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)
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.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 225.20 Million |
| Market Size by 2028 | US$ 1,520.01 Million |
| CAGR (2021 - 2028) | 31.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Electrolyte
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Fuel Cell Vehicle Market is valued at US$ 225.20 Million in 2021, it is projected to reach US$ 1,520.01 Million by 2028.
As per our report North America Fuel Cell Vehicle Market, the market size is valued at US$ 225.20 Million in 2021, projecting it to reach US$ 1,520.01 Million by 2028. This translates to a CAGR of approximately 31.4% during the forecast period.
The North America Fuel Cell Vehicle Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Fuel Cell Vehicle Market report:
The North America Fuel Cell Vehicle Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Fuel Cell Vehicle Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Fuel Cell Vehicle Market value chain can benefit from the information contained in a comprehensive market report.
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