Hydrogen Fuel Cell Vehicle Market Size Set at $2.1 Billion by 2030
The Hydrogen Fuel Cell Vehicle Market size is projected to achieve a significant valuation of $2.1 billion by 2030, driven by increasing investments in clean energy solutions and stringent emission regulations worldwide. Hydrogen fuel cell vehicles (HFCVs) offer a sustainable alternative to conventional internal combustion engine vehicles, leveraging hydrogen as a clean energy source with water as the only emission. Governments and automotive manufacturers are ramping up initiatives to promote hydrogen infrastructure, accelerating market growth. Key regions like North America, Europe, and Asia-Pacific are leading the adoption, with notable advancements in refueling stations and vehicle technology.
With a steady increase in R&D
efforts, the Hydrogen Fuel Cell Vehicle Market size is witnessing
exponential growth. Factors such as improved hydrogen storage systems,
decreasing costs of fuel cells, and rising consumer demand for eco-friendly
vehicles are enhancing the market's trajectory. Automotive giants are
introducing diverse HFCV models in passenger and commercial segments, further
expanding market opportunities. As the industry pivots toward net-zero carbon
goals, the hydrogen fuel cell vehicle market is set to play a critical role in
shaping the future of sustainable transportation.
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“The 1.5–3 kW segment to show
a significant growth rate during the forecast period.”
The less than 100 kW market is
projected to register a CAGR of 19.2% during the forecast period. The power
output of medium-power electric scooters and motorcycles ranges from 1.5 kW -3
kW. As these scooters and motorcycles run with a motor that provides decent
power output and efficient speed, electric scooters and motorcycles with this
motor usage are expected to grow considerably during the forecast period. This
power range strikes a balance between performance and efficiency, offering
users enhanced capabilities without sacrificing energy conservation or
affordability. These scooters are well-suited for navigating both city streets
and suburban roads, providing users with a reliable and convenient mode of
transportation for various daily needs. One of the key advantages of electric
scooters in this power range is their improved performance compared to
lower-powered models. With motor outputs between 1.5 kW and 3 kW, these
scooters offer faster acceleration and higher top speeds, making them more
suitable for longer commutes and handling diverse urban terrain. This increased
power allows riders to maintain higher speeds and easily navigate inclines,
enhancing overall ride comfort and efficiency. Manufacturers worldwide offer
different vehicle models in a 1.5 kW – 3 kW motor power range. Gogoro (Taiwan)
offer Gogoro CrossOver GX250 electric scooter with a 2.5 kW direct drive motor
that can reach speeds of over 60 kmph and has a range of 111 km. Additionally,
Greaves Electric Mobility Private Limited (India), Yadea Technology Group Co.,
Ltd. (China), and Niu International (China) offer Ampere Magnus EX with 2.1 kW,
Yadea E8S with 2.0 kW, and NQiGT S with 3.5 kW motor power, respectively.
“The commercial use of
electric scooter is expected to show significant growth during the forecast
period.”
Fleet owners delivering goods and
services to their customers increasingly rely on electric scooters and
motorcycles. Electric two-wheelers often come equipped with advanced telematics
and fleet management systems. These technologies enable real-time tracking,
route optimization, and efficient fleet management, improving delivery
efficiency. Businesses can monitor vehicle performance, schedule maintenance,
and analyze data to optimize operations. Using electric scooters/mopeds and
motorcycles can significantly reduce delivery costs and improve profitability.
Meal delivery companies across the globe use electric scooters. For instance,
in December 2023, Uber Eats (US) partnered with Gogoro (Taiwan) for Green
Delivery Program. The partnership is word USD 30 million. Uber Eats delivery
partners will receive discounts on new Gogoro Smartscooters and battery
swapping programs and be given incentives for deliveries on Gogoro
Smartscooters. Through the program, Uber Eats expects EV deliveries in Taiwan
to double from nearly 20% to 40% by the end of 2025. Also increasing fuel
prices, the need to rationalize costs, favorable government policies, and
rising awareness of emission-free vehicles would boost the adoption of electric
scooters for commercial use in the forecasted period.
“Europe is expected to become
second largest growing market for electric scooter during the forecast period.”
Europe is home to many electric
two-wheeler manufacturing companies, such as Silence Urban Ecomobility (Spain),
Energica Motor Company (Italy), GOVECS (Germany), and Piaggio (Italy). The
automotive industry is one of the key contributors to Europe’s economy. The
increasing concerns over carbon emissions by conventional ICE two-wheelers and
efficiency in this mode of travel have led European two-wheeler manufacturers
to develop electric scooters and motorcycles. Government initiatives have
encouraged the key players in the market to develop advanced electric
two-wheelers and the infrastructure for charging facilities. The rising demand
for electric two-wheelers has allowed new players to increase their regional
presence. In April 2024, British e-scooter manufacturer Swifty Scooters
launched the UK's first road-legal e-scooter – the GO GT500. Honda Motor Co.,
Ltd. (Japan) launched its first electric two-wheeler for Europe, the EM1 e, in
May 2023. The vehicle uses Honda's Power Pack swappable battery technology.
Ultraviolette Automotive’s (India) F77 electric motorcycle is scheduled to be
available in Europe in the second quarter of 2024.
Key Players
The electric scooter and
motorcycle market is dominated by established players such as Yadea Technology
Group Co., Ltd. (China), Ola Electric (India), TVS Motor Company (India), Ather
Energy (India), and Gogoro (Taiwan).
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