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Hydrogen Fuel Cell Vehicle Market By Vehicle Type, By Technology, By Range: Global Opportunity Analysis and Industry Forecast, 2023-2032

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    Report

  • 291 Pages
  • October 2023
  • Region: Global
  • Allied Market Research
  • ID: 5743630
Description Jump to:
Hydrogen fuel cell vehicle is a type of vehicle that uses a hydrogen fuel cell to power its on-board electric motor. This vehicle does not release any greenhouse gas (GHG) emissions during vehicle operation unlike diesel-powered and gasoline vehicles. Further, extensive support from the government to propel hydrogen fuel cell infrastructure fuels the market growth.

The scope of hydrogen fuel cell vehicle market is derived from different vehicle types. The report includes a micro-level study of different regions that adopt hydrogen fuel cell vehicles for various vehicle types. In addition, it discusses the potential opportunities for market players to enter the market and provides an in-depth market analysis of hydrogen fuel cell vehicles, outlining current trends, key driving factors, and potential areas for product investments.

Prominent factors that drive growth of the hydrogen fuel cell vehicle market include surge in environmental concerns, increase in government initiatives for development of hydrogen fuel cell infrastructure, and technological advancement and future potential. Countries such as Japan, South Korea, and China, are growing economies. Thus, the hydrogen fuel cell vehicle manufacturing and automotive component manufacturing sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for growth of the hydrogen fuel cell vehicle market in the region.

Furthermore, the report highlights the competitive landscape of key players to increase their share and sustain the intense competition in the industry. General Motors Company, HONDA MOTOR Co., Ltd, AUDI AG, Ballard Power Systems, Inc., BMW Group, Daimler AG, Hyundai Motor Group, MAN SE, Toyota Motor Corp., Volvo Group are some of the key players operating in the industry.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hydrogen fuel cell vehicle market analysis from 2022 to 2032 to identify the prevailing hydrogen fuel cell vehicle market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the hydrogen fuel cell vehicle market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global hydrogen fuel cell vehicle market trends, key players, market segments, application areas, and market growth strategies.

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  • Market share analysis of players by products/segments
  • Regulatory Guidelines
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  • SWOT Analysis

Key Market Segments

By Vehicle Type

  • Sedan
  • SUV
  • Others

By Technology

  • Proton Exchange Membrane Fuel Cell
  • Phosphoric Acid Fuel Cell

By Range

  • 0-250 Miles
  • 251-500 Miles
  • Above 500 Miles

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • UK
  • France
  • Germany
  • Netherlands
  • Rest of Europe
  • Asia-Pacific
  • Japan
  • South Korea
  • India
  • China
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa
  • Key Market Players
  • MAN SE
  • AUDI AG
  • Hyundai Motor Group
  • TOYOTA MOTOR CORPORATION
  • Ballard Power Systems
  • BMW Group
  • Honda Motor Co., Ltd.
  • Mercedes-Benz Group AG (former Daimler AG)
  • General Motors
  • AB Volvo

 

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Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.3. Porter’s five forces analysis
3.4. Market dynamics
CHAPTER 4: HYDROGEN FUEL CELL VEHICLE MARKET, BY VEHICLE TYPE
4.1. Overview
4.2. Sedan
4.3. SUV
4.4. Others
CHAPTER 5: HYDROGEN FUEL CELL VEHICLE MARKET, BY TECHNOLOGY
5.1. Overview
5.2. Proton Exchange Membrane Fuel Cell
5.3. Phosphoric Acid Fuel Cell
CHAPTER 6: HYDROGEN FUEL CELL VEHICLE MARKET, BY RANGE
6.1. Overview
6.2. 0-250 Miles
6.3. 251-500 Miles
6.4. Above 500 Miles
CHAPTER 7: HYDROGEN FUEL CELL VEHICLE MARKET, BY REGION
7.1. Overview
7.2. North America
7.3. Europe
7.4. Asia-Pacific
7.5. LAMEA
CHAPTER 8: COMPETITIVE LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product mapping of top 10 player
8.4. Competitive dashboard
8.5. Competitive heatmap
8.6. Top player positioning, 2022
CHAPTER 9: COMPANY PROFILES
9.1. AUDI AG
9.2. TOYOTA MOTOR CORPORATION
9.3. General Motors
9.4. Ballard Power Systems
9.5. BMW Group
9.6. Hyundai Motor Group
9.7. AB Volvo
9.8. MAN SE
9.9. Mercedes-Benz Group AG (former Daimler AG)
9.10. Honda Motor Co., Ltd.
List of Tables
Table 01. Global Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 02. Hydrogen Fuel Cell Vehicle Market for Sedan, by Region, 2022-2032 ($ Million)
Table 03. Hydrogen Fuel Cell Vehicle Market for Suv, by Region, 2022-2032 ($ Million)
Table 04. Hydrogen Fuel Cell Vehicle Market for Others, by Region, 2022-2032 ($ Million)
Table 05. Global Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 06. Hydrogen Fuel Cell Vehicle Market for Proton Exchange Membrane Fuel Cell, by Region, 2022-2032 ($ Million)
Table 07. Hydrogen Fuel Cell Vehicle Market for Phosphoric Acid Fuel Cell, by Region, 2022-2032 ($ Million)
Table 08. Global Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 09. Hydrogen Fuel Cell Vehicle Market for 0-250 Miles, by Region, 2022-2032 ($ Million)
Table 10. Hydrogen Fuel Cell Vehicle Market for 251-500 Miles, by Region, 2022-2032 ($ Million)
Table 11. Hydrogen Fuel Cell Vehicle Market for Above 500 Miles, by Region, 2022-2032 ($ Million)
Table 12. Hydrogen Fuel Cell Vehicle Market, by Region, 2022-2032 ($ Million)
Table 13. North America Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 14. North America Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 15. North America Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 16. North America Hydrogen Fuel Cell Vehicle Market, by Country, 2022-2032 ($ Million)
Table 17. U.S. Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 18. U.S. Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 19. U.S. Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 20. Canada Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 21. Canada Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 22. Canada Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 23. Mexico Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 24. Mexico Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 25. Mexico Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 26. Europe Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 27. Europe Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 28. Europe Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 29. Europe Hydrogen Fuel Cell Vehicle Market, by Country, 2022-2032 ($ Million)
Table 30. UK Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 31. UK Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 32. UK Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 33. France Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 34. France Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 35. France Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 36. Germany Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 37. Germany Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 38. Germany Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 39. Netherlands Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 40. Netherlands Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 41. Netherlands Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 42. Rest of Europe Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 43. Rest of Europe Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 44. Rest of Europe Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 45. Asia-Pacific Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 46. Asia-Pacific Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 47. Asia-Pacific Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 48. Asia-Pacific Hydrogen Fuel Cell Vehicle Market, by Country, 2022-2032 ($ Million)
Table 49. Japan Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 50. Japan Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 51. Japan Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 52. South Korea Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 53. South Korea Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 54. South Korea Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 55. India Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 56. India Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 57. India Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 58. China Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 59. China Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 60. China Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 61. Rest of Asia-Pacific Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 62. Rest of Asia-Pacific Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 63. Rest of Asia-Pacific Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 64. LAMEA Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 65. LAMEA Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 66. LAMEA Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 67. LAMEA Hydrogen Fuel Cell Vehicle Market, by Country, 2022-2032 ($ Million)
Table 68. Latin America Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 69. Latin America Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 70. Latin America Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 71. Middle East Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 72. Middle East Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 73. Middle East Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 74. Africa Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022-2032 ($ Million)
Table 75. Africa Hydrogen Fuel Cell Vehicle Market, by Technology, 2022-2032 ($ Million)
Table 76. Africa Hydrogen Fuel Cell Vehicle Market, by Range, 2022-2032 ($ Million)
Table 77. Audi Ag: Key Executives
Table 78. Audi Ag: Company Snapshot
Table 79. Audi Ag: Product Segments
Table 80. Audi Ag: Product Portfolio
Table 81. Toyota Motor Corporation: Key Executives
Table 82. Toyota Motor Corporation: Company Snapshot
Table 83. Toyota Motor Corporation: Product Segments
Table 84. Toyota Motor Corporation: Product Portfolio
Table 85. Toyota Motor Corporation: Key Stratergies
Table 86. General Motors: Key Executives
Table 87. General Motors: Company Snapshot
Table 88. General Motors: Product Segments
Table 89. General Motors: Product Portfolio
Table 90. General Motors: Key Stratergies
Table 91. Ballard Power Systems: Key Executives
Table 92. Ballard Power Systems: Company Snapshot
Table 93. Ballard Power Systems: Product Segments
Table 94. Ballard Power Systems: Product Portfolio
Table 95. Ballard Power Systems: Key Stratergies
Table 96. Bmw Group: Key Executives
Table 97. Bmw Group: Company Snapshot
Table 98. Bmw Group: Product Segments
Table 99. Bmw Group: Product Portfolio
Table 100. Bmw Group: Key Stratergies
Table 101. Hyundai Motor Group: Key Executives
Table 102. Hyundai Motor Group: Company Snapshot
Table 103. Hyundai Motor Group: Product Segments
Table 104. Hyundai Motor Group: Product Portfolio
Table 105. Hyundai Motor Group: Key Stratergies
Table 106. Ab Volvo: Key Executives
Table 107. Ab Volvo: Company Snapshot
Table 108. Ab Volvo: Product Segments
Table 109. Ab Volvo: Product Portfolio
Table 110. Ab Volvo: Key Stratergies
Table 111. Man Se: Key Executives
Table 112. Man Se: Company Snapshot
Table 113. Man Se: Product Segments
Table 114. Man Se: Product Portfolio
Table 115. Mercedes-Benz Group AG (Former Daimler Ag): Key Executives
Table 116. Mercedes-Benz Group AG (Former Daimler Ag): Company Snapshot
Table 117. Mercedes-Benz Group AG (Former Daimler Ag): Product Segments
Table 118. Mercedes-Benz Group AG (Former Daimler Ag): Product Portfolio
Table 119. Mercedes-Benz Group AG (Former Daimler Ag): Key Stratergies
Table 120. Honda Motor Co. Ltd.: Key Executives
Table 121. Honda Motor Co. Ltd.: Company Snapshot
Table 122. Honda Motor Co. Ltd.: Product Segments
Table 123. Honda Motor Co. Ltd.: Product Portfolio
Table 124. Honda Motor Co. Ltd.: Key Stratergies
List of Figures
Figure 01. Hydrogen Fuel Cell Vehicle Market, 2022-2032
Figure 02. Segmentation of Hydrogen Fuel Cell Vehicle Market, 2022-2032
Figure 03. Top Impacting Factors in Hydrogen Fuel Cell Vehicle Market (2022 to 2032)
Figure 04. Top Investment Pockets in Hydrogen Fuel Cell Vehicle Market (2023-2032)
Figure 05. Low Bargaining Power of Suppliers
Figure 06. Low Threat of New Entrants
Figure 07. Low Threat of Substitutes
Figure 08. Low Intensity of Rivalry
Figure 09. Low Bargaining Power of Buyers
Figure 10. Global Hydrogen Fuel Cell Vehicle Market: Drivers, Restraints and Opportunities
Figure 11. Hydrogen Fuel Cell Vehicle Market, by Vehicle Type, 2022 and 2032 (%)
Figure 12. Comparative Share Analysis of Hydrogen Fuel Cell Vehicle Market for Sedan, by Country 2022 and 2032 (%)
Figure 13. Comparative Share Analysis of Hydrogen Fuel Cell Vehicle Market for Suv, by Country 2022 and 2032 (%)
Figure 14. Comparative Share Analysis of Hydrogen Fuel Cell Vehicle Market for Others, by Country 2022 and 2032 (%)
Figure 15. Hydrogen Fuel Cell Vehicle Market, by Technology, 2022 and 2032 (%)
Figure 16. Comparative Share Analysis of Hydrogen Fuel Cell Vehicle Market for Proton Exchange Membrane Fuel Cell, by Country 2022 and 2032 (%)
Figure 17. Comparative Share Analysis of Hydrogen Fuel Cell Vehicle Market for Phosphoric Acid Fuel Cell, by Country 2022 and 2032 (%)
Figure 18. Hydrogen Fuel Cell Vehicle Market, by Range, 2022 and 2032 (%)
Figure 19. Comparative Share Analysis of Hydrogen Fuel Cell Vehicle Market for 0-250 Miles, by Country 2022 and 2032 (%)
Figure 20. Comparative Share Analysis of Hydrogen Fuel Cell Vehicle Market for 251-500 Miles, by Country 2022 and 2032 (%)
Figure 21. Comparative Share Analysis of Hydrogen Fuel Cell Vehicle Market for Above 500 Miles, by Country 2022 and 2032 (%)
Figure 22. Hydrogen Fuel Cell Vehicle Market by Region, 2022 and 2032 (%)
Figure 23. U.S. Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 24. Canada Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 25. Mexico Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 26. UK Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 27. France Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 28. Germany Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 29. Netherlands Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 30. Rest of Europe Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 31. Japan Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 32. South Korea Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 33. India Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 34. China Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 35. Rest of Asia-Pacific Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 36. Latin America Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 37. Middle East Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 38. Africa Hydrogen Fuel Cell Vehicle Market, 2022-2032 ($ Million)
Figure 39. Top Winning Strategies, by Year (2020-2023)
Figure 40. Top Winning Strategies, by Development (2020-2023)
Figure 41. Top Winning Strategies, by Company (2020-2023)
Figure 42. Product Mapping of Top 10 Players
Figure 43. Competitive Dashboard
Figure 44. Competitive Heatmap: Hydrogen Fuel Cell Vehicle Market
Figure 45. Top Player Positioning, 2022
Figure 46. Audi Ag: Net Sales, 2020-2022 ($ Million)
Figure 47. Audi Ag: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 48. Toyota Motor Corporation: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 49. Toyota Motor Corporation: Net Sales, 2020-2022 ($ Million)
Figure 50. Toyota Motor Corporation: Revenue Share by Segment, 2022 (%)
Figure 51. Toyota Motor Corporation: Revenue Share by Region, 2022 (%)
Figure 52. General Motors: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 53. General Motors: Net Sales, 2020-2022 ($ Million)
Figure 54. General Motors: Revenue Share by Segment, 2022 (%)
Figure 55. General Motors: Revenue Share by Region, 2022 (%)
Figure 56. Ballard Power Systems: Net Sales, 2020-2022 ($ Million)
Figure 57. Ballard Power Systems: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 58. Ballard Power Systems: Revenue Share by Segment, 2022 (%)
Figure 59. Ballard Power Systems: Revenue Share by Region, 2022 (%)
Figure 60. Bmw Group: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 61. Bmw Group: Net Sales, 2020-2022 ($ Million)
Figure 62. Bmw Group: Revenue Share by Segment, 2022 (%)
Figure 63. Bmw Group: Revenue Share by Region, 2022 (%)
Figure 64. Hyundai Motor Group: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 65. Hyundai Motor Group: Net Sales, 2020-2022 ($ Million)
Figure 66. Hyundai Motor Group: Revenue Share by Segment, 2022 (%)
Figure 67. Hyundai Motor Group: Revenue Share by Region, 2022 (%)
Figure 68. Ab Volvo: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 69. Ab Volvo: Net Sales, 2020-2022 ($ Million)
Figure 70. Ab Volvo: Revenue Share by Segment, 2022 (%)
Figure 71. Ab Volvo: Revenue Share by Region, 2022 (%)
Figure 72. Man Se: Net Sales, 2020-2022 ($ Million)
Figure 73. Man Se: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 74. Man Se: Revenue Share by Segment, 2022 (%)
Figure 75. Man Se: Revenue Share by Region, 2022 (%)
Figure 76. Mercedes-Benz Group AG (Former Daimler Ag): Research & Development Expenditure, 2020-2022 ($ Million)
Figure 77. Mercedes-Benz Group AG (Former Daimler Ag): Net Sales, 2020-2022 ($ Million)
Figure 78. Mercedes-Benz Group AG (Former Daimler Ag): Revenue Share by Segment, 2022 (%)
Figure 79. Mercedes-Benz Group AG (Former Daimler Ag): Revenue Share by Region, 2022 (%)
Figure 80. Honda Motor Co. Ltd.: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 81. Honda Motor Co. Ltd.: Net Sales, 2020-2022 ($ Million)
Figure 82. Honda Motor Co. Ltd.: Revenue Share by Segment, 2022 (%)
Figure 83. Honda Motor Co. Ltd.: Revenue Share by Region, 2022 (%)

Executive Summary

The Hydrogen Fuel Cell Vehicle Market is expected to experience a significant growth rate of 45.5% from 2022-2031 owing to rising number of developments globally.

The onboard electric motor of hydrogen fuel cell vehicles is powered by a hydrogen fuel cell. Electricity is produced using a hydrogen fuel cell, which is powered by hydrogen. Vehicles powered by hydrogen fuel cells have a great potential to cut emissions in the transportation industry. Unlike vehicles powered by diesel and gasoline, this one does not emit any greenhouse gases (GHG) while it is in motion.

The major drivers for the market growth are rise in the investments by market players to develop the hydrogen fuel cell vehicle is anticipated to propel the growth of hydrogen fuel cell vehicle market during the forecast period. In addition, the increasing environmental concerns, governments are developing the infrastructure for HFCV’s, and increasing demand for hydrogen fuel cell vehicles are some other drivers which support the market expansion during the forecast period. Moreover, the sales of hydrogen electric vehicles in the U.S. will be boosted by the Inflation Reduction Act 2022. The law will grant hydrogen fuel cell vehicles a $7,500 tax credit. The IRA will also provide a tax credit of $3 per KG for the generation of clean hydrogen. Similarly, each $60k Nexo was sold with a $30k subsidy in 2021 as a result of national and state incentives in South Korea.

The hydrogen fuel cell vehicle market is segmented into vehicle type, technology, range, and region. By vehicle type, the market is categorized into sedan, SUV, and others. By technology, it is segregated into proton exchange membrane fuel cell, and phosphoric acid fuel cell. Based on the range the market is divided into 0-250 miles, 251-500 miles, and above 500 miles. By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Netherlands, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).

The key players profiled in the study include General Motors Company, HONDA MOTOR CO., Ltd, AUDI AG, Ballard Power Systems, Inc., BMW Group, Daimler AG, Hyundai Motor Group, MAN SE, Toyota Motor Corp., Volvo Group, and others. The players in the market have been actively engaged in the adoption of various strategies such as have adopted partnerships, investments, and product launches to remain competitive and gain advantage over the competitors in the market. For instance, in November 2022, Honda announced the production of an all-new hydrogen fuel cell electric vehicle (FCEV). Production will begin at the Performance Manufacturing Center in Ohio in 2024, where the carmaker has manufactured small-volume, specialty vehicles like the Acura NSX. The production of the zero-emissions vehicle is in line with Honda's goal to be fully electric by 2040. Similarly, in January 2020, Isuzu and Honda Sign an agreement to undertake joint research on heavy-duty trucks, utilizing fuel cells (FC) as the powertrain. Under this agreement Isuzu's strengths in the development of heavy-duty trucks and Honda's strengths in the development of FC, the two companies strive to establish the foundation for basic technologies such as FC powertrain and vehicle control technologies.

Key Market Insights

By vehicle type, the SUV segment was the highest revenue contributor to the market and others segment is estimated to grow with the significant growth rate during the forecast period.

By technology, the proton exchange membrane fuel cell segment was the highest revenue contributor to the market in 2021 and is estimated to capturing the highest revenue during the forecast period.

By range, the 251-500 miles segment dominated the global market in 2021 and is estimated to capturing the highest market share during the forecast period.

By region, Asia-Pacific was the highest revenue contributor, accounting for largest market share in 2021, and is estimated grow with the significant CAGR during the forecast period.

Companies Mentioned

  • MAN SE
  • AUDI AG
  • Hyundai Motor Group
  • TOYOTA MOTOR CORPORATION
  • Ballard Power Systems
  • BMW Group
  • Honda Motor Co., Ltd.
  • Mercedes-Benz Group AG (former Daimler AG)
  • General Motors
  • AB Volvo

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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