Global Hydrogen Fuel Cell Passenger Vehicles Market Report 2023-2037: Industry Driven by Infrastructure Availability and Market Synergies

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Jun 02, 2023, 17:15 ET

DUBLIN, June 2, 2023 /PRNewswire/ -- The "Global Market for Hydrogen Fuel Cell Passenger Vehicles, 2023" report has been added to ResearchAndMarkets.com's offering.

The study provides detailed data on the sales of passenger hydrogen fuel cell vehicles from their initial commercial launch through 2023. It provides market forecasts and revenue projections for the major world regions through 2037.

The study discusses automaker strategies and provides their in-depth profiles. This is one of the most comprehensive and timely studies on the passenger hydrogen fuel cell vehicles market.

Close to 60 thousand hydrogen fuel cell passenger vehicles were sold worldwide by the end of 2022. More than 30 thousand of these vehicles were sold in the past two years - 2021 and 2022 - reflecting significant traction in the uptake of these vehicles.

The speed of deployments has accelerated in Asia-Pacific and Europe. With the exception of California, the United States has fallen behind in implementing this technology, particularly because of a lack of action at the federal level.

The publisher believes that the only impediment to the adoption of these vehicles in any region is the unavailability of hydrogen stations. The sales of these vehicles are taking place rapidly in regions that have well-deployed hydrogen fueling infrastructures.

More than half of the fuel cell vehicles sold so far have been in Korea because it has the densest hydrogen fueling infrastructure of any major market. Other regions with strong sales of fuel cell vehicles are Japan and California where significant deployments of hydrogen stations have taken place.

Several automakers, both start-ups and established players, have been making inroads into the fuel cell passenger vehicle market. Hyundai's Nexo has been a clear winner among fuel cell vehicles rolled out so far. Nexo's only other major competitor in the market has been Toyota's Mirai. But as the market gains traction, other major automakers are jumping onto the bandwagon.

Honda is preparing to re-enter this market, beginning with the U.S., where it will launch a fuel cell vehicle in 2024 that will be based on its Honda CR-V. BMW will start mass-producing and selling fuel cell vehicles developed jointly with Toyota in the second half of this decade.

The country with the most automakers making inroads into the fuel cell passenger vehicle market is China. Until now rollouts in the country have mostly been technical demonstrations, mainly because of a lack of hydrogen stations.

As fueling infrastructures further expand in the second half of 2020s, hydrogen FCVs will begin to garner greater market acceptance, giving them a more pervasive presence in the market. By 2030, sufficient hydrogen fueling infrastructures will be in place in several regions of the world, giving a boost to the market for these vehicles.

Scope of the Study

Fuel cell technology can be used in virtually every kind of transportation: cars, trucks, buses, forklifts, motorcycles, bicycles, airplanes, boats, submarines, and trams. However, the market is witnessing significant activity in three major types of hydrogen-driven vehicles.

The focus of this study is light-duty passenger vehicles, such as sedans, SUVs, and minivans. The study does not cover commercial vehicles.

Unless otherwise stated, all references to hydrogen FCVs in this study imply passenger vehicles. The publisher defines a light-duty vehicle as one that has a gross weight of up to six metric tons or a North American Class 5 gross vehicle weight rating.

This study conducts an in-depth examination of this emerging market, including an analysis of the strategies of major players with respect to product rollouts and market penetration. The study provides market forecasts for both unit sales/leases and revenue through 2037. The average prices of these vehicles are declining while automakers keep adding more features and enhancements.

Hydrogen FCVs being produced by the automakers fall into one of the following classifications:

Hydrogen hybrids: These are like gasoline hybrids, but instead of gasoline, they use hydrogen. These vehicles generate electricity through regenerative braking which is either used immediately or stored in the battery until it is needed. The FCVs that have been rolled out by Toyota, Hyundai, and Honda are hydrogen fuel cell hybrids.
Hydrogen plug-in hybrids: Like gasoline plug-in hybrids, these vehicles allow the battery to be charged from an electric outlet. The Mercedes Benz GLC F-Cell was the only vehicle to hit the market that was a plug-in hydrogen fuel cell hybrid, but now other automakers are coming out with these vehicles.

A selection of companies mentioned in this report includes

Aiways Automobiles
BAIC Motor
BMW
Changan
Chery
Daimler
Dongfeng Motor
FAW Group
Ferrari
Ford
GAC Motor
General Motors
Glickenhaus
Great Wall Motor Company Ltd.
Grove Hydrogen Automotive
H2O E-mobile GmbH
H2X Global
Haima
HMC Group
Honda Motor Company
Hyperion
Hyundai Motor Company
Ineos Automotive Ltd.
Jaguar Land Rover Automotive
Kia
Mahindra & Mahindra
Mazda
Microcab
Mitsubishi Motors
NamX
Nissan
Pininfarina S.p.A.
Renault
Riversimple Movement Ltd.
Ronn Motor Group
SAIC Motor
Stellantis N.V.
Suzuki Motors
Symbio
Tata Motors
Toyota
Viritech
Volkswagen

For more information about this report visit https://www.researchandmarkets.com/r/emh8hc

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