Hydrogen Fuel Cell Vehicles (FCVs) use a hydrogen fuel cell to power their onboard electric motor. Hydrogen is used to operate a hydrogen fuel cell to generate electricity. Hydrogen fuel cell vehicles possess a high potential to reduce emissions related to the transportation sector. Also, this vehicle does not generate any greenhouse gas (GHG) emissions during vehicle operation unlike diesel-powered and gasoline vehicles. These key aspects are remarkably boosting the growth of the Hydrogen Fuel Cell Vehicle market.
Furthermore, various significant factors such as growing environmental concerns, increasing government initiatives for the development of hydrogen fuel cell infrastructure, the high initial investment in infrastructure, and technological advancement and future potential are estimated to have a positive impact on the Hydrogen Fuel Cell Vehicle market throughout the forecast period.
On the other hand, the higher cost of hydrogen fuel cell vehicles coupled with a lack or limited availability of refueling stations of the fuel source is the main challenge faced by the hydrogen fuel cell vehicle market. In addition, another important challenge for automakers is the high initial investment essential to set up the infrastructure for both hydrogen fuel cell vehicles and refueling stations.
Covid-19 Impact on Hydrogen Fuel Cell Vehicle Market
The outbreak of the covid-19 has a severe and swift impact on the automobile and transportation industry. This is majorly due to the shutdown of assembly plants in the US, interruptions across Europe in large-scale manufacturing, and disruption in the export of Chinese parts. In addition to this, the industry is dealing with reduced demand across the globe due to changes in customer behavior and shifts in a supply-demand chain. A recent study shows a 39% decline in sales of automotive all over the world. Moreover, the nationwide lockdowns have substantially affected the transportation sector. Restrictions on transportation accounted for a 45 to 55% decline in public as well as private transport sectors.
Hydrogen Fuel Cell Vehicle Market Segment Overview
Based on Technology, the Proton Membrane Exchange or polymer-electrolyte membrane (PEM) is the largest segment in the market. The most common type of fuel cell for vehicle applications is the polymer electrolyte membrane (PEM) fuel cell. In a PEM fuel cell, an electrolyte membrane is sandwiched between a positive electrode (cathode) and a negative electrode (anode). Hydrogen is introduced to the anode, and oxygen is introduced to the cathode. The hydrogen molecules break apart into protons and electrons due to an electrochemical reaction in the fuel cell catalyst. Protons then travel through the membrane to the cathode.
Hydrogen Fuel Cell Vehicle Market, By Vehicle Type
· Passenger Vehicle
· Commercial Vehicle
Hydrogen Fuel Cell Vehicle Market, By Technology
· Proton Membrane Exchange
· Phosphoric Acid Fuel Cell
· Others
Hydrogen Fuel Cell Vehicle Market Regional Overview
In terms of region, North America is anticipated to dominate the overall Hydrogen Fuel Cell Vehicle market, throughout the forecast period. This is mainly because of growing awareness about the various benefits of hydrogen fuel cells Vehicle in this region. In the region, there are more than 60 hydrogen fuelling stations are operating, in which more than 40 stations have opened to the public for use in California. In addition to this, encouraging regulations by the government of developed counties and eco-friendly objectives to reduce emission rates will propel the regional market’s growth. Further, large investment and industrial activity in hydrogen are driving the transition towards hydrogen that is anticipated to intensify the growth of the market in this region. Likewise, the Asia Pacific is expected to show rapid growth with a gradual increase in market share during the forecast period. China's capital Beijing is promoting hydrogen fuel cell vehicles in response to the country's carbon reduction targets. The city is on target to bring 3,000 hydrogen vehicles on the road and build 37 hydrogen refuelling stations by the end of 2023. It expects the number of hydrogen vehicles on the roads to exceed 10,000 units by 2025.
Hydrogen Fuel Cell Vehicle Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Hydrogen Fuel Cell Vehicle Market Competitor overview
Some key developments and strategies adopted by manufacturers in Hydrogen Fuel Cell Vehicle are highlighted below.
· In August 2021, Hydrogen-powered heavy-duty truck company Hyzon Motors said it is ramping up operations in the wake of its merger with blank-check firm Decarbonization Plus Acquisition Corp., including shipping its first trucks to European customers.
· In August 2021, The BMW Group is systematically pushing forward with development of hydrogen fuel cell technology as an additional option for sustainable individual mobility and is to present the BMW iX5 Hydrogen at the IAA Mobility 2021 in Munich.
Hydrogen Fuel Cell Vehicle Market, Key Players
· Honda
· Toyota
· Hyundai
· Daimler
· Audi
· BMW
· Volvo
· Ballard Power Systems
· General Motors
· MAN
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Hydrogen Fuel Cell Vehicle Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 5.2.1. Passenger Vehicle
- 5.2.2. Commercial Vehicle
- 5.3. Market Analysis, Insights and Forecast – By Technology
- 5.3.1. Proton Membrane Exchange
- 5.3.2. Phosphoric Acid Fuel Cell
- 5.3.3. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America, Middle East and Africa
6. North America Hydrogen Fuel Cell Vehicle Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 6.2.1. Passenger Vehicle
- 6.2.2. Commercial Vehicle
- 6.3. Market Analysis, Insights and Forecast – By Technology
- 6.3.1. Proton Membrane Exchange
- 6.3.2. Phosphoric Acid Fuel Cell
- 6.3.3. Others
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
7. Europe Hydrogen Fuel Cell Vehicle Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 7.2.1. Passenger Vehicle
- 7.2.2. Commercial Vehicle
- 7.3. Market Analysis, Insights and Forecast – By Technology
- 7.3.1. Proton Membrane Exchange
- 7.3.2. Phosphoric Acid Fuel Cell
- 7.3.3. Others
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. UK
- 7.4.2. Germany
- 7.4.3. France
- 7.4.4. Italy
- 7.4.5. Spain
- 7.4.6. Russia
- 7.4.7. Rest of Europe
8. Asia Pacific Hydrogen Fuel Cell Vehicle Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 8.2.1. Passenger Vehicle
- 8.2.2. Commercial Vehicle
- 8.3. Market Analysis, Insights and Forecast – By Technology
- 8.3.1. Proton Membrane Exchange
- 8.3.2. Phosphoric Acid Fuel Cell
- 8.3.3. Others
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Japan
- 8.4.4. Australia
- 8.4.5. South East Asia
- 8.4.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Hydrogen Fuel Cell Vehicle Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 9.2.1. Passenger Vehicle
- 9.2.2. Commercial Vehicle
- 9.3. Market Analysis, Insights and Forecast – By Technology
- 9.3.1. Proton Membrane Exchange
- 9.3.2. Phosphoric Acid Fuel Cell
- 9.3.3. Others
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. Brazil
- 9.4.2. Saudi Arabia
- 9.4.3. UAE
- 9.4.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. Honda
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. Toyota
- 10.6. Hyundai
- 10.7. Daimler
- 10.8. Audi
- 10.9. BMW
- 10.10. Volvo
- 10.11. Ballard Power Systems
- 10.12. General Motors
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
