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)
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.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Fuel Cell Vehicle Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Asia Pacific Fuel Cell Vehicle Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Extending demand for Clean Energy
5.1.2 Decreasing Cost of Green Hydrogen
5.2 Market Restraints
5.2.1 Heavy Cost of Refuelling Infrastructure
5.3 Market Opportunities
5.3.1 Burgeoning Focus on Net Zero
5.4 Future Trends
5.4.1 Growing Adoption of Fuel Cell Powered Trucks
5.5 Impact Analysis of Drivers and Restraints
6. Asia Pacific Fuel Cell Vehicle Market Analysis
6.1 Asia Pacific Fuel Cell Vehicle Market Overview
6.2 Asia Pacific Fuel Cell Vehicle Market Revenue Forecast and Analysis
7. Fuel Cell Vehicle Market Analysis – by Electrolyte
7.1 Overview
7.2 Asia Pacific Fuel Cell Vehicles Market, by Electrolyte
7.3 PEMFC
7.3.1 Overview
7.3.2 PEMFC: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
7.4 PAFC
7.4.1 Overview
7.4.2 PAFC: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
8. Asia Pacific Fuel Cell Vehicle Market Analysis – by Power Output
8.1 Overview
8.2 Asia Pacific Fuel Cell Vehicles Market, by Power Output
8.3 Less Than 100 KW
8.3.1 Overview
8.3.2 Less Than 100 KW: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
8.4-200 KW
8.4.1 Overview
8.4.2-200 KW: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
8.5 More Than 200KW
8.5.1 Overview
8.5.2 More Than 200KW: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
9. Asia Pacific Fuel Cell Vehicle Market Analysis – by Vehicle Type
9.1 Overview
9.2 Asia Pacific Fuel Cell Vehicles Market, by Vehicle Type
9.3 Passenger Cars
9.3.1 Overview
9.3.2 Passenger Cars: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
9.4 Buses
9.4.1 Overview
9.4.2 Buses: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
9.5 Trucks
9.5.1 Overview
9.5.2 Trucks: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
9.6 Light Commercial Vehicle
9.6.1 Overview
9.6.2 Light Commercial Vehicle: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
10. Asia Pacific Fuel Cell Vehicle Market – Country Analysis
10.1 Overview
10.1.1 Asia Pacific: Fuel Cell Vehicles Market, by Key Country
10.1.1.1 Australia: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 Australia: Fuel Cell Vehicles Market, by Electrolyte
10.1.1.1.2 Australia: Fuel Cell Vehicles Market, by Power Output
10.1.1.1.3 Australia: Fuel Cell Vehicles Market, by Vehicle Type
10.1.1.2 China: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 China: Fuel Cell Vehicles Market, by Electrolyte
10.1.1.2.2 China: Fuel Cell Vehicles Market, by Power Output
10.1.1.2.3 China: Fuel Cell Vehicles Market, by Vehicle Type
10.1.1.3 India: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 India: Fuel Cell Vehicles Market, by Electrolyte
10.1.1.3.2 India: Fuel Cell Vehicles Market, by Power Output
10.1.1.3.3 India: Fuel Cell Vehicles Market, by Vehicle Type
10.1.1.4 Japan: Fuel Cell Vehicle Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 Japan: Fuel Cell Vehicle Market, by Electrolyte
10.1.1.4.2 Japan: Fuel Cell Vehicle Market, By Power Output
10.1.1.4.3 Japan: Fuel Cell Vehicle Market, By Vehicle Type
10.1.1.5 South Korea: Fuel Cell Vehicle Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 South Korea: Fuel Cell Vehicle Market, by Electrolyte
10.1.1.5.2 South Korea: Fuel Cell Vehicle Market, By Power Output
10.1.1.5.3 South Korea: Fuel Cell Vehicle Market, By Vehicle Type
10.1.1.6 Rest of Asia Pacific: Fuel Cell Vehicle Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.1 Rest of Asia Pacific: Fuel Cell Vehicle Market, by Electrolyte
10.1.1.6.2 Rest of Asia Pacific: Fuel Cell Vehicle Market, By Power Output
10.1.1.6.3 Rest of Asia Pacific: Fuel Cell Vehicle Market, By Vehicle Type
11. Asia Pacific Fuel Cell Vehicle Market – Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 Hyundai Motor Company
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Toyota Motor Corporation
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Cummins Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 General Motors
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 AB Volvo
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Honda Motor Co., Ltd.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Daimler AG
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Hyzon Motors
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Ballard Power Systems
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Asia Pacific Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Table 2. Australia Fuel Cell Vehicles Market, by Electrolyte – Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia Fuel Cell Vehicles Market, by Power Output – Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia Fuel Cell Vehicles Market, by Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 5. China Fuel Cell Vehicles Market, by Electrolyte – Revenue and Forecast to 2028 (US$ Million)
Table 6. China Fuel Cell Vehicles Market, by Power Output – Revenue and Forecast to 2028 (US$ Million)
Table 7. China Fuel Cell Vehicles Market, by Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. India Fuel Cell Vehicles Market, by Electrolyte – Revenue and Forecast to 2028 (US$ Million)
Table 9. India Fuel Cell Vehicles Market, by Power Output – Revenue and Forecast to 2028 (US$ Million)
Table 10. India Fuel Cell Vehicles Market, by Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 11. Japan: Fuel Cell Vehicle Market, by Electrolyte– Revenue and Forecast to 2028 (US$ Million)
Table 12. Japan: Fuel Cell Vehicle Market, By Power Output– Revenue and Forecast to 2028 (US$ Million)
Table 13. Japan: Fuel Cell Vehicle Market, By Vehicle Type–Revenue and Forecast to 2028 (US$ Million)
Table 14. South Korea: Fuel Cell Vehicle Market, by Electrolyte– Revenue and Forecast to 2028 (US$ Million)
Table 15. South Korea: Fuel Cell Vehicle Market, By Power Output– Revenue and Forecast to 2028 (US$ Million)
Table 16. South Korea: Fuel Cell Vehicle Market, By Vehicle Type–Revenue and Forecast to 2028 (US$ Million)
Table 17. Rest of Asia Pacific: Fuel Cell Vehicle Market, by Electrolyte– Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of Asia Pacific: Fuel Cell Vehicle Market, By Power Output– Revenue and Forecast to 2028 (US$ Million)
Table 19. Rest of Asia Pacific: Fuel Cell Vehicle Market, By Vehicle Type–Revenue and Forecast to 2028 (US$ Million)
Table 20. List of Abbreviation
LIST OF FIGURES
Figure 1. Asia Pacific Fuel Cell Vehicle Market Segmentation
Figure 2. Asia Pacific Fuel Cell Vehicle Market Segmentation – By Country
Figure 3. Asia Pacific Fuel Cell Vehicle Market Overview
Figure 4. Asia Pacific Fuel Cell Vehicle Market, by Electrolyte
Figure 5. Asia Pacific Fuel Cell Vehicle Market, by Country
Figure 6. Fuel Cell Vehicle Market- Ecosystem Analysis
Figure 7. Asia Pacific Fuel Cell Vehicle Market Impact Analysis of Drivers and Restraints
Figure 8. Asia Pacific Fuel Cell Vehicle Market Revenue Forecast and Analysis (US$ Million)
Figure 9. Asia Pacific Fuel Cell Vehicles Market Revenue Share, by Electrolyte (2020 and 2028)
Figure 10. PEMFC: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 11. PAFC: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 12. Asia Pacific Fuel Cell Vehicles Market Revenue Share, by Power Output (2020 and 2028)
Figure 13. Less Than 100 KW: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 14.-200 KW: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. More Than 200 KW: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. Asia Pacific Fuel Cell Vehicles Market Revenue Share, by Vehicle Type (2020 and 2028)
Figure 17. PASSENGER CARS: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Buses: Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Trucks: Fuel Cell Vehicle MARKET REVENUE and Forecast to 2028 (US$ Million)
Figure 20. Light Commercial Vehicle: Fuel Cell Vehicle MARKET REVENUE and Forecast to 2028 (US$ Million)
Figure 21. Asia Pacific: Fuel Cell Vehicles Market Revenue Share, by Key Country (2020 and 2028)
Figure 22. Australia: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. China: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. India: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Japan: Fuel Cell Vehicle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. South Korea: Fuel Cell Vehicle Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Rest of Asia Pacific: Fuel Cell Vehicle Market – Revenue and Forecast to 2028 (US$ Million)
- Hyundai Motor Company
- Toyota Motor Corporation
- Cummins Inc.
- General Motors
- AB Volvo
- Honda Motor Co., Ltd.
- Daimler AG
- Hyzon Motors
- Ballard Power Systems
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific fuel cell vehicle market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific fuel cell vehicle market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the fuel cell vehicle market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution