HYDROGEN FUEL CELL VEHICLE MARKET ANALYSIS

Hydrogen Fuel Cell Vehicle MarketSize and Trends

The global hydrogen fuel cell vehicle market size was valued at US$ 1.46 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 54.3% from 2023 to 2030.  Various drivers such as surge in environmental concerns, increase in government initiatives for development of hydrogen fuel cell infrastructure, rising petroleum prices, stringent government regulation about environmental conservation and technological advancement and future potential are some of the key factors that are anticipated to drive the growth of global market in the forecast period.

Figure 1: Global Hydrogen Fuel Cell Vehicle Market Share (%), By Region, 2022

Global Hydrogen Fuel Cell Vehicle Market Trends:

Passenger Car segment is gaining traction in the market

The sales of passenger vehicles is increasing in countries such as South Korea and Japan. Moreover, the governments of some countries all over the world are deploying use of fuel cell buses. Thus, the demand for passenger cars running on hydrogen fuel cell is increasing all over the world to control the emissions of carbon dioxide caused by use of conventional vehicles. Thus, the growth of this segment is likely to aid in growth of the global hydrogen fuel cell vehicle market over the forecast period.

Figure 2: Global Hydrogen Fuel Cell Vehicles Market Share (%), By Technology, 2022