
3.4.1. Industry analysis - Porter’s Five Forces
3.4.1.1. Supplier power
3.4.1.2. Buyer power
3.4.1.3. Substitution threat
3.4.1.4. Threat of new entrant
3.4.1.5. Competitive rivalry
3.4.2. PESTEL analysis
3.4.2.1. Political landscape
3.4.2.2. Economic landscape
3.4.2.3. Social landscape
3.4.2.4. Technological landscape
Chapter 4. Fuel Cell Vehicle Market: Vehicle Type Estimates & Trend Analysis
4.1. Fuel Cell Vehicle Market: Key Takeaways
4.2. Fuel Cell Vehicle Market: Movement & Market Share Analysis, 2022 & 2030
4.3. Passenger Cars
4.3.1. Passenger cars market estimates and forecasts, 2018 to 2030 (USD Million)
4.4. LCVs
4.4.1. LCVs market estimates and forecasts, 2018 to 2030 (USD Million)
4.5. HCVs
4.5.1. HCVs market estimates and forecasts, 2018 to 2030 (USD Million)
Chapter 5. Fuel Cell Vehicle Market: Regional Estimates & Trend Analysis
5.1. Regional Outlook
5.2. Fuel Cell Vehicle Market by Region: Key Takeaway
5.3. North America
5.3.1. North America market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.3.2. U.S.
5.3.2.1. U.S. market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.3.3. Canada
5.3.3.1. Canada market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.4. Europe
5.4.1. Europe market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.4.2. UK
5.4.2.1. UK market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.4.3. Germany
5.4.3.1. Germany market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.4.4. France
5.4.4.1. France market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.5. Asia Pacific
5.5.1. Asia Pacific Market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.5.2. Japan
5.5.2.1. Japan market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.5.3. China
5.5.3.1. China market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.5.4. India
5.5.4.1. India market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.5.5. Australia
5.5.5.1. Australia market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.5.6. South Korea
5.5.6.1. South Korea market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.6. Latin America
5.6.1. Latin America market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.6.2. Brazil
5.6.2.1. Brazil market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.6.3. Mexico
5.6.3.1. Mexico market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.7. MEA
5.7.1. MEA market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.7.2. Saudi Arabia
5.7.2.1. Saudi Arabia market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.7.3. South Africa
5.7.3.1. Saudi Africa market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
5.7.4. UAE
5.7.4.1. UAE market estimates and forecasts, 2018 to 2030 (Revenue, USD Million)
Chapter 6. Competitive Landscape
6.1. Recent Developments & Impact Analysis, By Key Market Participants
6.2. Market Participant Categorization
6.2.1. Daimler AG
6.2.1.1. Company overview
6.2.1.2. Financial performance
6.2.1.3. Product benchmarking
6.2.1.4. Strategic initiatives
6.2.2. Honda Motors Co. Ltd.
6.2.2.1. Company overview
6.2.2.2. Financial performance
6.2.2.3. Product benchmarking
6.2.2.4. Strategic initiatives
6.2.3. Nikola Corporation
6.2.3.1. Company overview
6.2.3.2. Financial performance
6.2.3.3. Product benchmarking
6.2.3.4. Strategic initiatives
6.2.4. Toyota Motor Corporation
6.2.4.1. Company overview
6.2.4.2. Financial performance
6.2.4.3. Product benchmarking
6.2.4.4. Strategic initiatives
6.2.5. Hyundai Motor Group
6.2.5.1. Company overview
6.2.5.2. Financial performance
6.2.5.3. Product benchmarking
6.2.5.4. Strategic initiatives
6.2.6. Ballard Power Systems Inc.
6.2.6.1. Company overview
6.2.6.2. Financial performance
6.2.6.3. Product benchmarking
6.2.6.4. Strategic initiatives
6.2.7. Volvo AB
6.2.7.1. Company overview
6.2.7.2. Financial performance
6.2.7.3. Product benchmarking
6.2.7.4. Strategic initiatives
6.2.8. General Motors
6.2.8.1. Company overview
6.2.8.2. Financial performance
6.2.8.3. Product benchmarking
6.2.8.4. Strategic initiatives
6.2.9. BMW AG
6.2.9.1. Company overview
6.2.9.2. Financial performance
6.2.9.3. Product benchmarking
6.2.9.4. Strategic initiatives
6.2.10. Audi AG
6.2.10.1. Company overview
6.2.10.2. Financial performance
6.2.10.3. Product benchmarking
6.2.10.4. Strategic initiatives

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