Hydrogen Fuel Cell Vehicle Market Share

APAC Market Forecast

Hydrogen fuel cell vehicle market in Asia Pacific, amongst the market in all the other regions, is anticipated to hold the largest with a share of about 37% by the end of 2037. The market growth in the region is expected on account of the increasing government initiatives throughout the region and the availability of a wide range of vehicles powered by fuel cells. Various initiatives such as the Hydrogen Council and the 'Hydrogen Road Maps' are being rolled out in the region, which will further improve the market growth. A directive from China's Development and reform commission issued in November 2021 mandated the production of 5,000 hydrogen fuel cell vehicles for port transportation, buses, and intercity logistics by 2025. This mandate will spur the production of hydrogen fuel cell vehicles, which will lead to an increased demand for hydrogen fuel and the necessary infrastructure to store and transport it, thus driving the market growth in the region.

European Market Analysis

The European hydrogen fuel cell vehicle market is estimated to be the second largest, registering a share of about 27% by the end of 2037. The market expansion can be attributed majorly to the European Commission’s commitment to lower carbon emissions and the increasing awareness about the benefits of hydrogen fuel cell vehicles. For instance, Daimler announced in May 2022 that they are planning to include electric vehicles and hydrogen fuel vehicles in their portfolio by 2030. This is leading to the development of more efficient and cost-effective hydrogen fuel cell vehicles.