The global future of hydrogen in automotive market size is projected to grow from 23 thousand units in 2024 to 353 thousand units by 2035, at a CAGR of 28.3%.
The increasing emission levels, rising fuel prices, and limited availability of fossil fuels have spurred a burgeoning demand for zero-emission alternative fuel vehicles in recent years. This surge has notably contributed to the increasing interest in hydrogen mobility. Advancements in alternative technologies, including non-precious metal catalyst-based Proton Exchange Membrane Fuel Cells (PEM FC), hydrogen fuel-cell packaged system modules, and compact, lightweight microstructures, are expected to enhance vehicle range, decrease costs, and augment overall efficiency. Similarly, advancements in powertrain technology are expected to unveil fresh avenues within the hydrogen-fuel vehicle market. Additionally, the emergence of novel hydrogen-based applications such as Fuel Cell Hybrid Electric Vehicles (FCHEVs) and Hydrogen Internal Combustion Engine Vehicles (H2-ICEVs) is set to generate new prospects within the market landscape. Further, growing focus on hydrogen infrastructure with supportive government efforts, as well as the development of charging stations, are some of the factors that will significantly contribute to market growth during the forecast period.
“H2-Fuel station segment is expected to lead by Asia Pacific region .”
The H2 fuel station segment is expected to lead the Asia Pacific region, projecting over 14 thousand fuel stations by the year 2035. China currently leads this segment, demonstrating rapid establishment of H2 fuel stations nationwide, with over 400 refueling stations operational as of January 2024. Similarly, Japan has outlined plans to establish 320 hydrogen stations by 2025. These initiatives by respective governments are anticipated to boost hydrogen in the automotive market within the region.
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“Passenger car segment expected to grow at significant rate during the forecast period by Vehicle type”
The passenger car segment is projected to demonstrate a growth rate, of CAGR 49.4% during the forecast period, reaching an estimated 264 thousand units by the year 2035. Within Europe, the passenger car segment retained its dominance, commanding 80% of the market share. Esteemed EV manufacturers such as BMW, KIA, and Hyundai are expected to establish their presence in the hydrogen fuel cell passenger car market by the end of 2024. Some of the best-selling FCEV passenger car models include Toyota Mirai and Hyundai NEXO.
“Europe expected to be the fastest growing market during the forecast period.”
Europe is expected to emerge as the fastest-growing market for FCEVs with new hydrogen plans announced by the EU to set up H2-fueling stations every 200km. Further supportive policies by the government are expected to bolster the market. For instance, the UK had announced plans for 4,000 fuel-cell buses by 2025. FCEV demand in Europe is mainly led by Germany, France, the Netherlands, and Switzerland. LCVs are the fastest-growing market in the region. Similarly, Toyota Motor Corporation (Japan) has been leading the European FCEV market.
Key Players
The major players in Future of Hydrogen in Automotive market include Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), SAIC Motors (China), FAW (China), and Yutong (China) among others. These companies offer hydrogen-powered vehicles and have strong distribution networks across the globe.
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