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

• In comparison, the market for electric vehicles (EV) reached $164 billion in 2019. 
• It is expected to keep growing and reach $802 billion by 2027. 
• This represents a CAGR of 22.6% between 2019 and 2027.
• The main drivers behind this growth include : increase in demand for low emission vehicles, stricter government rules, regulations related to emissions, technological advancement, a drop in battery cost, as well as a larger variety of models. 

Electric Vs Hydrogen

• The market size for HFCVs is currently much smaller than the market for EVs, 250 times smaller.

• 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.