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Automotive Fuel Cell Vehicle Market

Publisher Evolve Business Intelligence
Published Apr 14, 2025
SKU # EVBI19932060

Description

The Automotive Fuel Cell Vehicle Market is projected to reach USD 2.78 billion by 2033, up from USD 0.35 billion in 2023, with a compound annual growth rate (CAGR) of 2.78% over the forecast period. This market encompasses the segment of the automotive industry dedicated to vehicles powered by fuel cells, which generate electricity from hydrogen to drive the vehicle. Emitting only water vapor and heat, these vehicles represent environmentally friendly alternatives to traditional internal combustion engine vehicles. Although currently a niche market, advancements in fuel cell technology and infrastructure are spurring growth. Major automakers are heavily investing in research and development to bring fuel cell vehicles to the market, addressing concerns related to emissions and fossil fuel dependency in the transportation sector. Despite obstacles such as high production costs and limited hydrogen infrastructure, fuel cell vehicles hold significant promise for zero-emission transportation solutions.

The latest research report by Evolve Business Intelligence explores the various factors influencing the global market. It includes an analysis of the current market size, forecasts for key segments and regions, and the driving forces behind market growth. The report examines the potential impacts of key trends on business strategies and provides a SWOT analysis of critical sectors for each major competitor and customer group. This valuable data highlights the conglomerates likely to impact the industry, crucial for any company planning to invest strategically over the next five years. These insights complement our initial quantitative study, aiding in new investments and strategic planning to mitigate threats in existing sectors.

Segments covered

By Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cell, and Others)
By Power Rating (Below 100 kW, 100 – 200 kW, Above 200 kW)
By Vehicle Type (Passenger Car and Commercial Vehicle)
By Component (Fuel Processor, Fuel Stack, and Air Compressor, Power Conditioner, and Others)

Key players

ITM Power
Ballard Power Systems
Delphi Technologies
Doosan Corporation
Hydrogenics
Proton Power System PLC
Plug Power
Hyundai
General Motors
Toyota

Table of Contents

CHAPTER 1. Executive Summary
CHAPTER 2. Scope of the Study
2.1. Market Definition
2.2. Market Scope & Segmentation
2.2.1. Objective of Report
CHAPTER 3. Evolve BI Methodology
3.1. Data Collection & Validation Approach
3.2. Market Size Estimation and Forecast
CHAPTER 4. Exclusive Analysis
4.1. Market Opportunity Score
4.1.1. Automotive Fuel Cell Vehicle Segement – Market Opportunity Score
4.1.2. Power Rating Segment – Market Opportunity Score
4.1.3. Vehicle TypeSegment – Market Opportunity Score
4.1.4. Component Segment – Market Opportunity Score
4.2. Key Market Influencing Indicators
CHAPTER 5. Market Insights and Trends
5.1. Value Chain Analysis
5.1.1. Automotive Fuel Cell Vehicle
5.1.2. Manufacturing Process
5.1.3. Distribution Channel
5.1.4. End User
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining Power of Buyers
5.2.2. Bargaining Power of Suppliers
5.2.3. Threat of New Entrant
5.2.4. Threat of Substitute
5.2.5. Industry Rivalry
5.3. COVID-19 Impact and Post COVID Scenario on Automotive Fuel Cell Vehicle Market
5.3.1. Impact of COVID-19
5.3.2. Government Support and Industry Revival Policies
5.3.3. Measures Taken by Companies to Mitigate Negative Impact
5.3.4. Post COVID Trend
CHAPTER 6. MArket Dynamics
6.1. Introduction
6.2. Drivers
6.2.1. Driver 1
6.2.2. Driver 2
6.2.3. Driver 3
6.3. Restraints
6.3.1. Restraint 1
6.3.2. Restraint 2
6.4. Opportunity
6.4.1. Opportunity 1
CHAPTER 7. Global Automotive Fuel Cell Vehicle Market, By Automotive Fuel Cell Vehicle
7.1. Introduction
7.1.1. Proton Exchange Membrane Fuel Cell
7.1.2. Phosphoric Acid Fuel Cells
7.1.3. Solid Oxide Fuel Cell
7.1.4. Others
CHAPTER 8. Global Automotive Fuel Cell Vehicle Market, By Power Rating
8.1. Introduction
8.1.1. Below 100 kW
8.1.2. 100 – 200 kW
8.1.3. Above 200 kW
CHAPTER 9. Global Automotive Fuel Cell Vehicle Market, By Vehicle Type
9.1. Introduction
9.1.1. Passenger Car
9.1.2. Commercial Vehicle
CHAPTER 10. Global Automotive Fuel Cell Vehicle Market, By Component
10.1. Introduction
10.1.1. Fuel Processor
10.1.2. Fuel Stack
10.1.3. Air Compressor
10.1.4. Power Conditioner
10.1.5. Others
CHAPTER 11. Global Automotive Fuel Cell Vehicle Market, By Region
11.1. Introduction
11.2. NORTH AMERICA
11.2.1. North America: Market Size and Forecast, By Country, 2023 – 2033 ($ Million)
11.2.2. North America: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.2.3. North America: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.2.4. North America: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.2.5. North America: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.2.6. US
11.2.6.1. US: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.2.6.2. US: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.2.6.3. US: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.2.6.4. US: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.2.7. CANADA
11.2.7.1. Canada: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.2.7.2. Canada: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.2.7.3. Canada: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.2.7.4. Canada: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.2.8. MEXICO
11.2.8.1. Mexico: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.2.8.2. Mexico: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.2.8.3. Mexico: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.2.8.4. Mexico: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.3. Europe
11.3.1. Europe: Market Size and Forecast, By Country, 2023 – 2033 ($ Million)
11.3.2. Europe: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.3.3. Europe: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.3.4. Europe: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.3.5. Europe: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.3.6. U.K.
11.3.6.1. U.K.: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.3.6.2. U.K.: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.3.6.3. U.K.: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.3.6.4. U.K.: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.3.7. GERMANY
11.3.7.1. Germany: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.3.7.2. Germany: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.3.7.3. Germany: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.3.7.4. Germany: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.3.8. FRANCE
11.3.8.1. France: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.3.8.2. France: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.3.8.3. France: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.3.8.4. France: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.3.9. ITALY
11.3.9.1. Italy: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.3.9.2. Italy: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.3.9.3. Italy: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.3.9.4. Italy: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.3.10. SPAIN
11.3.10.1. Spain: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.3.10.2. Spain: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.3.10.3. Spain: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.3.10.4. Spain: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.3.11. BENELUX
11.3.11.1. BeNeLux: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.3.11.2. BeNeLux: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.3.11.3. BeNeLux: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.3.11.4. BeNeLux: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.3.12. RUSSIA
11.3.12.1. Russia: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.3.12.2. Russia: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.3.12.3. Russia: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.3.12.4. Russia: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.3.13. REST OF EUROPE
11.3.13.1. Rest of Europe: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.3.13.2. Rest of Europe: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.3.13.3. Rest of Europe: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.3.13.4. Rest of Europe: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.4. Asia Pacific
11.4.1. Asia Pacific: Market Size and Forecast, By Country, 2023 – 2033 ($ Million)
11.4.2. Asia Pacific: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.4.3. Asia Pacific: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.4.4. Asia Pacific: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.4.5. Asia Pacific: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.4.6. CHINA
11.4.6.1. China: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.4.6.2. China: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.4.6.3. China: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.4.6.4. China: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.4.7. JAPAN
11.4.7.1. Japan: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.4.7.2. Japan: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.4.7.3. Japan: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.4.7.4. Japan: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.4.8. INDIA
11.4.8.1. India: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.4.8.2. India: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.4.8.3. India: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.4.8.4. India: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.4.9. SOUTH KOREA
11.4.9.1. South Korea: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.4.9.2. South Korea: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.4.9.3. South Korea: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.4.9.4. South Korea: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.4.10. THAILAND
11.4.10.1. Thailand: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.4.10.2. Thailand: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.4.10.3. Thailand: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.4.10.4. Thailand: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.4.11. INDONESIA
11.4.11.1. Indonesia: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.4.11.2. Indonesia: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.4.11.3. Indonesia: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.4.11.4. Indonesia: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.4.12. MALAYSIA
11.4.12.1. Malaysia: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.4.12.2. Malaysia: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.4.12.3. Malaysia: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.4.12.4. Malaysia: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.4.13. AUSTRALIA
11.4.13.1. Australia: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.4.13.2. Australia: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.4.13.3. Australia: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.4.13.4. Australia: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.4.14. REST FO ASIA PACIFIC
11.4.14.1. Rest fo Asia Pacific: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.4.14.2. Rest fo Asia Pacific: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.4.14.3. Rest fo Asia Pacific: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.4.14.4. Rest fo Asia Pacific: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.5. South America
11.5.1. South America: Market Size and Forecast, By Country, 2023 – 2033 ($ Million)
11.5.2. South America: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.5.3. South America: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.5.4. South America: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.5.5. South America: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.5.6. BRAZIL
11.5.6.1. Brazil: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.5.6.2. Brazil: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.5.6.3. Brazil: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.5.6.4. Brazil: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.5.7. ARGENTINA
11.5.7.1. Argentina: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.5.7.2. Argentina: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.5.7.3. Argentina: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.5.7.4. Argentina: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.5.8. REST OF SOUTH AMERICA
11.5.8.1. Rest of South America: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.5.8.2. Rest of South America: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.5.8.3. Rest of South America: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.5.8.4. Rest of South America: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.6. Middle East & Africa
11.6.1. Middle East & Africa: Market Size and Forecast, By Country, 2023 – 2033 ($ Million)
11.6.2. Middle East & Africa: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.6.3. Middle East & Africa: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.6.4. Middle East & Africa: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.6.5. Middle East & Africa: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.6.6. SAUDI ARABIA
11.6.6.1. Saudi Arabia: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.6.6.2. Saudi Arabia: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.6.6.3. Saudi Arabia: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.6.6.4. Saudi Arabia: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.6.7. UAE
11.6.7.1. UAE: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.6.7.2. UAE: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.6.7.3. UAE: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.6.7.4. UAE: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.6.8. EGYPT
11.6.8.1. Egypt: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.6.8.2. Egypt: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.6.8.3. Egypt: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.6.8.4. Egypt: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.6.9. SOUTH AFRICA
11.6.9.1. South Africa: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.6.9.2. South Africa: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.6.9.3. South Africa: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.6.9.4. South Africa: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
11.6.10. REST OF MIDDLE EAST & AFRICA
11.6.10.1. Rest of Middle East & Africa: Market Size and Forecast, By Automotive Fuel Cell Vehicle, 2023 – 2033 ($ Million)
11.6.10.2. Rest of Middle East & Africa: Market Size and Forecast, By Power Rating, 2023 – 2033 ($ Million)
11.6.10.3. Rest of Middle East & Africa: Market Size and Forecast, By Vehicle Type,2023 – 2033 ($ Million)
11.6.10.4. Rest of Middle East & Africa: Market Size and Forecast, By Component, 2023 – 2033 ($ Million)
CHAPTER 12. Competitive Landscape
12.1. Competitior Benchmarking 2023
12.2. Market Share Analysis
12.3. Key Developments Analysis By Top 5 Companies
12.4. Market Share Acquisition Strategies: Analysis of Key Approaches Employed by Top Players
CHAPTER 13. Company Profiles
13.1. ITM Power
13.1.1. Business Overview
13.1.2. Financial Analysis
13.1.2.1. Business Segment Revenue, 2018, 2019, 2020, $ Million
13.1.2.2. Geographic Revenue Mix, 2020 (% Share)
13.1.3. Product Portfolio
13.1.4. Recent Development and Strategies Adopted
13.1.5. SWOT Analysis
13.2. Ballard Power Systems
13.3. Delphi Technologies
13.4. Doosan Corporation
13.5. Hydrogenics
13.6. Proton Power System PLC
13.7. Plug Power
13.8. Hyundai
13.9. General Motors
13.10. Toyota

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