Hydrogen Fuel Cell Vehicle Market Size, Share, Industry Forecast 2023-2028


The latest research study “Hydrogen Fuel Cell Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global hydrogen fuel cell vehicle market size reached US$ 1,130.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 12,324.9 Million by 2028, exhibiting a growth rate (CAGR) of 45.11% during 2023-2028.

Hydrogen fuel cell vehicles (FCVs) use a hydrogen fuel cell to power their onboard electric motor instead of an internal combustion engine. They include a direct current (DC) converter, electric traction motor, battery, fuel cell stack, fuel filler, power electronics controller, fuel tank, transmission, battery pack, and thermal system. They rely on hydrogen (H2) and oxygen (O2) to generate electricity with heat and water. They also provide various benefits, such as minimized carbon footprint, reduced visual and noise pollution, zero emission level, low maintenance, and no dependency on fossil fuel. Owing to these benefits, hydrogen fuel cell vehicles are gaining traction across the globe.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Hydrogen Fuel Cell Vehicle Market Trends and Drivers:

The market is primarily driven by the growing environmental awareness among individuals due to surging pollution levels across the globe. In addition, the widespread adoption of hydrogen fuel cell vehicles to minimize greenhouse gas emissions and preserve the depleting fossil fuel reserves is contributing to market growth. Moreover, the expanding automotive sector and the escalating demand for fuel-efficient FCVs represents another major growth-inducing factor. Besides this, governments of various countries are taking initiatives to develop hydrogen fuel cell infrastructure, which is propelling the market growth. Furthermore, key players are investing in research and development (R&D) activities to introduce hydrogen fuel cell-powered buses and improved fuel cell trucks to transport passengers, which is also creating a positive market outlook.

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Hydrogen Fuel Cell Vehicle Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Ballard Power Systems Inc., Bayerische Motoren Werke AG, Cummins Inc., General Motors Company, Hyundai Motor Company and Toyota Motor Corporation.

The report has segmented the market on the basis of technology and vehicle type.

Breakup by Technology:

  • Proton Exchange Membrane Fuel Cell
  • Phosphoric Acid Fuel Cell
  • Others

Breakup by Vehicle Type:

  • Passenger Vehicle
  • Commercial Vehicle

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Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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