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)
The fuel cell vehicle market in North America is expected to grow from US$ 225.20 million in 2021 to US$ 1,520.01 million by 2028; it is estimated to grow at a CAGR of 31.4% from 2021 to 2028.
Air pollution is one of the major concerns for government bodies of the region. Air pollution impacts population and environment negatively. 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. Government bodies of the region have taken numerous steps to increase the adoption of clean energy sources to power vehicles. The US government has setup numerous strategies targeting a complete clean energy economy by 2050. For instance, the state government of California in the US has committed to invest US$ 20 million every year until 100 hydrogen fueling stations are built in the state. Such initiatives to boost the adoption of clean energy sources by various nations across North America 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 North America fuel cell vehicle market at a substantial CAGR during the forecast period.
North America Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
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North America Fuel Cell Vehicle Market Segmentation
The North America 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 North America fuel cell vehicle market is segmented into the US and Canada. In 2021, the US held a larger market share. On the other side, Canada is expected to register a higher 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 North America 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. North America 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. North North America Fuel Cell Vehicle Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Surging demand for Clean Energy
5.1.2 Reducing Cost of Green Hydrogen
5.2 Market Restraints
5.2.1 Higher Cost of Refuelling Infrastructure
5.3 Future Trends
5.3.1 Increasing Adoption of Fuel Cell Powered Trucks
5.4 Impact Analysis of Drivers and Restraints
6. North America Fuel Cell Vehicle Market Analysis
6.1 North America America Fuel Cell Vehicle Market Overview
6.2 North America Fuel Cell Vehicle Market Revenue Forecast and Analysis
7. North America Fuel Cell Vehicle Market Analysis – by Electrolyte
7.1 Overview
7.2 North America 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. North America Fuel Cell Vehicle Market Analysis – by Power Output
8.1 Overview
8.2 North America 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. North America Fuel Cell Vehicle Market Analysis – by Vehicle Type
9.1 Overview
9.2 North America 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. North America Fuel Cell Vehicle Market – Country Analysis
10.1 Overview
10.1.1 North America: Fuel Cell Vehicles Market, by Key Country
10.1.1.1 US: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 US: Fuel Cell Vehicles Market, by Electrolyte
10.1.1.1.2 US: Fuel Cell Vehicles Market, by Power Output
10.1.1.1.3 US: Fuel Cell Vehicles Market, by Vehicle Type
10.1.1.2 Canada: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 Canada: Fuel Cell Vehicles Market, by Electrolyte
10.1.1.2.2 Canada: Fuel Cell Vehicles Market, by Power Output
10.1.1.2.3 Canada: Fuel Cell Vehicles Market, by Vehicle Type
11. North America 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. North America Fuel Cell Vehicle Market Revenue and Forecast to 2028 (US$ Million)
Table 2. US Fuel Cell Vehicles Market, by Electrolyte – Revenue and Forecast to 2028 (US$ Million)
Table 3. US Fuel Cell Vehicles Market, by Power Output – Revenue and Forecast to 2028 (US$ Million)
Table 4. US Fuel Cell Vehicles Market, by Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 5. Canada Fuel Cell Vehicles Market, by Electrolyte – Revenue and Forecast to 2028 (US$ Million)
Table 6. Canada Fuel Cell Vehicles Market, by Power Output – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada Fuel Cell Vehicles Market, by Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Fuel Cell Vehicle Market Segmentation
Figure 2. North America Fuel Cell Vehicle Market Segmentation – By Country
Figure 3. North America Fuel Cell Vehicle Market Overview
Figure 4. North America Fuel Cell Vehicle Market, by Electrolyte
Figure 5. North America Fuel Cell Vehicle Market, by Country
Figure 6. North America Fuel Cell Vehicle Market- Ecosystem Analysis
Figure 7. North America Fuel Cell Vehicle Market Impact Analysis of Drivers and Restraints
Figure 8. North America Fuel Cell Vehicle Market Revenue Forecast and Analysis (US$ Million)
Figure 9. North America: 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. North America 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. North America 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. Geographic Overview of North America Fuel Cell Vehicle Market
Figure 22. North America: Fuel Cell Vehicles Market Revenue Share, by Key Country (2020 and 2028)
Figure 23. US: Fuel Cell Vehicles Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Canada: Fuel Cell Vehicles 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 North America 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 North America 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 North America 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