Hydrogen Fuel Cell Vehicle Market, By Product (Proton Exchange Membrane Fuel Cell, Alkaline Fuel Cell, and Solid Oxide Fuel Cell), By Application (Passenger Vehicle and Commercial Vehicle), By Distribution Channel (Retailer and Showroom) and By Geography- and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Hydrogen Fuel Cell Vehicle Market size accounted 1802.874 million in 2020 is estimated to reach 291667.5billion by 2030 growing with a CAGR of 66.3% during the forecast period.Hydrogen fuel cell vehicle uses hydrogen as a fuel for motive power. Hydrogen fuel cell vehicles emit lower emissions, by using technology hydrogen is compressed into a fuel cell that produces electricity to power the vehicle. A fuel cell can be used in combination with an electric motor to drive a vehicle with less noise pollution and air pollution. The hydrogen fuel cell has various benefits such as easy maintenance, silent functioning that reduces noise pollution, low-temperature.  Since the hydrogen fuel cells have low heat transmission they are deal for military applications and other strategic uses. Fuel cell vehicles have a strong potential to decrease the dependence of nations on the import of oil and lessen harmful emissions that degrade the environmental conditions.

Market Segmentation:

The global hydrogen fuel cell vehicle market is segmented by a product like a proton exchange membrane fuel cell, alkaline fuel cell, and solid oxide fuel cell. By application type, it is categorized into a passenger vehicle and commercial vehicle. By distribution channel, it is bifurcated into retailer and showroom. By geography, hydrogen fuel cell vehicle market classified into North America, Europe, Asia Pacific and RoW.

Market Dynamics and Factors:

Increasing government initiatives for the development of infrastructures of these vehicles by replacing the conventional fossil fuel vehicles is a major factor driving the growth of the global hydrogen fuel cell vehicle market. Initiatives taken by the government to facilitate charging for vehicles on hydrogen refueling stations (HRS) are expected to increase the demand in the near future. However, the high costs of investments in infrastructure restrain market growth. The prime driving factors of the global hydrogen fuel cell vehicle market are high power density, silent operations, and high-efficiency conversion is likely to promote the market growth in the future. Moreover, no proper distribution channel, due to low durability, and less awareness among the population are other factors expected to challenge the growth of the global hydrogen fuel cell vehicle market over the next few years.

Geographic Analysis:

North America market is anticipated to dominate in the global hydrogen fuel cell vehicle market with higher revenue share, owing to increasing government initiatives for the development of hydrogen fuel cell infrastructure and growing awareness among the population regarding hydrogen fuel cell vehicles. According to U.S. Department of Energy (DOE), in the U.S. around 2,000 fuel cell vehicles have been sold or leased since 2015. Europe market accounts for second-largest revenue share in the global hydrogen fuel cell vehicle market followed by markets in the Asia Pacific. The market in the Asia Pacific is projected to witness the fastest growth in terms of revenue.

Competitive Scenario:

The major players operating in hydrogen fuel cell vehicle industry are Nissan Motor Company Ltd., Toyota Motor Corporation, Daimler AG, BMW AG, Ceramic Fuel Cells Ltd., Audi AG, Cellkraft AB, Ballard Power Systems, BIC Consumer Products, Automotive Fuel Cell Cooperation Corp., AFC Energy, Acumentrics SOFC Corporation, and Altergy Systems.

Hydrogen Fuel Cell Vehicle Market Report Scope