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Hydrogen Fuel Cell Vehicle Market Size, Demand Status, Regional Outlook, Growth Drivers and Top Players Trends 2022 – 2030

Oct 6, 2022 8:00 PM ET

Hydrogen Fuel Cell Vehicle Market Size, Demand Status, Regional Outlook, Growth Drivers and Top Players Trends 2022 – 2030

The global hydrogen fuel cell vehicle market will reach USD 46.89 billion at a 68.52% CAGR by 2030, states the new Market Research Future report.

Hydrogen Fuel Cell Vehicle Market Drivers 

Surge in Environmental Concern to Bolster Market Growth 

Due to growing worries about environmental deterioration and the depletion of natural resources, a number of technologies that promote the eco-friendly idea of sustaining the environment are being introduced to the market. The adoption of hydrogen fuel cell vehicles is also influenced by rising levels of traffic and greenhouse gas emissions along with increased awareness of the negative effects of air pollution, as they are more environmentally friendly over other conventional vehicles.

Key Players 

Eminent industry players profiled in the global hydrogen fuel cell vehicle market report includes,

  • Toyota Motor Sales USA Inc. (Japan)
  • The Hyundai Motor Company (South Korea)
  • Daimler AG (Mercedes-Benz) (Germany)
  • BMW (Germany)
  • General Motors Company (U.S.)
  • Groupe Renault (France)
  • Mazda Motor Corporation (Japan)
  • Hydrogenics (Canada)
  • Kia Motor Corporation (South Korea)
  • Tata Motors Limited(India).

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Hydrogen Fuel Cell Vehicle Market Opportunities 

Rise in Government Initiatives to offer Lucrative Opportunities 

The rise in government initiatives to build infrastructure for hydrogen fuel cells will present the market with significant potential over the projected period. Different governments have implemented a variety of programs to address environmental issues.

Hydrogen Fuel Cell Vehicle Market Restraints and Challenges

High Initial Investment in Infrastructure to act as Market Restraint 

The high initial investment in infrastructure and volatility of raw material prices for hydrogen fuel cells may act as market restraints over the forecast period. In comparison to diesel, petroleum, and other fuels, the setup cost of hydrogen fuel stations and associated infrastructure is higher, which could constrain the market throughout the projection period. As a result, compared to other alternative fuels, the infrastructure for hydrogen fueling has grown more slowly worldwide. Due to the expensive equipment needed for this fuel as well as the mandatory safety measures and precautions due to hydrogen being an easily combustible fuel, this is the case.

Report Scope:

Report Attribute/Metric


  Market Size

  2030: USD 46.89 Billion


  68.52% CAGR (2022-2030)

  Base Year


  Forecast Period

  2022 to 2030

  Key Market Opportunities

Decrease the weight

Improve driving experience

  Key Market Drivers

High-quality products

Changing lifestyle of consumers

Rising spending power

Hydrogen Fuel Cell Vehicle Market Segmentation 

The hydrogen fuel cell vehicle market is classified based on vehicle and technology.

By technology, the hydrogen fuel cell vehicle market is segmented into solid oxide fuel cell, alkaline fuel cell, and proton exchange membrane fuel cell.

By vehicle type, passenger cars will dominate the market over the forecast period.

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COVID-19 Analysis 

Due to the presence of big companies operating as “essential enterprises,” COVID-19 had a negligible effect on the hydrogen fuel cell industry. COVID-19 had a detrimental effect on the economic health of the majority of countries and regions, contributing to economic deterioration. Curfews and lockdowns have caused a number of production and exploration activities to be delayed, which has increased the price of gasoline. Demand for fuel cells is also anticipated to increase due to growing consumer awareness of the need to cut down Greenhouse Gas (GHG) emissions and a focus on sustainable energy sources. Installation and maintenance operations have also been impacted by a lack of labor, facility closures, a shortage of suppliers of medium voltage gear, poorer contractor/subcontractor productivity, and other causes. For instance, research undertaken by the International Energy Agency (IEA) in November 2021 shows that demand for energy storage devices is rising globally in a number of locations, with China, a number of important European nations, and the United States of America leading the way in each case. Furthermore, recently, manufacturers of Electric Vehicle (EV) batteries have started concentrating on lowering up-front costs and extending the range of vehicles by creating more efficient power sources.

Hydrogen Fuel Cell Vehicle Market  Regional Analysis 

North America to Sway Hydrogen Fuel Cell Vehicles

The majority of the market share was accounted for by North America, which will continue to rule the market over the forecast period. The state of California continues to display unmatched leadership in the development of infrastructure for hydrogen fuel cell vehicles. The state was among the first in the world to have commercial zero-emission FCVs on its roads thanks to continued planning and assistance. Companies like Toyota Motor Sales have significantly advanced the development of hydrogen fuelling infrastructure, while states like California, the United Kingdom, Germany, and Japan have declared plans to assist in funding hydrogen fueling stations.

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Over the forecast period, North America will dominate the market. The state’s ongoing planning and support, the presence of commercial zero-emission FCVs on the road, the development of hydrogen fueling infrastructure due to the presence of top auto players, the presence of developed economies like California, Japan, Germany, and the UK, funding of hydrogen fueling stations, and a sizable investment by the US Department of Energy in the production of fuel are all reasons why California has unmatched leadership in FCV incentives and hydrogen infrastructure. In addition, the availability of numerous hydrogen fueling stations, the demand for low-emission vehicles in the US and Canada, the rise in fuel cell vehicle sales in California and Canada, fuel cell vehicle subsidies, the availability of several hydrogen fuel cell-based forklifts, a sizable number of FC buses across its states, and the presence of leading fuel cell manufacturers in the US and Canada all contribute to market expansion.