The global hydrogen fuel cell vehicle market is estimated to grow at a CAGR of ~65% over the forecast period, i.e., 2022 – 2030. Hydrogen fuel is a carbon free fuel, which burns with oxygen, and produces water as the only residue. Hydrogen fuel cell are internal combustion engines, which power the vehicle with clean fuel. The growth of the market can be attributed to the advancement in hydrogen fuel technology, and growing production of hydrogen fuel cell vehicles. The surge in the demand for hydrogen vehicles is also estimated to boost the market growth. The increasing awareness regarding the vehicular pollution, and the adverse health effects of pollution amongst the people is another major factor projected to boost the market growth. According to the data by the World Health Organization (WHO), 99% of the global population breathes the air that exceeds WHO guidelines.
Vehicular pollution or the pollution caused by vehicles is responsible for a major share of air pollution, as vehicles emit significant amount of unburnt carbon and other toxic gases. The growing government initiatives to curb the vehicular pollution is also estimated to boost the market growth. For instance, Clean Air Act was passed in the United States in 1970, which gave Environment Protection Agency (EPA) the legal authority to regulate pollution from vehicles. EPA stated in a report that the passenger vehicles in U.S. are 98 to 99% less polluting in 2019 as compared to the 1960s. Currently, only a few automotive manufacturers are producing hydrogen fuel cell powered vehicles.
The growing demand for clean vehicles amongst consumers, is also expected to boost the market growth. The rising sale of electric vehicles is clear evidence of the transformation of the automotive industry. According to the data by the International Energy Agency (IEA), 2.1 million electric cars were sold globally in 2019, resulting in 7.2 million total electric cars running across the globe.
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The market is segmented by vehicle type into commercial, personal, and others, out of which, the personal segment is anticipated to hold the notable share in the global hydrogen fuel cell vehicle market over the forecast period on account of growing demand for hydrogen fuel cell powered cars amongst philanthropists and environmentalists, backed by the environmental-friendly nature of the vehicle. However, due to the high cost of the vehicle, the commercial segment is growing at a slower pace.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth.
This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
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Global Hydrogen Fuel Cell Vehicle Market Regional Synopsis
On the basis of geographical analysis, the global hydrogen fuel cell vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness growth with highest CAGR over the forecast period on the back of growing adoption of clean-fuel vehicles in China and other countries. According to the report by IEA, over 3.349 million electric cars were running in China. Moreover, presence of major automotive manufacturers in the region, is estimated to boost the market growth.