Product Code: PM1656
The global hydrogen fuel cell vehicle (HFCV) market size is expected to reach USD 62.88 billion by 2032, according to a new study by Polaris Market Research. The report "Hydrogen Fuel Cell Vehicle (HFCV) Market Share, Size, Trends, Industry Analysis Report, By Technology (Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell); By Vehicle Type (Commercial Vehicle, Passenger Car); By Region; Segment Forecast, 2023 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rise in environmental concerns, the expansion of government programs to build infrastructure for hydrogen fuel cells, the large initial investment in infrastructure, technical improvement, and future potential all influence the growth of the worldwide market. These variables will impact the demand for hydrogen fuel cell vehicles during the projection period. In addition, the US GHG emissions and fuel economy requirements for North America's heavy- and medium-duty vehicles were developed in collaboration with the Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA).
In hydrogen fuel cell automobiles, the onboard electric motor is powered by a hydrogen fuel cell. An electricity-producing hydrogen fuel cell is powered by hydrogen. Vehicles powered by hydrogen fuel cells have a significant potential to cut transportation-related emissions. Unlike diesel-powered and gasoline-powered cars, this one doesn't emit greenhouse gases (GHG) when in motion.
Increased research and development (R&D) efforts for hydrogen fuel cell technology have resulted in more collaborations and partnerships for HFCV market adoption. The European Union's Trans-European Transportation Network (TEN-T), which is expected to develop national implementation plans for hydrogen fuel cell vehicles and hydrogen refueling stations in various European countries like Belgium, Finland, and Poland, is one of the key agreements in the HFCV market. Additionally, HFCV joint ventures and technology advancements provide a significant market development opportunity.
Hydrogen Fuel Cell Vehicle (HFCV) Market Report Highlights:
The proton exchange membrane fuel cell segment will contribute the largest market share because the proton exchange membrane is used hydrogen gas and oxygen fuel to generate electricity and heat.
Passenger car segment is expected to dominate the market over the forecast period due to awareness of innovations in the automotive industry. The public emphasis on new innovative additions to their product will propel this segment's growth.
North America accounted for the largest market share in 2022 and is expected to continue its dominance over the projected period because many countries announced funding plans for hydrogen fueling stations in US and Asia Pacific regions will propel the high demand and will grow the market.
The global key market players include BMW, General Motors Company, Groupe Renault, Mazda Motor Corporation, The Hyundai Motor Company, Toyota Motor Sales, USA Inc., Daimler AG (Mercedes-Benz), and Tata Motors Limited.
Polaris Market Research has segmented the hydrogen fuel cell vehicle (HFCV) Market report based on technology, vehicle type, and region:
Hydrogen Fuel Cell Vehicle (HFCV), Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Proton Exchange Membrane Fuel Cell
Alkaline Fuel cell
Solid Oxide Fuel Cell
Hydrogen Fuel Cell Vehicle (HFCV), Vehicle Type Outlook (Revenue - USD Billion, 2019 - 2032)
Commercial Vehicle
Passenger Car
Hydrogen Fuel Cell Vehicle (HFCV), Regional Outlook (Revenue - USD Billion, 2019 - 2032)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Hydrogen Fuel Cell Vehicle (HFCV) Market Insights
- 4.1. Hydrogen Fuel Cell Vehicle (HFCV) Market - Industry Snapshot
- 4.2. Hydrogen Fuel Cell Vehicle (HFCV) Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Increase in environmental concern
- 4.2.1.2. Rising investments for R&D activities
- 4.2.2. Restraints and Challenges
- 4.2.2.1. High initial investment in infrastructure
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Hydrogen Fuel Cell Vehicle (HFCV) Industry trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Hydrogen Fuel Cell Vehicle (HFCV), by Technology, 2019-2032 (USD Billion)
- 5.3. Proton Exchange Membrane Fuel Cell
- 5.3.1. Global Hydrogen Fuel Cell Vehicle (HFCV) Market, by Proton Exchange Membrane Fuel Cell, by Region, 2019-2032 (USD Billion)
- 5.4. Alkaline Fuel cell
- 5.4.1. Global Hydrogen Fuel Cell Vehicle (HFCV) Market, by Alkaline Fuel cell, by Region, 2019-2032 (USD Billion)
- 5.5. Solid Oxide Fuel Cell
- 5.5.1. Global Hydrogen Fuel Cell Vehicle (HFCV) Market, by Solid Oxide Fuel Cell, by Region, 2019-2032 (USD Billion)
6. Global Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 6.3. Commercial Vehicle
- 6.3.1. Global Hydrogen Fuel Cell Vehicle (HFCV) Market, by Commercial Vehicle, by Region, 2019-2032 (USD Billion)
- 6.4. Passenger Car
- 6.4.1. Global Hydrogen Fuel Cell Vehicle (HFCV) Market, by Passenger Car, by Region, 2019-2032 (USD Billion)
7. Global Hydrogen Fuel Cell Vehicle (HFCV) Market, by Geography
- 7.1. Key findings
- 7.2. Introduction
- 7.2.1. Hydrogen Fuel Cell Vehicle (HFCV) Market Assessment, By Geography, 2019-2032 (USD Billion)
- 7.3. Hydrogen Fuel Cell Vehicle (HFCV) Market - North America
- 7.3.1. North America: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.3.2. North America: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.3.3. Hydrogen Fuel Cell Vehicle (HFCV) Market - U.S.
- 7.3.3.1. U.S.: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.3.3.2. U.S.: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.3.4. Hydrogen Fuel Cell Vehicle (HFCV) Market - Canada
- 7.3.4.1. Canada: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.3.4.2. Canada: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.4. Hydrogen Fuel Cell Vehicle (HFCV) Market - Europe
- 7.4.1. Europe: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.4.2. Europe: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.4.3. Hydrogen Fuel Cell Vehicle (HFCV) Market - UK
- 7.4.3.1. UK: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.4.3.2. UK: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.4.4. Hydrogen Fuel Cell Vehicle (HFCV) Market - France
- 7.4.4.1. France: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.4.4.2. France: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.4.5. Hydrogen Fuel Cell Vehicle (HFCV) Market - Germany
- 7.4.5.1. Germany: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.4.5.2. Germany: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.4.6. Hydrogen Fuel Cell Vehicle (HFCV) Market - Italy
- 7.4.6.1. Italy: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.4.6.2. Italy: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.4.7. Hydrogen Fuel Cell Vehicle (HFCV) Market - Spain
- 7.4.7.1. Spain: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.4.7.2. Spain: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.4.8. Hydrogen Fuel Cell Vehicle (HFCV) Market - Netherlands
- 7.4.8.1. Netherlands: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.4.8.2. Netherlands: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.4.9. Hydrogen Fuel Cell Vehicle (HFCV) Market - Russia
- 7.4.9.1. Russia: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.4.9.2. Russia: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.5. Hydrogen Fuel Cell Vehicle (HFCV) Market - Asia Pacific
- 7.5.1. Asia Pacific: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.5.2. Asia Pacific: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.5.3. Hydrogen Fuel Cell Vehicle (HFCV) Market - China
- 7.5.3.1. China: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.5.3.2. China: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.5.4. Hydrogen Fuel Cell Vehicle (HFCV) Market - India
- 7.5.4.1. India: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.5.4.2. India: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.5.5. Hydrogen Fuel Cell Vehicle (HFCV) Market - Malaysia
- 7.5.5.1. Malaysia: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.5.5.2. Malaysia: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.5.6. Hydrogen Fuel Cell Vehicle (HFCV) Market - Japan
- 7.5.6.1. Japan: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.5.6.2. Japan: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.5.7. Hydrogen Fuel Cell Vehicle (HFCV) Market - Indonesia
- 7.5.7.1. Indonesia: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.5.7.2. Indonesia: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.5.8. Hydrogen Fuel Cell Vehicle (HFCV) Market - South Korea
- 7.5.8.1. South Korea: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.5.8.2. South Korea: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.6. Hydrogen Fuel Cell Vehicle (HFCV) Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.6.2. Middle East & Africa: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.6.3. Hydrogen Fuel Cell Vehicle (HFCV) Market - Saudi Arabia
- 7.6.3.1. Saudi Arabia: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.6.3.2. Saudi Arabia: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.6.4. Hydrogen Fuel Cell Vehicle (HFCV) Market - UAE
- 7.6.4.1. UAE: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.6.4.2. UAE: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.6.5. Hydrogen Fuel Cell Vehicle (HFCV) Market - Israel
- 7.6.5.1. Israel: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.6.5.2. Israel: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.6.6. Hydrogen Fuel Cell Vehicle (HFCV) Market - South Africa
- 7.6.6.1. South Africa: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.6.6.2. South Africa: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.7. Hydrogen Fuel Cell Vehicle (HFCV) Market - Latin America
- 7.7.1. Latin America: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.7.2. Latin America: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.7.3. Hydrogen Fuel Cell Vehicle (HFCV) Market - Mexico
- 7.7.3.1. Mexico: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.7.3.2. Mexico: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.7.4. Hydrogen Fuel Cell Vehicle (HFCV) Market - Brazil
- 7.7.4.1. Brazil: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.7.4.2. Brazil: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
- 7.7.5. Hydrogen Fuel Cell Vehicle (HFCV) Market - Argentina
- 7.7.5.1. Argentina: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Vehicle Type, 2019-2032 (USD Billion)
- 7.7.5.2. Argentina: Hydrogen Fuel Cell Vehicle (HFCV) Market, by Technology, 2019-2032 (USD Billion)
8. Competitive Landscape
- 8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
- 8.2. Partnerships/Collaborations/Agreements/Exhibitions
9. Company Profiles
- 9.1. The Hyundai Motor Company
- 9.1.1. Company Overview
- 9.1.2. Financial PerTechnologyance
- 9.1.3. Technology Benchmarking
- 9.1.4. Recent Development
- 9.2. Toyota Motor Sales
- 9.2.1. Company Overview
- 9.2.2. Financial PerTechnologyance
- 9.2.3. Technology Benchmarking
- 9.2.4. Recent Development
- 9.3. USA Inc
- 9.3.1. Company Overview
- 9.3.2. Financial PerTechnologyance
- 9.3.3. Technology Benchmarking
- 9.3.4. Recent Development
- 9.4. Daimler AG (Mercedes-Benz)
- 9.4.1. Company Overview
- 9.4.2. Financial PerTechnologyance
- 9.4.3. Technology Benchmarking
- 9.4.4. Recent Development
- 9.5. BMW
- 9.5.1. Company Overview
- 9.5.2. Financial PerTechnologyance
- 9.5.3. Technology Benchmarking
- 9.5.4. Recent Development
- 9.6. General Motors Company
- 9.6.1. Company Overview
- 9.6.2. Financial PerTechnologyance
- 9.6.3. Technology Benchmarking
- 9.6.4. Recent Development
- 9.7. Groupe Renault
- 9.7.1. Company Overview
- 9.7.2. Financial PerTechnologyance
- 9.7.3. Technology Benchmarking
- 9.7.4. Recent Development
- 9.8. Mazda Motor Corporation
- 9.8.1. Company Overview
- 9.8.2. Financial PerTechnologyance
- 9.8.3. Technology Benchmarking
- 9.8.4. Recent Development
- 9.9. Hydrogenics, Kia Motor Corporation
- 9.9.1. Company Overview
- 9.9.2. Financial PerTechnologyance
- 9.9.3. Technology Benchmarking
- 9.9.4. Recent Development
- 9.10. Tata Motors Limited
- 9.10.1. Company Overview
- 9.10.2. Financial PerTechnologyance
- 9.10.3. Technology Benchmarking
- 9.10.4. Recent Development