Asia Pacific Fuel Cell Vehicle Market

The fuel cell vehicle market in Asia Pacific is expected to grow from US$ 301.69 million in 2021 to US$ 4,113.90 million by 2028; it is estimated to grow at a CAGR of 45.2% from 2021 to 2028.

Air pollution is one of the major concerns for government bodies of the region. Air pollution impacts population and environment. Due to the pollution, citizens can suffer from respiratory and heart diseases. Further, air pollution causes numerous environmental effects, including global warming, acid rain, and ozone layer depletion. Air pollutants released from internal combustion engines in automobiles is among one of the major air pollutants in the region.  Across the world, Delhi (India), Lahore (Pakistan), Chengdu (China), and Mumbai (India) are a few of the major polluted cities with dangerous levels of air pollutants in the air. Government bodies of Asia Pacific have taken numerous steps to increase the adoption of clean energy sources to power vehicles. For instance, the Government of China increased the deployment of electric vehicles in China from 20,000 in 2010 to 5 million in 2020. The initiatives have driven China to become one of the largest markets for electric vehicles. The Chinese government is offering numerous subsidies to buyers on the purchase of personal and commercial fuel cell vehicles. The government is also offering subsidies on the construction of hydrogen fueling stations. Such initiatives to boost the adoption of clean energy sources by various nations across Asia Pacific are expected to drive the growth of the fuel cell vehicles market during the forecast period.

With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific fuel cell vehicle market at a substantial CAGR during the forecast period.

Asia Pacific Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)  

Asia Pacific Fuel Cell Vehicle Market Segmentation

The Asia Pacific fuel cell vehicle market is segmented on the basis of electrolyte, power output, vehicle type, and country. Based on electrolyte, the market is birfurcated into PEMFC and PAFC. In 2021, the PEMFC segment held a larger share of the market. However, the PAFC segment is expected to register a higher CAGR during the forecast period. 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 the largest market share in 2021 and is expected to register the highest CAGR in the market during the forecast period. Based on vehicle type, the market is segmented into passenger cars, buses, trucks, and light commercial vehicles. In 2021, the light commercial vehicles segment held the largest market share. However, the trucks segment is expected to register the highest CAGR during the forecast period. Based on country, the Asia Pacific fuel cell vehicle market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. In 2021, South Korea held a larger market share; and on the other side, China is expected to grow at the fastest CAGR during the forecast period.

Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc.; General Motors; AB Volvo; Honda Motor Co., Ltd.; Daimler AG; Hyzon Motors; and Ballard Power Systems are among the leading companies in the Asia Pacific fuel cell vehicle market.

Asia Pacific Fuel Cell Vehicle Market Strategic Insights

Asia Pacific Fuel Cell Vehicle Market Segmentation Analysis

Asia Pacific Fuel Cell Vehicle Market Report Highlights

Asia Pacific Fuel Cell Vehicle Report Scope

Asia Pacific Fuel Cell Vehicle Market Country and Regional Insights