Hydrogen Fuel Cell Vehicles Growth

Goals

To understand the difference between the growth of hydrogen fuel cell for vehicles compared to electric vehicles.

Early Findings

Hydrogen Fuel Cell Vehicles Growth

  • The market for hydrogen fuel cell vehicles (HFCV) was only worth $651 million in 2018.
  • However, it is expected to grow exponentially and reach $42 billion by 2026.
  • This represents a CAGR of 66.9% between 2019 and 2026.
  • The main drivers that explain this impressive growth forecast are: surge in environmental concerns, government investment in hydrogen infrastructure, technological advances, and breakthrough, as well as future potential.
  • Vehicle companies that are playing a major role in the market are Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard, GM, and MAN.

Electric Vehicles Growth

Electric Vs Hydrogen

  • However, it is forecast to grow three times faster than the market for EVs up to 2026-2027.
  • Its market growth will depend on technological breakthough that would lower the cost, as well as continuous investment in infrastructures such as refueling stations.

Proposed next steps:

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