About Hydrogen Fuel Cell Vehicle
Hydrogen fuel cell vehicles (HFCVs) have a substantial potential to moderate emissions because they do not produce any greenhouse gases (GHGs) during vehicle operation. The Japanese automakers are always been the main proponents of hydrogen fuel as the perfect replacement for diesel fuels and gasoline. Currently, there are three hydrogen fuel cell cars available for lease or purchase which are the Toyota Mirai, the Honda Clarity Fuel Cell, and the Hyundai NEXO. Hydrogen vehicles are mostly electric cars with a fuel tank. They boast the performance and instant torque of battery-electric cars while providing a better range than any pure EV on the markets. The global HFCV car stock reached approx.11,200 units in 2018. The United States accounts for about half of the global HFCVs in circulation, followed by Japan, Korea, Germany, and France.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that German Vendors will contribute the maximum growth to Global Hydrogen Fuel Cell Vehicle market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Hyundai (South Korea), Toyota (Japan), Honda (Japan), Daimler AG (Germany), Audi (Germany), BMW (Germany), AB Volvo (Sweden), Ballard Power Systems (Canada), General Motors (United States) and GMC (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Hydrogen Fuel Cell Vehicle market by , Application (Passenger Cars and Commercial Vehicles) and Region.
On the basis of geography, the market of Hydrogen Fuel Cell Vehicle has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Hydrogen Storage Techniques, the sub-segment i.e. Pressurized Tank Storage will boost the Hydrogen Fuel Cell Vehicle market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Hydrogen Production Pathways, the sub-segment i.e. Natural Gas will boost the Hydrogen Fuel Cell Vehicle market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Manufacturers are Constantly Trying to Emphasis on Innovation in the HFCVs In Order To Enhance the Efficiency in Automotive Sector
Market Growth Drivers:
Increasing Demand for Hydrogen FCVs as They Are Potential Option for Reducing Emissions from the Transportation Sector and Improved Fuel Efficiency and Increased Driving Range
Challenges:
Inadequate Hydrogen Infrastructure
Restraints:
High Cost of Hydrogen Fuel Cell Vehicles
Opportunities:
Hydrogen fuel and HFCVs are increasingly becoming a Collective International Endeavour and OEMs Are Continuing To Improve HFCV Technology
Market Leaders and their expansionary development strategies
In August 2022, Phoenix Motor Inc. a leader in manufacturing of all-electric, medium-duty vehicles, announced the acquisition of hydrogen fuel cell manufacturing assets, including an automated, robotic fuel cell assembly line, from Altergy Systems (“Altergy”). Phoenix will utilize the manufacturing facility to design and produce hydrogen fuel cells to power forklifts, hybrid buses, vans and trucks, and long-range, heavy-duty trucks.
In September 2023, Nikola Corporation, a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via its HYLA brand, achieved a significant milestone today as it celebrated the commercial launch of the Nikola hydrogen fuel cell electric vehicle at its state-of-the-art manufacturing facility in Coolidge, Ariz.
Hydrogen vehicles registered in the UK need vehicle special orders (VSOs). However, since 1st October 2017, where an FCEV has EU type approval, a VSO is no longer required. For identification of FCEVs, measures in Regulation EC No. 406/2010 require FCEVs to carry green diamond labels. and Regulation EC No. 79/2009 of the European Parliament and of the Council of 14 January 2009 on type-approval of hydrogen-powered motor vehicles, and amending Directive 2007 46 EC and Regulation EC No. 406/2010 of 26 April 2010 implementing Regulation (EC) No. 79/2009 of the European Parliament and of the Council on type-approval of hydrogen-powered motor vehicles.
Key Target Audience
Manufacturers of Hydrogen Fuel Cell Vehicles, Suppliers of Hydrogen Fuel Cell Vehicles, Automotive Industry, Regulatory Bodies and Governmental Bodies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.