Market Size of Fuel Cell Vehicle Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 30.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Fuel Cell Vehicle Market Analysis
The Fuel Cell Vehicle Market was valued at USD 400 million in 2021, and it is expected to reach USD 8,500 million by 2027, registering a CAGR of around 30% during the forecast period (2022-2027).
COVID-19's influence on the fuel cell vehicle market was unavoidable, as it has on nearly every other industry in the market. However, due to the rapidly increasing adoption rate of mild-hybrid electric cars throughout the world, the electric vehicle (EV) industry is seeing significant growth. Additionally, due to the pandemic, sales of fuel cell vehicles decreased dramatically globally. However, with life returning to normalcy, the market is expected to gain momentum in the following years.
Factors such as rising fuel prices and government activities throughout the globe to raise awareness about fuel cell electric cars are projected to drive the use of electric vehicles over the forecast period. Infrastructure for hydrogen stations continues to improve, and nations like China, which have a well-established supply chain for components such as traction motors, fuel cells, and others continue to lead the passenger car and urban bus sectors.
The expansion of the fuel cell electric vehicle market is fueled by increased demand for fuel-efficient, high-performance, and low-emission cars, as well as stricter rules and regulations on vehicle emissions, decreased battery costs, and rising fuel costs.
Governments all across the world are getting increasingly interested in electric mobility. Government rules to phase out fossil fuel-powered vehicles, government expenditures to improve public EV charging infrastructure, and measures like subsidies and tax refunds to stimulate the adoption of EVs are all expected to aid market expansion. Several governments across the globe are investing in electric vehicle infrastructure, including hydrogen filling stations directly through public filing stations and also through subsidies.
