Fuel Cell Vehicle Market is expected to reach US$ 6,051.17 Million by 2028

According to our latest market study on "Fuel Cell Vehicle Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Electrolyte, Power Output, Vehicle Type, and Geography," the market is projected to reach US$ 6,051.17 million by 2028 from US$ 570.43 million in 2021; it is expected to grow at a CAGR of 40.1% from 2021 to 2028. Increasing Demand for Clean Energy to Provide Growth Opportunities for Fuel Cell Vehicle Market During 2021-2028.

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Key Companies:
Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc; General Motors; AB Volvo; Honda Motors Co., Ltd.; Riversimple; Hyzon Motors; Daimler AG; and Ballard Power Systems Inc

The automobile industry is one of the most rapidly growing and one of the most important industries of the global economy. According to the European Commission, Europe is among the world's largest producers of motor vehicles. The automobile industry employs 13.8 million Europeans directly and indirectly, accounting for 6.1% of overall employment in the EU. The European Union has planned to reduce GHG emissions from the automotive sector. Thus, countries in Europe have strategized to implement innovative technologies, which includes fuel cells (primarily PEMFC). This, in turn, is expected to provide a significant growth opportunities for fuel cell manufacturers in the forthcoming years. In North America, hydrogen fuel-cell vehicles have been accompanied by new state legislation, which is accompanied by model policy against specific mandates to encourage alternative fuel use. Since 2019, 14 states have introduced bills relating to hydrogen fuel-cell vehicles. These bills can be described by five categories: State Procurement, Incentives for Consumers, Sales Mandates, Incentives for Producers, and Infrastructure. Thus, supportive government regulations and growing awareness among consumers for buying emission-free vehicles are key factors driving the market growth globally.

Numerous government bodies across the globe have taken up strategies to decrease the emissions to zero by 2050 gradually. According to data from the United Nations, more than 130 countries have setup strategies to reduce emissions to net-zero by 2050. It is estimated that ~US$ 250 trillion in investments will be required to reduce emissions to net-zero by 2050. According to data from the United Nations, the transportation sector accounts for ~20% of the carbon emissions annually. Thus, government bodies and automobile manufacturers have taken up numerous strategies to boost the development and adoption of fuel cell and electric vehicles worldwide. Further, the Indian government has announced its objective of attaining net-zero by 2070. The objective is expected to substantially impact the adoption of fuel cell vehicles in the country during the forecast period. Such initiative by governing bodies and automobile manufacturers is expected to create numerous opportunities for the fuel cell vehicle market during the forecast period.

China is one of the major carbon emitters globally, and achieving net-zero is a major challenge for the country by 2060. China is currently working on developing strategies to move toward its goal of net-zero by 2060. For instance, in November 2021, the Chinese government launched the Shanghai Research Institute for Energy and Carbon Neutrality Strategy that will focus on the net-zero goal for the country.

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Fuel Cell Vehicles Market Insights
Increase Demand for Clean Energy Fuels Growth of Fuel Cell Vehicles Market

Air pollution remains one of the major concerns for government bodies across the globe. Air pollution impacts both the population and the environment. Some of the common impacts on the citizens include respiratory and heart diseases. Further, air pollution also causes numerous environmental effects such as global warming, acid rain, and depletion of the ozone layer. Air pollutants released from internal combustion engines in automobiles is among one of the major air pollutants in the world. Asia Pacific region consists of some of the major polluted cities across the globe with dangerous levels of air pollutants in the air. Some the most polluted cities include Delhi (India), Lahore (Pakistan), Chengdu (China), and Mumbai (India). Government bodies across the globe have taken numerous steps to increase the adoption of clean energy sources to power vehicles. For instance, the Government of China has increased the deployment of electric vehicles in China from 20,000 in 2010 to 5 million in 2020. The initiatives have driven China to become one of the largest markets for electric vehicles. The Chinese government is also offering numerous subsidies to buyers on the purchase of personal and commercial fuel cell vehicles. Further, the government is also offering subsidies on the construction of hydrogen fueling stations.

Fuel Cell Vehicles Market Segmentation:
Fuel Cell Vehicles Market By Electrolyte
PEMFC
PAFC

Fuel Cell Vehicles Market By Power Output
Less than 100 kW
100-200 kW
Above 200 kW

Fuel Cell Vehicles Market By Vehicle Type
Passenger Car
Buses
Trucks
Light Commercial Vehicles

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