Market Overview
The market potential of the global hydrogen fuel cell vehicle industry is booming at unstoppable measures. This global market is expected to experience immense growth during the present forecast period. And, it is possible with the development of modern technologies that creates exciting opportunities within the automotive industry. Fuel cell vehicles are often combining oxygen and hydrogen elements to produce electricity for running the motor or engine. The functionality is different for conventional vehicles, as they use diesel or gasoline for generating power. But, a fuel cell car or vehicle is powered completely by electricity, for which it is considered as efficient Hydrogen Fuel Cell Vehicle Market Trends.
Eminent players profiled in the global hydrogen fuel cell vehicle industry report include –
- Toyota Motor Sales, U.S.A., Inc.
- General Motors Company (U.S.)
- The Hyundai Motor Company (South Korea)
- Mazda Motor Corporation (Japan)
- Daimler AG (Mercedes-Benz) (Germany)
- BMW (Germany)
- Groupe Renault (France)
- Hydrogenics (Canada)
- Kia Motor Corporation (South Korea)
- Tata Motors Limited (India).
COVID-19 Analysis
The sales and production of new cars came to a halt across the world as the entire ecosystem had been disrupted in the COVID-19 pandemic. OEMs had to wait till the lockdowns were lifted for resuming production that affected their business. Thus vehicle manufacturers required to adjust the production volume. Besides, there was a suspension of component manufacturing and small Tier III and Tier II manufacturers faced liquidity issues. The auto industry is highly capital-intensive and rests on frequent financing for continuing operations. Hence the suspension of production at the time of initial months of the pandemic and lower demand had an unprecedented effect on FCEV manufacturers and automotive fuel cell producers.
Industry Updates
Hyundai Motor has overtaken Toyota in hydrogen car sales and regained top position. The 2021 Hyundai Nexo fuel-cell car has contributed to the auto maker’s segment sale increase of 91.1% year on year in the second quarter.
Opportunities
Increase in Government Initiatives to offer Robust Opportunities
The increase in government initiatives to develop hydrogen fuel cell infrastructure will offer robust opportunities for the market in the forecast period. Various policies have been introduced by different governments for dealing with environmental conditions.
Restraints
High Setup Cost to act as Market Restraint
The setup cost of hydrogen fuel stations as well as other infrastructure is high over that of diesel, petroleum, and others which may act as a market restraint over the forecast period. This has resulted in slower growth in the hydrogen fueling infrastructure across the globe over other alternative fuels. It is owing to the pricey equipment needed for this fuel and the necessary safety measures and precautions for hydrogen being an easily combustible fuel.
Challenges
Performance Constraints to act as Market Challenge
The performance constraints and the low presence of hydrogen fueling stations will act as market challenge over the forecast period.
Besides, the high vehicle cost may also impede the hydrogen fuel cell vehicle market share. A fuel cell is made of membranes, stacks, bipolar plates, a catalyst, and gas diffusion layers.
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The report focuses on the collective exposure and growth potential of the market. The market segmentation aspects highlight the core fundamental and operational efficiency of the global hydrogen fuel cell vehicle market. The regional analysis is destined to give clarity upon the reach of this industry and its vehicles across the globe. Apart from that, the report also enlightens the peak market size growth prediction of the global hydrogen fuel cell vehicle market in the present forecast period. The growth rate for the same is CAGR 8.12% by the end of the present forecast period. The Hydrogen Fuel Cell Vehicle Market Size in the previous period was also high, but the demands have multiplied exponentially in the past few years. Therefore, there is a potential chance of generating high revenue.
Market Segmentation
Based on the technology segmentation, the global hydrogen fuel cell vehicle market is using high-end technologies for production, which includes proton exchange membrane fuel cell, alkaline fuel cell, and solid oxide fuel cell.
Based on the vehicle type segmentation, the global hydrogen fuel cell vehicle market is meant to manufacture vehicles as in passenger cars and commercial vehicles. These two vehicle categories sum up almost all types of vehicles that are now turning electric.
Regional Analysis
The regional analysis of global hydrogen fuel cell vehicle market states that the industry is widely spread across various regions of the globe. The top regions include North America, Asia-Pacific, and Europe. The market also has a stronghold upon other parts of the world.
As per the market shares are considered, North America held the maximum Hydrogen Fuel Cell Vehicle Market Share in the previous period. And, with the Hydrogen Fuel Cell Vehicle Market Growth in terms of demands within the region, North America is expected to hold onto its position amongst all other regions to help the industry generate high revenue by the end of the present forecast period.
Industry News
Toyota Motor Sales, one of the top key players in the industry, is now accelerating the development of hydrogen fueling infrastructure. The countries such as UK, California, Japan, and Germany have plans to fund the development of hydrogen fueling stations to motivate the idea of reducing carbon emission and running vehicles on clean energy.
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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