The global fuel cell vehicles market is projected to reach US$ 6,051.17 million by 2028 from US$ 570.43 million in 2021; it is estimated to register a CAGR of 40.1% during 2021-2028.

The increasing adoption of electric mobility in emerging economies, growing EV and battery manufacturing capabilities globally, supportive government initiatives to decarbonize transportation, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions are the key factors attributing to the market growth. Asia Pacific is one of the most vulnerable regions to climate change and enables countries to mitigate climate change and ensure sustainable development.

Stringent regulations for environmental emissions accelerate the demand for fuel cell vehicles. For instance, in April 2020, the Indian government rescheduled the implementation of the next stage of emission standards, Bharat Stage 6, which was originally planned to be implemented in 2024. In addition, the growing production of hydrogen fuel cell vehicles owing to the rise in sale of vehicles drives the market growth. For instance, in November 2021, the development and reform commission in China has issued the manufacturing of 5,000 hydrogen fuel cell vehicles to be used as buses and in port transportation and intercity logistics by 2025. Thus, such booming growth prospects in clean energy within the automotive industry is likely to drive the fuel cell vehicles market over the projected period.

The fuel cell vehicles market is analyzed on the basis of electrolyte, power output, vehicle type, and geography. The fuel cell vehicles market, based on electrolyte, the fuel cell vehicle market is bifurcated into PEFC and PAFC. Based on power output, the fuel cell vehicle market is categorized into up to 100 kW, 100-200 kW, and above 200 kW. Based on vehicle type, the fuel cell vehicle market is segmented into passenger cars, buses, trucks, and light commercial vehicles. Geographically, the fuel cell vehicles market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), and the Rest of the World. APAC is projected to register the highest CAGR in the fuel cell vehicle market from 2021 to 2028 due to the flourishing automotive sector.

The fuel cell vehicles market players worldwide are witnessing a downfall due to the outbreak of COVID-19. It has disrupted the logistics, supply chain, retail, and manufacturing industries in several countries worldwide. The consistent increase in COVID-19 confirmed cases across different regions weakened the manufacturing sector, which resulted in delivery delays.

The overall fuel cell vehicle market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the fuel cell vehicles market. The process also serves the purpose of obtaining an overview and forecast for the fuel cell vehicles market with respect to all the segments. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the fuel cell vehicles market.

A few major players operating in the global fuel cell vehicles market are Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc; General Motors; AB Volvo; Honda Motors Co., Ltd.; Riversimple; Hyzon Motors; Daimler AG; and Ballard Power Systems Inc.