Global Hydrogen Fuel Cell Vehicle Market Growth, Trends, COVID-19 impact and Forecast (2020-2025)
Global Hydrogen Fuel Cell Vehicle Market is segmented based on Technology (Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell), Vehicle Type(Commercial Vehicle and Passenger Cars), Power Output (Less Than 150 kW, 150-250 kW, >250 kW) and Region ( APAC, North America, Europe and ROW)
Introduction
Hydrogen fuel cell vehicles (HFCVs) are a class of electric vehicles that power the drive train of the vehicles through the energy generated from fuel cells. The fuel cell converts chemical energy generated from the positively charged hydrogen ions into electricity.
These vehicles are more powerful than IC engines and hybrid vehicles and have a performance of 60-70 percent over the other two.
Hydrogen fuel cell vehicles combine the range and refueling of conventional cars with the recreational and environmental benefits of driving on electricity.
In COVID-19 pandemic, due to the unavailability of workers which led to the disruptions in supply chains and the halt in the release, distribution, and final assembly of new, hydrogen fuel-cell vehicles are drastically hindering the growth of the market.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6. Five Force analysis
7. Market Sizing
8. Market segmentation
9. Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10. Growth drivers
10.1 Supportive government policies, schemes and grants
10.2 High investment by automotive companies in the manufacturing of fuel cell
vehicles
11. Key Market Trends
12. Impact of Covid-19
13. Challenges
14. Customer Insights analysis
15. Major Market Players
15.1 Toyota Motors
15.2 Hyundai Motors
15.3 BMW
15.4 General Motors
15.5 Honda
15.6 KIA Motors
15.7 VOLVO
15.8 Renault
16. Recent Developments
17. Future Scope
18. Strategic Recommendations
Market Overview
The global Hydrogen Fuel Cell Vehicle Market is expected to grow to $25.56 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with a 64.5% CAGR.
North America is expected to dominate the overall hydrogen fuel cell vehicle market owing to the increasing awareness among the population towards environmental protection and sustainability.
Key Trends
An increase in awareness of the effects of air pollution and a rise in greenhouse gas emissions contributes to the introduction of hydrogen fuel cell vehicles.
Need for advanced fuel-efficient technologies due to an increase in the price of petrol and diesel contributing to the growth of hydrogen fuel cell vehicle market size.
Key Market Players
The most prominent players operating in the hydrogen fuel cell vehicle market are Honda Motor Company, Ltd., Toyota Motor Corporation, Hyundai Motor Company, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors, Kia Motor Corporation, MAN, Groupe Renault, Tata Motors Limited, Hydrogenics, Mazda Motor Corporation, and others.
Major companies are developing advanced technologies and launching new services to stay competitive in the market.
Growth Drivers and Challenges
Supportive government policies, schemes, and grants to promote cleaner technologies are anticipated to propel the market during the forecast period.
High investment by automotive companies in the manufacturing of fuel cell vehicles and an increasing public interest in sustainable and environmentally friendly products will further boost the overall consumer demand for hydrogen fuel cells that transfer chemical potential energy into electrical energy.