Report : Asia Pacific Fuel Cell Vehicle Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Electrolyte (PEMFC and PAFC), Power Output (Less than 100 kW, 100–200 kW, and Above 200 kW), and Vehicle Type (Passenger Cars, Buses, Trucks, and Light Commercial Vehicles)
At 31.4% CAGR, the Asia Pacific Fuel Cell Vehicle Market is speculated to be worth US$ 1520.01 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific fuel cell vehicle market was valued at US$ 301.69 million in 2021 and is expected to reach US$ 4113.90 million by 2028, registering an annual growth rate of 45.2% from 2021 to 2028. Growing focus on net focus and extending demand for clean energy.
Numerous government bodies across the region have taken up strategies to gradually decrease the emissions to zero by 2050. According to data from the United Nations, more than 130 countries have setup strategies to reduce emissions to net zero by 2050. It is estimated that approximately USD 250 trillion in investments will be required to reduce emissions to net zero by 2050. For instance, China is one of the major carbon emitter in the world and achieving net zero is a major challenge for the country by 2060. China is currently working on the development of strategies to move towards its goal of net zero by 2060. Further, the Indian Government has also announced its objective of attaining net zero by 2070. The objective is expected to have a substantial impact on the adoption of fuel cell vehicles in the country during the forecast period. Such initiative by governing bodies and automobile manufacturers is expected to create numerous opportunities for the fuel cell vehicle market during the forecast period.
On the contrary, heavy cost of refueling infrastructure hurdles the growth of Asia Pacific fuel cell vehicle market.
Based on electrolyte, the Asia Pacific fuel cell vehicle market is bifurcated into PEMFC and PAFC. The PEMFC segment held 99.6% market share in 2021, amassing US$ 299.92 million. It is projected to garner US$ 4044.28 million by 2028 to expand at 45.0% CAGR during 2021–2028.
Based on power output, the Asia Pacific fuel cell vehicle market is segmented into less than 100 kW, 100-200 kW, and more than 200 kW. The less than 100 kW segment held 89.1% market share in 2021, amassing US$ 269.12 million. It is projected to garner US$ 3723.13 million by 2028 to expand at 45.5% CAGR during 2021–2028.
Based on vehicle type, the Asia Pacific fuel cell vehicle market is categorized into passenger car, buses, trucks, and light commercial vehicles. The light commercial vehicle segment held 90.0% market share in 2021, amassing US$ 267.56 million. It is projected to garner US$ 3427.13 million by 2028 to expand at 44.0% CAGR during 2021–2028.
Based on country, the Asia Pacific fuel cell vehicle market has been segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. Our regional analysis states that South Korea captured 75.8% market share in 2021. It was assessed at US$ 223.16 million in 2021 and is likely to hit US$ 3003.65 million by 2028, exhibiting a CAGR of 45.0% during the forecast period.
Key players dominating the Asia Pacific fuel cell vehicle market are Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc.; General Motors; AB Volvo; Honda Motor Co., Ltd.; Daimler AG; Hyzon Motors; and Ballard Power Systems among others.
- In December 2020, the Toyota Motor Corporation had introduced Mirai fuel cell electric vehicles which is compact in size, efficiency, and productivity that enables hydrogen-based fuel cell vehicles.
- In June 2021, the General Motors and Wabtec Corporation had announced its collaboration to develop and commercialize GM’s Ultium battery technology and HYDROTEC hydrogen fuel cell systems for Wabtec locomotives.