Hydrogen Fuel Cell Vehicle Market

The global hydrogen fuel cell vehicle market is projected to grow from USD 0.2 billion in 2024 to USD 2.1  billion by 2030, at a CAGR of 48.0%. The demand for hydrogen fuel cell vehicles is expected to increase significantly, driven by factors such as the reduced dependency on oil and increasing environmental awareness. The increasing need for sustainable mobility further influences the market's expansion. Robust governmental support for fuel cell technology and advancements in green hydrogen and its infrastructure are expected to create novel opportunities within this market.

Key players dominating the hydrogen fuel cell vehicle market include such as Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Honda (Japan), General Motors (US), Stellantis (Netherlands). These established companies are key contributors to hydrogen vehicles, fuel cell technologies and boast extensive global distribution networks. They have been developing advanced fuel cell technology and worked on comprehensive expansion strategies to solidify their position in the hydrogen fuel cell vehicle market.

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Toyota motor corporation is a leading automaker and provides ICE as well as electric, hybrid electric, and fuel cell electric vehicles. The Toyota Mirai, an FCEV, was launched in November 2014. Toyota also provides fuel cell buses and forklifts. In February 2017, Toyota delivered the first fuel cell bus to the Tokyo Metropolitan Government. In February 2021, the company made a big breakthrough in fuel cell technology with modifications to fuel cells based on Mirai’s fuel cell. In February 2021, Toyota developed a Packaged Fuel Cell System Module, which integrated the main components, such as fuel cell stacks, into a compact package, making them compatible with the company’s upcoming bus and truck projects. In October 2023, Toyota developed a 50kW fuel cell module (FC module), a compact fuel cell (FC) system. It also launched its hydrogen fuel cell Hilux in September 2023.

Hyundai Motor Group (Hyundai) is a South Korean multinational automobile manufacturing company. The company manages its fuel cell division through its subsidiary, Hyundai KEFICO Corporation. Hyundai KEFICO Corporation is a manufacturer of engine control units and transmission control units. The company was established in 1987 as a joint venture between Hyundai Motor Company, Robert Bosch, and Mitsubishi Electric. It offers engine management systems, transmission management systems, hybrid management systems, fuel cell vehicle management systems, and electric vehicle management systems. The products offered in the fuel cell vehicle management systems segment include fuel cell control units, stack voltage monitors, battery management systems, hydrogen storage system control units, and conductivity sensors. In October 2023, Hyundai entered into an MoU with the Korea Automotive Technology Institute (KATECH), Air Products Qudra (APQ), and the Saudi Public Transport Company (SAPTCO). The involved parties have mutually agreed to collaborate in the development of a hydrogen-centric mobility ecosystem in Saudi Arabia.

Honda is a manufacturer, developer, and distributor of motorcycles, automobiles, and power products. The company operates through four business segments, namely, automobile business, financial service business, motorcycle business, power products and other businesses. It offers passenger cars, LCVs such as light trucks and minivans, and alternative fuel vehicles through the automobile business. Its partnership with Isuzu for fuel cell (FC) trucks marks a strategic move. China's rapid adoption of FC trucks demonstrates the potential, and Honda, armed with decades of FC expertise, is ready to play a key role. The company has in‐house production and manufacturing facilities for fuel cell systems, fuel cell stacks, polymer electrolyte fuel cells, and high-pressure hydrogen tanks. In November 2023, Honda disclosed plans to manufacture a brand-new hydrogen FCEV, built upon the recently introduced Honda CR-V, commencing production in 2024 at its Performance Manufacturing Center (PMC) in Marysville, Ohio.

Related Reports:

Hydrogen Fuel Cell Vehicle Market by Vehicle Type (Buses, Trucks, LCVs, Passenger Cars), Component, Fuel Type, Hydrogen Fuel Points, Operating Miles, Power, Capacity, Specialized Vehicle Type and Region - Global Forecast to 2030

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