Market Size of Analysis of Fuel Cell Electric Vehicles in North America
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 40.35 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | High |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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North America Fuel Cell Electric Vehicles Market Analysis
North America Fuel Cell Electric Vehicle Market was valued at USD 167.05 million in the current year and It is expected to reach USD 1,791.44 million over the coming five years, registering a CAGR of 40.35%.in terms of revenue during the forecast period.
The COVID-19 pandemic had a significant impact on the North American automotive sector as it affected almost every other industry in the market. During the initial phase of the pandemic, production was halted due to the imposition of lockdowns, creating huge supply chain challenges for component and raw material suppliers as well. Electric vehicle sales remained on the positive side during the pandemic, and they continued to be the same post-COVID-19 as well.
In Q1 2021, the market witnessed a steady recovery after revamping production bases across the United States, which resulted in strong demand for vehicles. In addition, fuel cell vehicles were seen in North America, creating solid impacts on the long-term clean energy mission.
Fuel-cell electric vehicles have no emissions from the tailpipe that contribute to smog or greenhouse gases. This makes hydrogen cell technology one of the key alternatives to diesel and gasoline engines to reduce pollution.
In addition, several automakers are planning to offer fuel cell electric vehicles for sale or lease in a few markets, primarily in California, which holds a few hydrogen refueling stations. Further, the infrastructure for hydrogen is also emerging in other parts of the nation, creating significant opportunities for key automakers to offer fuel cell vehicles. Fuel cell transit buses are currently patrolling the streets of Boston, Flint, Massachusetts, and Michigan, and several stations are being planned for construction in the Northeast and Hawaii. Furthermore, with infrastructure development and technology advancement over the coming years, the adoption of fuel cell vehicles is anticipated to hold high potential during the forecast period.
