The latest study collated and published by Nova one advisor analyzes the historical and present-day scenario of the global Fuel Cell Vehicle market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, future scopes, cost analysis and key trends during the forecast timeframe 2022 to 2030.

The global Fuel Cell Vehicle market was valued at USD 1.19 billion in 2021 and it is expected to hit around USD 36.92 billion by 2030 with a CAGR of 49.13% during the forecast period 2022 to 2030.

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Factors such as strict environmental laws, the availability of incentives and subsidies for clean fuels, and hazardous gas emissions from combustion engine are the key drivers driving the global growth of the fuel cell vehicle market. Vehicle emissions have a negative influence on the environment and human life, and several government agencies have enacted rigorous emission regulations. As long as regulatory rules are met, fuel cell vehicles will be in high demand. The growing awareness among manufacturers of the damage caused by car emissions on the environment and the development of alternative powertrains is fueling the market growth.

The government's major goal in developed countries is to develop and install hydrogen refueling stations. The government's primary goal in developing countries is to design a strategic plan for the commercial roll-out of fuel cell technology. Therefore, the urgent need for infrastructure investment is another aspect driving market growth. To boost the market growth for the fuel cell vehicle market, several countries such as Australia, Canada and South Korea are aiming for a full range of hydrogen filling stations across the world.

Although, fuel cell vehicles are expensive and hydrogen (per kilo) is expensive in some locations, these reasons are impeding the growth of the fuel cell vehicle market. It is a scalable and adaptable electrical source for big transportation applications such as material handling trucks, buses, railroads, defense vehicles, and light commercial vehicles (LCVs). In commercial applications, it is also employed as a stationary fuel source. Furthermore, rising government attempts to promote fuel cells for transportation provide the potential for the fuel cell vehicle market to develop.

The North America and Asia Pacific is expected to witness positive market growth owing to the increased adoption of passenger and commercial electric vehicles. The markets are experiencing strong advocacy to make fuel cell vehicles mainstream due to its positive impact on the environment. The government in the Asia Pacific are also promoting the uptake of fuel cell vehicle by providing subsidies to the buyers. Thus, propelling the market growth.

Key Takeaways:

• By vehicle type, the U.S. Fuel Cell Vehicle market was valued at USD 199.7 Million in 2021 and growing at a CAGR of 59.8% from 2022 to 2030


• The market is expected to register growth due to increased crude oil prices and increasing concentration of carbon emission


• The governments of developed and developing countries are actively investing in fuel cell technology and infrastructure


• The passenger car segment is expected to witness growth owing to extensive usage for commuting and supply chain purpose


• The industry's progress is limited by a failing distribution network, fear of electric shock, and flammability owing to the chemical attribute of hydrogen fuel cells, which act as a limitation on the market's growth

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The fuel cell vehicle market is still in its early development and growth stages. Many technologies are in it testing stage with a few automobiles from Toyota Motor Corporation, Honda Motor Corp., and Hyundai Motor Group running in some specific regions. European manufacturers such as BMW AG and Audi are developing fuel cell vehicles based on their earlier prototypes aimed at launching in the later years. Many other companies are following BMW and Audi's footprints. For instance, Renault manufactured the hydrogen fuel cell-powered SUV prototype. The SUV titled Scenic Vision will be equipped with a 16kW fuel cell which will help expand the cars driving range to 800 kilometers without the need for charging. The battery will be lightweight and the carbon footprint will be reduced by 75% as compared with the traditional electric vehicle model. However, the French carmaker model will not be available before 2030 and 2032. The company will launch its fully electric version by 2024.

Hydrogen fuel cell vehicles are expanding their applications to heavy commercial vehicles to increase efficiency. For instance, a major global player in zero-emission hydrogen fuel cell-based commercial vehicles- Hyzon Motors Inc. announced the development of the hydrogen storage system technology which can decrease the manufacturing cost and weight of the commercial vehicle. The new technology is yet to be patented and has the potential of reducing manufacturing component count by 75%, the weight of the system by 43%, and the system storage cost by 52%. This technology uses lightweight composite material for system metal print which is based on a single rack system capable of storing 5 hydrogen cylinders at once. The development of this onboard storage system technology is a collaboration between the European and U.S. division of Hyzon Motors Inc. These technological developments taking place for reducing cost and carbon emission are attempts to integrate hydrogen fuel cell technology as the main power source for future vehicle production.

Fuel cell vehicle are expensive, and the cost of hydrogen (per kilo) in some places are high thereby restraining the fuel cell vehicle market growth. Furthermore, the number of gasoline stations is restricted or inadequate in regions around the world. The industry's progress is limited by a failing distribution network, fear of electric shock, and flammability owing to the chemical attribute of hydrogen fuel cells, which act as a limitation on the market's growth. The manufacturing cost of hydrogen fuel cell vehicles is higher than the manufacturing cost of conventional vehicles. The production cost coupled with aftermarket services cost significantly increases the total ownership cost as compared to that of a standard vehicle. Aside from that, it faces competition from battery electric vehicles and plug-in hybrid electric vehicles, which are becoming popular and is limiting the market's growth.

Vehicle Insights

The vehicle type segment is divided into passenger cars, LCVs, and HCVs. Passenger cars dominate the market accounting for the highest share of 84.5% in of the overall industry in 2021 and registering the highest CAGR of 50.8% in the forecast period. The surge in the adoption of passenger cars in countries such as Japan and South Korea drives segment growth in the fuel cell vehicle market. Depleting fossil fuel sources are driving the price of the vehicle fuel. This is prompting the government to look for sustainable and low emission sources to power the vehicles.

The LCV segment is expected steady growth in the forecast period. Light commercial vehicles are instrumental transportation vehicles used for supply chain purposes. Using a fuel cell in place of a battery provides electrochemical conversion of energy into torque and high efficiency. Thus, the use of fuel cells in long-distance travel vehicles such as LCVs is an ideal choice from the perspective of cost-saving and efficient travel.

Regional Insights

Asia Pacific accounted for a revenue share of more than 65.4% of the overall market in 2021. The growing sales of cars in countries such as South Korea and Japan are the primary factor for the growth of the passenger cars market in this region. Furthermore, Government initiatives in Japan for the usage of fuel cell vehicles and support the consumer through subsidies for the purchase of the vehicles are driving the growth of the market in this region. Government initiatives for the usage of fuel cell vehicles and providing consumer support in the form of vehicle subsidies in Japan are also propelling the market growth in this region. For instance, in November 2021, China's development and reform commission issued a directive to manufacture 5,000 hydrogen fuel cell automobiles by 2025 for port transportation, buses, and intercity logistics. Thus, such booming development in clean energy within the automotive sector is anticipated to drive the fuel cell vehicle market growth over the forecast period.

Following the Asia Pacific, Europe is expected to exhibit the highest CAGR in the forecast period. Major players in the European regions are continuously pushing to integrate fuel cell systems and fuel cells in commercial and passenger vehicles. For instance, in May 2022, the European Daimler group announced plans to include electric vehicles and hydrogen fuel vehicles in their portfolio by 2030. Furthermore, the massive deployment of commercial vehicles in France for public and government usage is fueling the market growth.

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