AUTOMOTIVE & TRANSPORTATION
Global Hydrogen-based Vehicles Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global Hydrogen-based Vehicles Market, By Fuel Cell Type/Technology (Alkaline Fuel Cells (AFCs), Proton Exchange Membrane Fuel Cells (PEMFCs), Polymer Electrolyte Membrane Fuel Cells, Direct Methanol Fuel Cells (DMFCs), Phosphoric Acid Fuel Cells (PAFCs), Molten Carbonate Fuel Cells (MCFCs), Solid Oxide Fuel Cells (SOFCs), and Others), Type of Hydrogen (Grey, Blue, Green, and Others), Power (Below 30 kW, 30 kW to 60 kW, 60 kW to 180 kW, and Above 180 kW), Range (Up to 250 Miles, 251 to 500 Miles, and Above 500 Miles), Component (Hydrogen Storage Tanks, Electric Motors, Power Control Units (PCUs), Batteries, Air Intake Systems, Cooling Systems, Hydrogen Refueling Systems, and Others), Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Duty Trucks, Buses and Coaches, and Off-road Vehicles), Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global Hydrogen-based Vehicles market size is valued to be USD xx million in 2023 and is expected to reach USD xx million by 2032, and it is expected to register a CAGR of xx% over the forecast period 2024-2032.
Hydrogen-based vehicles, often referred to as hydrogen fuel cell vehicles (FCVs), are a type of alternative fuel vehicle that uses hydrogen as its primary fuel source for propulsion. These vehicles utilize a hydrogen fuel cell to generate electricity, which powers electric motors to drive the vehicle.
The global market for hydrogen-based vehicles, primarily consisting of hydrogen fuel cell vehicles (FCVs), is evolving as a niche segment within the broader alternative fuel vehicle market.
The respective global report analyses market trends, consumer behaviour and industry dynamics to guide towards entry into new markets with ease. Also, it assists in tailoring market specific and related products and services to meet the needs, preferences, and expectations of target audience by delving into their psychology. The report also specializes with comprehensive and extensive competitive analysis which offers useful insights into competitor strengths, weaknesses, opportunities, and threats. The respective report offers exclusive insights into the potential impact of disruptive developments and technologies that are expected to completely transform corporate operations. The context includes tailor-made research solutions to create a stronger footprint in their particular industries thereby offering dedicated customized solutions according to the client needs which helps in addressing unique business challenges with more simplified and efficient decision-making solutions.
Market Dynamics
DRIVERS
- R&D in hydrogen fuel cell solutions
- Government support and policies
RESTRAINTS
- Infrastructure limitations
- Limited vehicle models and production scale
OPPORTUNITIES
- Advancements in technology
- Diversification of vehicle types
CHALLENGES
- Competition from Battery Electric Vehicles (BEVs)
- Hydrogen production and distribution
SEGMENTATION
- Fuel Cell Type/Technology
- Alkaline Fuel Cells (AFCs)
- Proton Exchange Membrane Fuel Cells (PEMFCs)
- Polymer Electrolyte Membrane Fuel Cells
- Direct Methanol Fuel Cells (DMFCs)
- Phosphoric Acid Fuel Cells (PAFCs)
- Molten Carbonate Fuel Cells (MCFCs)
- Solid Oxide Fuel Cells (SOFCs)
- Others
- Type of Hydrogen
- Grey
- Blue
- Green
- Others
- Power
- Below 30 kW
- 30 kW to 60 kW
- 60 kW to 180 kW
- Above 180 kW
- Range
- Up to 250 Miles
- 251 to 500 Miles
- Above 500 Miles
- Component
- Hydrogen Storage Tanks
- Electric Motors
- Power Control Units (PCUs)
- Batteries
- Air Intake Systems
- Cooling Systems
- Hydrogen Refueling Systems
- Others
- Vehicle Type
- Passenger Vehicles
- Hatchbacks
- Sedans
- SUVs
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses and Coaches
- Off-road Vehicles
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, segments, and key players as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- Hyundai Motor Company
- Honda Motor Co., Ltd.
- General Motors
- BMW AG
- Nikola Corporation
- AUDI AG
- Volkswagen Group
- Plug Power Inc.
- Loop Energy Inc.
- ElringKlinger AG
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global Hydrogen-based Vehicles Market, by Fuel Cell Type/Technology
- 3.2 Global Hydrogen-based Vehicles Market, by Type of Hydrogen
- 3.3 Global Hydrogen-based Vehicles Market, by Power
- 3.4 Global Hydrogen-based Vehicles Market, by Range
- 3.5 Global Hydrogen-based Vehicles Market, by Component
- 3.6 Global Hydrogen-based Vehicles Market, by Vehicle Type
- 3.7 Global Hydrogen-based Vehicles Market, by Geography
- 3.8 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.12 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Rise in focus on reducing GHG emissions
- 5.1.2 Automotive OEM investments
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 R&D in hydrogen fuel cell solutions
- 5.2.2 Government support and policies
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 Infrastructure limitations
- 5.3.2 Limited vehicle models and production scale
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Advancements in technology
- 5.4.2 Diversification of vehicle types
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 Competition from Battery Electric Vehicles (BEVs)
- 5.5.2 Hydrogen production and distribution
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL HYDROGEN-BASED VEHICLES MARKET, BY FUEL CELL TYPE/TECHNOLOGY
- 6.1 Fuel Cell Type/Technology Summary
- 6.2 Market Attractive Index
- 6.3 Global Hydrogen-based Vehicles Market, by Fuel Cell Type/Technology (2019-2032)
- SECTION 7 - GLOBAL HYDROGEN-BASED VEHICLES MARKET, BY TYPE OF HYDROGEN
- 7.1 Type of Hydrogen Summary
- 7.2 Market Attractive Index
- 7.3 Global Hydrogen-based Vehicles Market, by Type of Hydrogen (2019-2032)
- SECTION 8 - GLOBAL HYDROGEN-BASED VEHICLES MARKET, BY POWER
- 8.1 Power Summary
- 8.2 Market Attractive Index
- 8.3 Global Hydrogen-based Vehicles Market, by Power (2019-2032)
- SECTION 9 - GLOBAL HYDROGEN-BASED VEHICLES MARKET, BY RANGE
- 9.1 Range Summary
- 9.2 Market Attractive Index
- 9.3 Global Hydrogen-based Vehicles Market, by Range (2019-2032)
- SECTION 10 - GLOBAL HYDROGEN-BASED VEHICLES MARKET, BY COMPONENT
- 10.1 Component Summary
- 10.2 Market Attractive Index
- 10.3 Global Hydrogen-based Vehicles Market, by Component (2019-2032)
- SECTION 11 - GLOBAL HYDROGEN-BASED VEHICLES MARKET, BY VEHICLE TYPE
- 11.1 Vehicle Type Summary
- 11.2 Market Attractive Index
- 11.3 Global Hydrogen-based Vehicles Market, by Vehicle Type (2019-2032)
- SECTION 12 - GLOBAL HYDROGEN-BASED VEHICLES MARKET, BY GEOGRAPHY
- 12.1 Regional Summary
- 12.2 Market Attractive Index
- 12.3 Global Hydrogen-based Vehicles Market, by Geography (2019-2032)
- SECTION 13 - NORTH AMERICA HYDROGEN-BASED VEHICLES MARKET
- 13.1 North America Summary
- 13.2 Market Attractive Index
- 13.3 North America Hydrogen-based Vehicles Market, by Fuel Cell Type/Technology (2019-2032)
- 13.4 North America Hydrogen-based Vehicles Market, by Type of Hydrogen (2019-2032)
- 13.5 North America Hydrogen-based Vehicles Market, by Power (2019-2032)
- 13.6 North America Hydrogen-based Vehicles Market, by Range (2019-2032)
- 13.7 North America Hydrogen-based Vehicles Market, by Component (2019-2032)
- 13.8 North America Hydrogen-based Vehicles Market, by Vehicle Type (2019-2032)
- 13.9 North America Hydrogen-based Vehicles Market, by Country (2019-2032)
- 13.9.1 U.S.
- 13.9.2 Canada
- 13.9.3 Mexico
- 13.9.4 Rest of North America
- SECTION 14 - EUROPE HYDROGEN-BASED VEHICLES MARKET
- 14.1 Europe Summary
- 14.2 Market Attractive Index
- 14.3 Europe Hydrogen-based Vehicles Market, by Fuel Cell Type/Technology (2019-2032)
- 14.4 Europe Hydrogen-based Vehicles Market, by Type of Hydrogen (2019-2032)
- 14.5 Europe Hydrogen-based Vehicles Market, by Power (2019-2032)
- 14.6 Europe Hydrogen-based Vehicles Market, by Range (2019-2032)
- 14.7 Europe Hydrogen-based Vehicles Market, by Component (2019-2032)
- 14.8 Europe Hydrogen-based Vehicles Market, by Vehicle Type (2019-2032)
- 14.9 Europe Hydrogen-based Vehicles Market, by Country (2019-2032)
- 14.9.1 Germany
- 14.9.2 U.K.
- 14.9.3 France
- 14.9.4 Italy
- 14.9.5 Spain
- 14.9.6 Russia
- 14.9.7 The Netherlands
- 14.9.8 Belgium
- 14.9.9 Turkey
- 14.9.10 Rest of Europe
- SECTION 15 - ASIA-PACIFIC HYDROGEN-BASED VEHICLES MARKET
- 15.1 Asia-Pacific Summary
- 15.2 Market Attractive Index
- 15.3 Asia-Pacific Hydrogen-based Vehicles Market, by Fuel Cell Type/Technology (2019-2032)
- 15.4 Asia-Pacific Hydrogen-based Vehicles Market, by Type of Hydrogen (2019-2032)
- 15.5 Asia-Pacific Hydrogen-based Vehicles Market, by Power (2019-2032)
- 15.6 Asia-Pacific Hydrogen-based Vehicles Market, by Range (2019-2032)
- 15.7 Asia-Pacific Hydrogen-based Vehicles Market, by Component (2019-2032)
- 15.8 Asia-Pacific Hydrogen-based Vehicles Market, by Vehicle Type (2019-2032)
- 15.9 Asia-Pacific Hydrogen-based Vehicles Market, by Country (2019-2032)
- 15.9.1 China
- 15.9.2 India
- 15.9.3 Japan
- 15.9.4 South Korea
- 15.9.5 Singapore
- 15.9.6 Malaysia
- 15.9.7 Australia
- 15.9.8 Thailand
- 15.9.9 Philippines
- 15.9.10 Rest of Asia-Pacific
- SECTION 16 - SOUTH AMERICA HYDROGEN-BASED VEHICLES MARKET
- 16.1 South America Summary
- 16.2 Market Attractive Index
- 16.3 South America Hydrogen-based Vehicles Market, by Fuel Cell Type/Technology (2019-2032)
- 16.4 South America Hydrogen-based Vehicles Market, by Type of Hydrogen (2019-2032)
- 16.5 South America Hydrogen-based Vehicles Market, by Power (2019-2032)
- 16.6 South America Hydrogen-based Vehicles Market, by Range (2019-2032)
- 16.7 South America Hydrogen-based Vehicles Market, by Component (2019-2032)
- 16.8 South America Hydrogen-based Vehicles Market, by Vehicle Type (2019-2032)
- 16.9 South America Hydrogen-based Vehicles Market, by Country (2019-2032)
- 16.9.1 Brazil
- 16.9.2 Argentina
- 16.9.3 Chile
- 16.9.4 Colombia
- 16.9.5 Rest of South America
- SECTION 17 - MIDDLE EAST AND AFRICA HYDROGEN-BASED VEHICLES MARKET
- 17.1 Middle East and Africa Summary
- 17.2 Market Attractive Index
- 17.3 Middle East and Africa Hydrogen-based Vehicles Market, by Fuel Cell Type/Technology (2019-2032)
- 17.4 Middle East and Africa Hydrogen-based Vehicles Market, by Type of Hydrogen (2019-2032)
- 17.5 Middle East and Africa Hydrogen-based Vehicles Market, by Power (2019-2032)
- 17.6 Middle East and Africa Hydrogen-based Vehicles Market, by Range (2019-2032)
- 17.7 Middle East and Africa Hydrogen-based Vehicles Market, by Component (2019-2032)
- 17.8 Middle East and Africa Hydrogen-based Vehicles Market, by Vehicle Type (2019-2032)
- 17.9 Middle East and Africa Hydrogen-based Vehicles Market, by Country (2019-2032)
- 17.9.1 Kingdom of Saudi Arabia
- 17.9.2 South Africa
- 17.9.3 U.A.E.
- 17.9.4 Egypt
- 17.9.5 Rest of Middle East and Africa
- SECTION 18 - COMPANY SHARE ANALYSIS
- 18.1 Global Hydrogen-based Vehicles Market, Company Share Analysis
- 18.2 North America Hydrogen-based Vehicles Market, Company Share Analysis
- 18.3 Europe Hydrogen-based Vehicles Market, Company Share Analysis
- 18.4 Asia-Pacific Hydrogen-based Vehicles Market, Company Share Analysis
- SECTION 19 - COMPANY PROFILES
- 19.1 Hyundai Motor Company
- 19.1.1 Company Snapshot
- 19.1.2 Financial Overview
- 19.1.3 Product Portfolio
- 19.1.4 Recent Developments
- 19.2 Honda Motor Co., Ltd.
- 19.2.1 Company Snapshot
- 19.2.2 Financial Overview
- 19.2.3 Product Portfolio
- 19.2.4 Recent Developments
- 19.3 General Motors
- 19.3.1 Company Snapshot
- 19.3.2 Financial Overview
- 19.3.3 Product Portfolio
- 19.3.4 Recent Developments
- 19.4 BMW AG
- 19.4.1 Company Snapshot
- 19.4.2 Financial Overview
- 19.4.3 Product Portfolio
- 19.4.4 Recent Developments
- 19.5 Nikola Corporation
- 19.5.1 Company Snapshot
- 19.5.2 Financial Overview
- 19.5.3 Product Portfolio
- 19.5.4 Recent Developments
- 19.6 AUDI AG
- 19.6.1 Company Snapshot
- 19.6.2 Financial Overview
- 19.6.3 Product Portfolio
- 19.6.4 Recent Developments
- 19.7 Volkswagen Group
- 19.7.1 Company Snapshot
- 19.7.2 Financial Overview
- 19.7.3 Product Portfolio
- 19.7.4 Recent Developments
- 19.8 Plug Power Inc.
- 19.8.1 Company Snapshot
- 19.8.2 Financial Overview
- 19.8.3 Product Portfolio
- 19.8.4 Recent Developments
- 19.9 Loop Energy Inc.
- 19.9.1 Company Snapshot
- 19.9.2 Financial Overview
- 19.9.3 Product Portfolio
- 19.9.4 Recent Developments
- 19.10 ElringKlinger AG
- 19.10.1 Company Snapshot
- 19.10.2 Financial Overview
- 19.10.3 Product Portfolio
- 19.10.4 Recent Developments
- SECTION 20 - RELATED REPORTS
- SECTION 21 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.