Hydrogen Vehicle Market, by Vehicle Type (Commercial, Passenger, and Others), by Technology Type (Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, and Solid Oxide Fuel Cell), and by Region - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

Hydrogen vehicles use hydrogen fuel cells instead of conventional fuel. This fuel cell converts chemical energy into electrical energy. Increasing environmental concerns of government bodies to reduce the emissions of harmful gases and increasing adoption of technological advancements are likely to foster growth of the hydrogen vehicle market during the forecast period.

Lack of conventional fuel sources along with concerns regarding growing carbon footprint is fuelling growth of the global hydrogen vehicle market

Factors driving growth of the global market include increasing CO2 emissions in conjunction with stringent regulations being formulated to control emission of such harmful gases. Hydrogen vehicles are responsible for controlling the CO2 emission, as hydrogen combines with oxygen in the fuel cell to produce water, which is a clean by-product. . Hydrogen vehicles are eco-friendly, thus the demand for these vehicles is increasing, in turn, boosting growth of the hydrogen vehicles market.

Furthermore, stringent government regulations towards controlling the carbon emissions from vehicles is another factor expected to increase the demand for hydrogen vehicles during the forecasted period. Regulations such as Low Emission Vehicle (LEV) III, Tier 3, and Super Ultra Low Emissions Vehicle (SULEV) regulations are being implemented in order to ensure least carbon emissions. Adoption of hydrogen vehicles is increasing, as these vehicles offer enhanced power and fuel-efficiency. Thus, fuelling growth of the market.

Reduction in prices of the hydrogen cell is expected to drive market growth in the near future

Reducing fuel cell prices is a key factor driving growth of the hydrogen vehicles market. In the present market scenario, fuel cell manufacturing companies are investing in new technologies to help reduce the overall cost of hydrogen fuel cells. For instance, in September 2017, Nisshinbo Holdings Inc., introduced the carbon alloy catalyst for the replacement of platinum catalyst, as cost of platinum is higher than carbon alloys. This in turn, helps reduce the overall price of the hydrogen fuel cell. For instance, According to the U.S. Department of Energy, a single fuel-cell vehicle requires US$ 3,650 for catalyst materials, which accounts for 40-45% of the cost of the cell's internal components. Platinum is sold for US$ 36.35 (4,000 yen) per gram. Therefore, manufacturers are developing new catalysts for hydrogen vehicles which in turn, is fuelling growth of the market

High initial investment for developing infrastructure is one of the key challenges for growth of the market

The cost required for developing the infrastructure for manufacturing the hydrogen vehicles is significantly high. Initial investment by manufactures is thus high, which in turn, poses as a major factoring hampering growth of the hydrogen vehicles market.

Global Hydrogen Vehicle Market: Regional Insights

The market for Asia Pacific accounted for the largest share in the 2016 and this region is expected to retain its dominance during the forecast period. The increasing adoption of hydrogen fuel cell in emerging economies such as India and China is driving growth of the market. Owing to rise in industrialization and commercialization and growing working class population in these economies, is increasing the overall disposable income of individuals. As per International Monetary Fund (IMF) GDP growth trend, the economic activities in advanced and emerging economies increased by 3.1% in 2017 from 2016. This in turn, is expected to increase the purchasing power of consumers, thus propelling growth of the hydrogen vehicles market. Moreover, the increasing government regulations to reduce emissions from vehicles is further expected to boost the demand for hydrogen fuel cells. For instance, according to the European Union, EU Regulation No 443/2009 sets an average CO2 emissions target for new passenger cars of 130 grams/kilometer. A target of 95 grams/kilometer will be applicable from 2021. These factors in turn, are expected to propel growth of the regional market.

Global Hydrogen Vehicle Market: Competitive Insights

Major players operating in the global hydrogen vehicle market include Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Co. Ltd., Daimler AG., Audi, BMW, General Motors, MAN, Ford Motor Company, and VOLVO. Major players are adopting partnership strategies to expand their business in the hydrogen vehicles market. For instance, June 2012, Toyota Motor Corporation entered in to a partnership agreement with BMW in order to meet the growing demand for hydrogen fuel cells. This factor helps in gaining a competitive edge in the market.

Global Hydrogen Vehicle Market: Taxonomy

By Vehicle Type

  • Commercial
  • Passengers
  • Others

By Technology

  • Proton Exchange Membrane Fuel Cell
  • Alkaline Fuel cell,
  • Solid Oxide Fuel Cell

 By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Smiley face

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
Smiley face

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

Choose License Type

"How Can I Help You" ?

Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.

[email protected]

Key Benefits

  • Custom Research Solution

    Talk to our research consultant to design an exclusive report as per your research needs.

  • Customer Fulfilment

    We aim to fulfil client's research demands with tailored research solutions.

  • Quick Turnaround Time Reports

    We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

  • 360-degree Approach

    We cover each industry from supply and demand side with an aim to provide a most holistic research study.

  • Assured Quality

    We strive to provide most accurate and reliable research findings in our research reports.