Report : North America 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 North America 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 North America fuel cell vehicle market was valued at US$ 225.20 million in 2021 and is expected to reach US$ 1520.01 million by 2028, registering an annual growth rate of 31.4% from 2021 to 2028. Surging demand for clean energy and reducing cost of green hydrogen.
Green hydrogen is produced through the electrolysis of water with the byproducts of hydrogen and oxygen. Some of the major factors expected to drive the demand for green hydrogen include the development of electrolytes, increasing market players, economies of scale, and increasing industrial applications. Due to numerous emerging players in the hydrogen industry, the supply chain of the industry has broadened considerably in the recent times which is driving down the prices for the hydrogen electrolysis technology. Industry level scaling of green hydrogen producers and technology developers have intensified the competition among players in the industry driving down the prices of green hydrogen. Further, industry level scaling has also enabled manufacturers to adopt continuous manufacturing processes and automation processes which is further effected the declining prices of green hydrogen. Such factors are expected to influence the growth of the fuel cell vehicles market during the forecast period.
On the contrary, higher cost of refueling infrastructure hurdles the growth of North America fuel cell vehicle market.
Based on electrolyte, the North America fuel cell vehicle market is birfucated into PEMFC and PAFC. The PEMFC segment held 98.8% market share in 2021, amassing US$ 222.49 million. It is projected to garner US$ 1444.06 million by 2028 to expand at 30.6% CAGR during 2021–2028.
Based on power output, the North America 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 89.9% market share in 2021, amassing US$ 202.54 million. It is projected to garner US$ 1376.67 million by 2028 to expand at 31.5% CAGR during 2021–2028.
Based on vehicle type, the North America fuel cell vehicle market is categorised into passenger car, buses, trucks, and light commercial vehicles. The light commercial vehicle segment held 79.0% market share in 2021, amassing US$ 177.92 million. It is projected to garner US$ 1144.41 million by 2028 to expand at 30.5% CAGR during 2021–2028.
Based on country, the North America fuel cell vehicle market has been segmented into US and Canada. Our regional analysis states that the US captured 97.1% market share in 2021. It was assessed at US$ 218.78 million in 2021 and is likely to hit US$ 1467.05 million by 2028, exhibiting a CAGR of 31.2% during the forecast period.
Key players dominating the North America 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.