The global fuel cell vehicle market is anticipated to grow at an exponential CAGR of 52.2% during the forecast period (2023-2030).The market is driven by the growing demand for zero-emission vehicles, technological advancement in fuel cell technology, and Strict government emission regulations. To meet the growing demand for fuel vehicles key players are adopting several market strategies. Some of the recent market developments include-
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In December 2023, General Motors has partnered with Komatsu in Japan to develop a hydrogen fuel cell power module for Komatsu’s 930E electric drive mining truck, the world’s best-selling ultra-class haul truck. The Komatsu 930E mining truck is just one of many diesel-electric vocational trucks in the market. The company currently has two 930E mining trucks in its fleet. Each truck is equipped with a diesel engine running an electric drivetrain that can produce up to 2,611 kW (3,500 hp) at 1,800 rpm and has a 290-metric-ton (320 US ton) capacity.
In September 2023, Nikola Corp achieved a significant milestone, as it celebrated the commercial launch of the Nikola hydrogen fuel cell electric vehicle at its state-of-the-art manufacturing facility in Coolidge, Ariz.Nikola's ground-breaking hydrogen fuel cell electric truck features a range of up to 500 miles and an estimated fueling time as low as 20 minutes.* This truck is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks, with versatile applications ranging from drayage and intermodal to metro-regional truckload and less-than-truckload to certain specialized hauling use cases.
In October 2023, ikola Corp, launched its hydrogen fuel cell electric vehicle at its manufacturing facility in Arizona, US.The firm’s hydrogen fuel cell electric truck features a range of up to 500 miles, which it says is among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks.Nikola shared it had received 223 non-binding orders for the hydrogen fuel cell electric trucks, from fleet operators such as J.B. Hunt, AJR Trucking, Biagi Bros. and TTSI.
In August 2022, Toyota announced a hydrogen fuel-cell truck joint venture with Isuzu and Hino Motors. These trucks were designed for the mass market and help address the challenges faced by the transportation industry and contribute to achieving a carbon-neutral society.
In July 2022, PowerCell, partnered with ZeroAvia to develop and deliver 5,000 aviation-optimized (PEM) Proton Exchange Membrane fuel cell stacks between the years 2024 and 2028. As a part of the partnership, PowerCell established its presence in the UK and formed a production team alongside ZeroAvia's production facilities.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Vehicle Type
o By Component
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes AB Volvo, Audi AG, Ballard Power System Inc., BMW AG, Daimler AG, General Motors, Honda Motor Co., Ltd., Hyundai Motor Group, Nikola Corp, Toyota Motor Corp, and others.
Key questions addressed by the report.
Global Fuel Cell Vehicle Market Report Segment
By Vehicle Type
By Component
Global Fuel Cell Vehicle Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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