According to The Insight Partners’ research, the global fuel cell vehicle market accounted for US$ 487.62 million in 2020. It is estimated to amass US$ 6,051.17 million by 2028, exhibiting a CAGR of 40.1% during the forecast period. The rising demand for clean energy and the falling cost of green hydrogen are the prominent factors toward the market expansion.

There has been an increasing demand for clean energy as air pollution causes several diseases and health-related issues, which have become a primary concern for governments worldwide. Aisa Pacific consists of some of the most prominent polluted cities across the world with dangerous levels of air pollutants in the air. Government bodies have adopted several initiatives across the globe to increase the penetration of clean energy sources. For example, the Government of China increased the deployment of electric vehicles in China from 20,000 in 2010 to 5 million in 2020. Also, the State Government of California in the US has committed to invest US$ 20 million every year until 100 hydrogen fueling stations are built in the state. Such initiatives are expected to escalate the fuel cell vehicles market in the coming years.

Moreover, the declining cost of producing green hydrogen is another factor that contributes to market growth. According to statistics from the European Commission, green hydrogen produced through renewable sources costs in the range of US$ 2 to US$ 6 per kg. It is estimated that the price of hydrogen will decline to below US$ 1 per kg by 2030. Also, due to several emerging players in the hydrogen industry, the supply chain has broadened considerably recently, driving down the prices for hydrogen electrolysis technology worldwide.

On the contrary, the high cost of refueling infrastructure hinders the expansion of the global fuel cell vehicle market.

Based on electrolyte, the global fuel cell vehicle market is bifurcated into PEMFC and PAFC. The PEMFC segment led the market with a share of 99.3% in 2020. The segment was valued at US$ 484.33 million in 2020 and is slated to be worth US$ 5,889.52 million by 2028, with an expanding CAGR of 39.8% from 2021 to 2028.

As per power output, the global fuel cell vehicle market is segmented into less than 100 kW, 100–200 kW, and above 200 kW. In 2020, the less than 100 kW segment held a significant share of 89.3%, and the market accounted for US$ 435.29 million. It is further predicted to continue its dominance by capturing a market value of US$ 5,467.55 million by 2028, with an assessed CAGR of 40.4% during the forecast timeframe.

On the basis of vehicle type, the market is fragmented into passenger cars, buses, trucks, and light commercial vehicles. Among these, the passenger car segments led the market expansion by holding a share of 61.7% in 2020. The segment stood value at US$ 300.72 million in 2020 and is projected to grow at a CAGR of 42.4% over the forecast period to reach US$ 4,106.94 million by 2028.

Our regional analysis states that Asia Pacific led the domain by capturing 50.7% in 2020, and the market value stood at US$ 264.96 million. Additionally, the region is anticipated to mark a value of US$ 4,113.90 million by 2028 with a CAGR to record a stellar growth rate of 45.25% during the forecast period.

The key players profiled in the global fuel cell vehicle market are Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc; General Motors; AB Volvo; Honda Motor Co., Ltd; RIVERSIMPLE; Daimler AG; Hyzon Motors; and Ballard Power Systems.

• In March 2022, Hyundai Motor Corporation opened its first overseas fuel cell system plant in Guangzhou, producing 6,500 fuel cell systems per year to increase capacity.
• Toyota Motor Corporation launched Mirai fuel cell electric vehicles in December 2020, enabling hydrogen-based fuel cell vehicles.
• In June 2021, the General Motors and Wabtec Corporation announced collaboration to develop and commercialize GM’s Ultium battery technology and HYDROTEC hydrogen fuel cell system.
• In April 2021, Daimler Truck AG and AB Volvo established a joint venture to produce hydrogen fuel cells for long-haul trucks.

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