Allied Market Research published a report, titled, “Hydrogen Fuel Cell Vehicle Market by Vehicle Type (Passenger Vehicle and Commercial Vehicle) and Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global hydrogen fuel cell vehicle market garnered $651.9 million in 2018, and is estimated to reach at $42.03 billion by 2026, registering a CAGR of 66.9% from 2019 to 2026.
Drivers, restraints, and opportunities
Surge in environmental concerns and government initiatives for developing hydrogen fuel cell infrastructure drive the growth of the global hydrogen fuel cell vehicle market. However, high initial investments in infrastructure hinder the market growth. On the other hand, technological advancements and unlocked potential of hydrogen fuel cells create lucrative opportunities in the market.
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The passenger vehicle segment to maintain its lead position during the forecast period
Based on vehicle type, the passenger vehicle segment contributed to more than three-fourths of the total share of the global hydrogen fuel cell vehicle market in 2018, and is expected to maintain its lead position during the forecast period. This is attributed to its features such as easy to park, better gas mileage, and lesser costs as compared to larger vehicles. Moreover, the commercial vehicle segment is expected to grow at the largest CAGR of 72.6% from 2019 to 2026. This is due to rise in ecological concerns and rise in government support for development.
The proton exchange membrane fuel cell segment to maintain its dominance by 2026
Based on fuel cell technology, the proton exchange membrane fuel cell segment held the highest market share of the global hydrogen fuel cell vehicle market, contributing for more than two-fifths of the total share in 2018, and is estimated to maintain its dominance in terms of revenue during the forecast period. Moreover, this segment is estimated to register the highest growth rate with a CAGR of 69.2% from 2019 to 2026. This is due to its better durability, operation at lower temperature, and increase in adoption as compared to other technologies. The research also analyzes segments including phosphoric acid fuel cells and others.
North America to maintain its leadership status during the forecast period
Based on region, North America contributed to the highest market share in terms of revenue, contributing to nearly two-fifths of the global hydrogen fuel cell vehicle market in 2018, and is expected to maintain its leadership status during the forecast period. This is due to presence of major market players and surge in development activities of hydrogen refueling stations (HRS). On the other hand, LAMEA is expected to maintain the largest CAGR of 71.0% from 2019 to 2026, owing to untapped potential in the region for industrial and commercial use of hydrogen fuel cell vehicles.
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Leading market players
- Ballard Power Systems
- General Motors
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