Hydrogen Fuel Cell Vehicle Market Size to Cross $63.85 billion Revenue by 2030

Hydrogen Fuel Cell Vehicle Market Overview

“The Global Hydrogen Fuel Cell Vehicle Market is expected to grow rapidly at a 52.6% CAGR consequently, it will grow from its existing size of from $7.45 billion in 2023 to $63.85 billion by 2030.”

Vehicles powered by electric fuel cell (FCEVs) are Hydrogen is the fuel for this. . These vehicles are much more energy efficient traditional internal combustion engines and generate no harmful tailpipe emissions. They emit only water vapor and warm air. FCEVs and the hydrogen infrastructure for fueling them are at the beginning stages of their implementation. It is the U.S. Department of Energy oversees the process. Research and development efforts to enable hydrogen-powered vehicles to be cost-effective, sustainable and secure transportation choice. Hydrogen is regarded as an alternative energy fuel within the Energy Policy Act of 1992 and is a qualified an alternative fuel vehicle Tax credits .

What is an electric fuel cell vehicle?

FCEVs have a propulsion mechanism like electric vehicles, in which energy stored in hydrogen is converted into electricity via fuel cells. Contrary to traditional internal combustion engines they produce zero harmful tailpipe emissions. Other advantages include boosting U.S. energy resiliency through diversification, and also boosting the economy.

FCEVs are powered by pure hydrogen gas, which is stored in tanks inside the vehicle. Like traditional internal combustion engines they can fill up in just five minutes and offer a driving range of up to 300 miles. FCEVs come with advanced technologies to improve efficiency, including the regenerative brake systems, which capture the energy that is lost when the braking process and store it in batteries. Automobile manufacturers have offered a small but increasing amount of FCEVs for production for sale to consumers in a few markets, which is to match the infrastructure that is developing to accommodate.

• There are only around 15,000 vehicles powered by hydrogen that are on U.S. roads right now and most of them are located in California. In the meantime, EVs are out there in the thousands.
• While electric vehicles are receiving more attention from major manufacturers focused on making them the dominant vehicle in 2030, hydrogen vehicles remain at a distance for the moment.
• Here's everything you must know about what hydrogen automobiles can do, and how they function and what the likelihood is that you'll use one.

There's been a lot of talk about electric vehicles in recent times and also announcements about laws to reduce carbon emissions from cars. However, there's a different kind of zero-emission vehicle which emits water vapor when it drives you along the highway. It's the hydrogen fuel-cell car which is similar to an EV but with distinct distinctions which make hydrogen cars distinct and more rare.

At present, around 2.5 million EVs are offered across the U.S. By contrast, in mid-2022, only 15,000 or less hydrogen-powered cars can be seen along U.S. roads. They will all be located in California which is the only state with a network retail hydrogen fueling stations that allow the cars to be used.

The significance of Hydrogen Power automobiles

This is a significant initiative to promote clean energy as well as the protection of the environment by reducing dependence on fossil fuels, and making India "energy self-sufficient" in 2047.

The Hydrogen fuel cell electric vehicle (HFCEVs) which are powered with hydrogen, is among the most effective zero-emission solutions. They are completely eco-friendly since there aren't any tailpipe emissions apart from water.

Why is Hydrogen Used for Hydrogen Fuel Electric Vehicles?

If hydrogen is burned the hydrogen releases nearly three times the energy as a kilogram of gasoline, and it only creates water.

An hydrogen-fuel cell or an electrochemical cell, converts the chemical energy from oxygen and hydrogen into electricity, and it uses water as the waste product.

Fuel cells are able to generate electricity so long as oxygen and hydrogen are available.

Upcoming Hydrogen cars in India

Nearly every major automaker is planning to launch a line of BEVs (battery electric vehicles) in the near mid-term, however hydrogen FCEVs. There are also a few automobile manufacturers are betting on an electric vehicle) model. With numerous new BEV launches coming up in the coming five years, numerous important hydrogen FCEV launches and trials are planned.

BMW iX5

The BMW iX5 used a hydrogen fuel cell electric drive created in collaboration with Toyota. The drive system of the vehicle uses fuel cells for converting the hydrogen stored in two 700-bar tanks that are made of carbon fibre reinforced plastic electricity. It produces up to the power of 125 horsepower (170 horsepower/168 hp) and electrical energy output. But, contrary to what certain reports say, this is not the strongest stack of fuel cells anywhere in the world (among automobiles with passenger models). Its 128-kW (174 horsepower/172 horsepower) 2nd-gen Toyota Mirai 330 cell fuel cell stack is claiming this title.

Ineos Grenadier hydrogen FCEV

Ineos Automotive formally declared in November of 2020 that it had formed a partnership in partnership with Hyundai Motor Company with JV to test an alternative fuel cell made of hydrogen that is a part of Ineos Grenadier. The announcement revealed that the Ineos's prototype hydrogen FCEV is likely to get the fuel cell stack of the second generation from Hyundai Motor Company, the South Korean automaker, which is currently powering Hyundai Nexo.

2023 Hyundai Nexo

Hyundai Motor Company announced its commitment to become a carbon neutral brand in 2045. In the 2021 Frankfurt Motor Show (IAA 2021) they announced that the brand new Hyundai Nexo will be a updated version of the model that is currently on sale. Confirmed (via HMG Journal). March 2018. The model is expected to be released in the second quarter of 2023. It will more than a cosmetic facelift. Instead of Nexo's 2nd-generation fuel cell stack prior to the facelift The new Nexo will include the company's brand-new third generation stack of fuel cells, which makes it cheaper.

Hyundai Staria Fuel Cell

The Hyundai Staria Fuel Cell made its debut public appearance as a teaser trailer at the conclusion of Staria Digital World Premiere on April 13th 2021. In the same announcement, it was made it clear it was expected that the Staria fuel cell would be launched in the second quarter of 2023. In the following year the MPV will receive it's 200kW model of the third Gen fuel cell stack which is comparable in dimensions as the second generation unit but has double the power. Hyundai Motor Company claims to have designed its 200 kW version specifically for commercial vehicle applications.

Kia FK/Hyundai FK

Hyundai Motor Group Hyundai Motor Group has revealed the concept for a hydrogen FCEV known as Vision FK at the Hydrogen Wave Forum. The company hasn't announced the name of the concept, however it's definitely not an actual Genesis model. It's more likely to be an Kia FK (Kia Vision FK) since it appears to be an improved variant that's a re-design of Stinger.

Land Rover Defender Fuel Cell Vehicle

Jaguar Land Rover is planning to launch the Land Rover Defender hydrogen FCEV. The British automaker has said the development of the prototype for feasibility tests. A fully electric, battery-powered version that is a part of the Defender is currently in development but an electric model that has hydrogen fuel cells may make it.

Demand Outlook

Hydrogen The market for fuel cells is fueled by public-private partnerships which can serve as a foundation to develop hydrogen technology by facilitating initiatives, sharing information to improve technology as well as forming consensus and coordinating efforts. They also help reduce the risk in the early stages of deployment and help facilitate moving from commercialization to demonstration with the goal to reach a point at which there is no more public support needed.

This model has proved effective in Europe through initiatives such as that of the Fuel Cells and Hydrogen Joint Undertaking and the Clean Hydrogen Alliance, which will increase the market demand for market. Similar to this, in the US collaborations such as that of California Fuel Cell Partnership and the Oregon hydrogen production and carbon reduction Initiative aim at expanding the market for fuel cell electric vehicles as well as the possibility of developing sustainable hydrogen production facilities.

Australia has unveiled the national hydrogen strategy, which is aiming to create hydrogen at a price under AU$2 per kilogram and has secured support from the state as well as international partnerships, such as the partnership with Singapore to reduce the emissions of ports and maritime operations. Hydrogen Car Market for Fuel Cells These initiatives show that public-private partnership can be a powerful tool to speed up the introduction of low-emissions technologies, such as clean hydrogen. The report provided specific micro-level analysis of the market's competition, market players' strategies, and developments as well as investment plans.

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Market Dynamics

Growth Drivers

Accessibility to user-friendly and technologically advanced products

Different technologies are coming out on the market to support the green concept because of the growing concern over pollution and depletion natural resources. The adoption for Hydrogen Energy Cell Vehicle is increasing due to a growing awareness of the effects of pollution to the atmosphere and the rise in pollution from greenhouse gases and traffic. Because its exhaust is composed predominantly condensed and steam the hydrogen fuel cell provides a quiet driving experience. This is especially important in areas that have noise pollution as a major issue.

Government initiatives to support building hydrogen infrastructure for the fuel industry

The funds to develop of 100 hydrogen refueling stations is provided by the states of California in the U.S. to meet the objective of 1.6 million zero emission vehicles in 2025. Additionally it is crucial to create and implement alternative fuel sources since gasoline can be regarded as a fossil fuel which is not renewable sources of energy. It is also expected to be exhausted in the coming years.

Restraints

“Very reactive, and inflammable gas”

Through a chemical process fuel cells generate electricity with oxygen and hydrogen. Since oxygen aids other compounds to be burned at lower temperatures and therefore, hydrogen is a flammable gas. The gas can ignite when handled improperly, since the hydrogen flames could explode, and are not detectable.

The hydrogen can catch fire in the event that the electrical spark comes into the hydrogen. There are a variety of technological and costly initial investment in infrastructure combustion which minimizes the risk of a car catching fire. The danger that fire could occur is a concern in hydrogen-fueled fueling stations. The customers are therefore cautious about purchasing FCEVs. This means that the market for car fuel cells is significantly limited due to the high flammability the hydrogen gas.

Opportunities

“The rising number of environmental concern”

A high range of driving, speedy filling, quiet operation and the absence of greenhouse gases and other air pollutant are just a few of the characteristics of the Hydrogen Cars that use Fuel Cells. Thus, using the fuel cell for transport as well as automotive applications is a good idea. In the case of significant transportation applications, like trains, material handling vehicles buses, trains, defense vehicles cars, light commercial vehicles Fuel cells are versatile and easily scaled sources of power.

For example it is reported that for instance, the US Department of Energy reports that approximately 68,500 fuel cells units were sold to various purposes around the world in 2018, which resulted in the sum of USD 2.3 billion in revenue from fuel cells. The quantity of power generated by fuel cells used for transportation was 560 MW.

Challenges

“A costly beginning investment for infrastructure”

The price in fuel cells has been a major problem facing the car sector of fuel cells. Within a cell for fuel hydrogen atoms undergo oxidation to generate electrons and protons. The chemical reaction is performed using catalyst. The fuel cell PEM which are mainly employed in automotive applications generally employ platinum as catalyst. One of the most expensive metallics used is platinum. They are more costly than batteries that are used in BEVs because the catalyst accounts for approximately 40% of total cost of a fuel cells. Additionally, due to the advancement in research and advancements on battery-related technology the prices of batteries are constantly decreasing.

COVID-19 Impact on the Hydrogen Fuel Cell Vehicle Market

The COVID-19 disease ravaged the world, causing the world's largest halt in production and sales of new cars. Original manufacturers of equipment (OEMs) were forced have to hold off until these lockdowns were lifted which affected the volume of production. The automotive industry is heavily dependent on capital investments and regular financing to continue the operations. This is why production in the early months slows down, which can causes a drop in demand. This is a significant statistical impact on the Fuel Cell Electric Vehicles (FCEV) manufacturers and car manufactures of fuel cells.

The market was greatly affected by the shortage of raw material as well as a shortage of labor for manufacturing locations as well as a lack of a solid business strategy execution procedure as a result due to the lockdown in global markets and shut-down of factories. But, the market is expected to continue to grow during the post-pandemic timeframe due to the rise in petrol prices and increasing demand for environmentally green vehicles.

Market Segment Analysis

Technology Insights

Based on Technology Based on Technology, the automotive market for hydrogen-fueled fuel cells has been divided in to proton exchange membrane fuel cells, fuel cells made of phosphoric acid and other fuel cells. A majority of the market share improvements regarding fuel cell tech by 2022 was due to proton exchange membrane fuel cell (PEMFC) and this trend is expected to continue throughout the forecast time frame. Polymer electrolyte is utilized for PEMFC to conduct proton energy. Perfluorosulfonic Acid (PFSA) is a polymer which is similar to Nafion(r) is a standard PEMFC electrolyte that is extremely proton conductivity, excellent chemical stability, high mechanical strength, and excellent flexibility.

Liquid phosphoric acid is utilized to fuel phosphoric acids (PAFCs) as an electrolyte. Platinum catalyst-enhanced porous carbon electrodes function as electrodes. Fuel cells made of solid oxide do not require expensive catalysts, such as Ruthenium since they function at extremely high temperatures. The most common application for the solid oxide cells are for stationary applications.

Vehicle Insights

Based on the type of vehicle The Hydrogen Fuel Cell is a derivative of the vehicle. Vehicle market is divided into passenger vehicles as well as commercial vehicle. Four-wheeled vehicles which are used for transporting goods are referred to as commercial vehicles. Road vehicles that are classified as commercial vehicles are used for transporting cargo, passengers, or both. Vans, trucks, buses and similar vehicles fall into this class. Commercial vehicles are a vital part of every economy because they play a crucial role in the transportation of people as well as items.

A passenger car is a vehicle on the road, like trucks, cars or van. They are made to carry people, instead of carrying goods. The manufacturers of passenger vehicles have developed an industry that targets the middle class of America with affordable prices, high-quality features, small dimensions and simple financing options. For instance, global production of cars fell by 16% to fewer than 78 million vehicles, which is equivalent to the levels of sales in 2010 according to OICA. International Organization of Motor Vehicle Manufacturers (OICA).

Competitive Landscape of the Hydrogen Fuel Cell Vehicle Market

• Ballard Power System
• ITM Power
• Plug Power
• Delphi Technologies
• Doosan Corporation
• Hydrogenics
• Proton Power System PLC
• Intelligent Energy Holdings plc
• Panasonic Corporation
• Pearl Hydrogen
• Horizon Fuel Cell Technologies

Recent Developments in Hydrogen Fuel Cell Vehicle Market

Oct 23, 2023: Toyota lobbies India to cut hybrid-car taxes as much as 21%

• Japan's Toyota Motor is lobbying the Indian government to cut taxes on hybrid vehicles by as much as one-fifth, arguing they are far less polluting than petrol cars but do not get commensurate policy treatment, a company letter shows.

Feb 6, 2023: Ashok Leyland and RIL unveil India’s first hydrogen-powered heavy-duty truck

• Reliance Industries Limited (RIL) & Ashok Leyland, on Monday, unveiled India’s first Hydrogen Internal Combustion Engine (H2-ICE) powered Heavy Duty truck. Prime Minister Narendra Modi flagged off the vehicle in Bangalore at India Energy Week.

Feb 2, 2023: Honda to produce new hydrogen fuel cell system with General Motors

• Japan’s Honda Motor Co said it will start producing a new hydrogen fuel cell system jointly developed with General Motors Co this year and gradually step up sales this decade, in a bid to expand its hydrogen business.

Oct 19, 2022: Bharat Electronics to make hydrogen fuel cells with tech from US-based TEV

• Navratna defence PSU Bharat Electronics Ltd (BEL) on Wednesday, October 19, said it has signed an MoU with Triton Electric Vehicle (TEV), for the manufacture of hydrogen fuel cells, with technology transfer from the latter to meet the requirements of the Indian market and mutually-agreed export markets.

In August 2022, a 90-kilowatt power generating pack was introduced by Proton Motor Power Systems PLC, a manufacturer of hydrogen fuel cells and electric hybrid systems.

In August 2022, Korea South-East Power (KOEN) and SK E&S, a natural gas company, signed a memorandum of understanding (MOU), to collaborate on the production of electricity using green hydrogen and ammonia.

In June 2022, Toshiba Energy Systems and Solutions Corp. (Toshiba EES) stated that it will collaborate with Echandia to create pure hydrogen fuel cell systems for ships. These newly formed pure hydrogen fuel cells, which utilize Toshiba ESS's pure hydrogen fuel cells, might be applied to continuous maritime operation.

In December 2021, Groupe Renault, a major participant in the automotive industry, and Plug Power Inc., a producer of fuel cell systems and hydrogen-related services, signed a Memorandum of Understanding (MOU), to establish a 50-50 joint venture with France by the end of the first half of 2021. In the upcoming years, this strategic JV will put Groupe Renault and Plug Power in a position to dominate Europe's research and development (R&D), transformation, production, and marketing of fuel cell-powered cars and hydrogen turnkey solutions. This joint venture platform will serve the fuel cell light commercial vehicle, taxi, and commercial people transportation markets, all of which are rapidly expanding.

In October 2021, the HYVIA hydrogen "Renault Master Van H2-TECH prototype" was introduced at the Plug Power Symposium by Plug Power Inc., a provider of turnkey hydrogen solutions for the global green hydrogen economy. This was the first time the new hydrogen fuel cell-powered van was displayed in North America.

In February 2019, Nuvera Fuel Cells, LLC, a fully owned subsidiary of Hyster-Yale Materials Handling, Inc., was acquired by OneH2, a hydrogen fuel corporation with headquarters in the United States, for an undisclosed sum.

Regional Insights

Asia Pacific is expected to be the dominant Hydrogen fuel cell vehicle market over the forecast time. It is believed that the Asia Pacific region is an important market for hydrogen fuel cell vehicles. There are numerous countries investing in infrastructure and technology that will enable the deployment of these vehicles. Here are a few examples of the countries within the Asia Pacific region that are pioneering the field of hydrogen fuel cell vehicles' adoption. Japan sees hydrogen as an essential element in reducing carbon emissions from its economy and ensure its competitiveness in the industrial sector. In the country's Green Growth Strategy, hydrogen is among the 14 areas which are essential to achieving emission-free by 2050.

It is expected to propel forward the Asian Hydrogen Fuel Cell Vehicle Market. It is believed that the Japanese government has reaffirmed its support for hydrogen through the introduction of new plans for action to prioritize sectors in the revised green growth strategy that was released in June 2021. In the Strategic Energy Plan, hydrogen and ammonia are expected to make up one percent of both the primary energy mix and the electricity mix by 2030, which is in line with the nation's 46% reduction in greenhouse gas emissions amount compared to the levels of 2013.

Hydrogen isn't just essential for the generation of electricity and transportation, it is also a key element in reducing carbon emissions in industrial sectors like petrochemical production as well as steelmaking in the Hydrogen the Fuel Cell Vehicle Market.

Japan is an advantage in the field of the field of fuel cells and will continue to make investments in this field to continue to be a world-class exporter. While Japan recognizes the immediate necessity of hydrocarbons in the long run, its plan is to shift its fuel cells away from the fossil-fuel based fuel to renewable sources, including domestically-sourced renewable energy in the Hydrogen Fuel Cell Vehicle Market. One of Japan's top priorities is to cut down the cost of producing hydrogen from around $1 cents per cubic meter (Nm3) in 2018 to 30 cents/Nm3 in 2030, and to 20 cents / Nm3 less or more in 2050.Report focused on the country-specific analysis of the market, including countries' share and the emerging patterns in market.

Segments Covered in the Hydrogen Fuel Cell Vehicle Market

Hydrogen Fuel Cell Vehicle Market By Vehicle Type

• Commercial Vehicle
• Passenger Vehicles

Hydrogen Fuel Cell Vehicle Market By Technology

• Proton Exchange Membrane Fuel Cell
• Phosphoric Acid Fuel Cells
• Alkaline Fuel Cell
• Solid Oxide Fuel Cell
• Others

Hydrogen Fuel Cell Vehicle Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the current size of hydrogen fuel cell vehicle market?

The Global Hydrogen Fuel Cell Vehicle Market is expected to grow rapidly at a 52.6% CAGR consequently, it will grow from its existing size of from $7.45 billion in 2023 to $63.85 billion by 2030.

What will be the CAGR of global hydrogen fuel cell vehicle market?

The global hydrogen fuel cell vehicle market is poised to grow at a CAGR of 52.6% from 2023 to 2030.

Who are the prominent players operating in the hydrogen fuel cell vehicle market?

The major players operating in the hydrogen fuel cell vehicle market are Ballard Power System, ITM Power, Plug Power, Delphi Technologies, Doosan Corporation, Hydrogenics, Proton Power System PLC, Intelligent Energy Holdings plc, Panasonic Corporation, Pearl Hydrogen, Horizon Fuel Cell Technologies

Which are the driving factors of the hydrogen fuel cell vehicle market?

Accessibility to technologically advanced and user-friendly products and government initiatives for the development of hydrogen fuel infrastructure these are driving the growth of the hydrogen fuel cell vehicle market.

Which region will lead the global hydrogen fuel cell vehicle market?

Asia Pacific region will lead the global hydrogen fuel cell vehicle market during the forecast period 2023 to 2030.

Segments Covered in the Hydrogen Fuel Cell Vehicle Market

Hydrogen Fuel Cell Vehicle Market By Vehicle Type

• Commercial Vehicle
• Passenger Vehicles

Hydrogen Fuel Cell Vehicle Market By Technology

• Proton Exchange Membrane Fuel Cell
• Phosphoric Acid Fuel Cells
• Alkaline Fuel Cell
• Solid Oxide Fuel Cell
• Others

Hydrogen Fuel Cell Vehicle Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Research Methodology