Asia-Pacific Fuel Cell Vehicles Market Size
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Study Period | 2017 - 2030 |
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Base Year For Estimation | 2023 |
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Market Size (2024) | USD 1.65 Billion |
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Market Size (2030) | USD 10.69 Billion |
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Largest Share by Country | China |
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CAGR (2024 - 2030) | 36.56 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Fuel Cell Vehicles Market Analysis
The Asia-Pacific Fuel Cell Vehicles Market size is estimated at 1.65 billion USD in 2024, and is expected to reach 10.69 billion USD by 2030, growing at a CAGR of 36.56% during the forecast period (2024-2030).
1.65 Billion
Market Size in 2024 (USD)
10.69 Billion
Market Size in 2030 (USD)
46.54 %
CAGR (2017-2023)
36.56 %
CAGR (2024-2030)
Largest Segment by Country
72.52 %
value share, China, 2023
China leads in fuel cell vehicles due to government investment in hydrogen technology, large-scale infrastructure projects, and a strong focus on reducing emissions and adopting clean energy.
Fastest-growing Segment by Country
85.36 %
Projected CAGR, India, 2024-2030
India is the fastest-growing segment due to increasing government support for hydrogen fuel technology, investment in infrastructure, and the growing need for sustainable transportation solutions.
Fastest-growing Segment by Vehicle Body Type
74.21 %
value share, Buses, 2023
Buses are the fastest-growing segment due to advancements in hydrogen fuel cell technology, increased demand for zero-emission transportation, and supportive policies for sustainable transport.
Leading Market Player
32 %
market share, Toyota Motor Corporation, 2023
Toyota Motor Corporation dominates the market with its pioneering fuel cell technology, extensive R&D investments, and leadership in developing hydrogen infrastructure across the Asia-Pacific region.
Second leading Market Player
28 %
market share, Hyundai Motor Company, 2023
Hyundai Motor Company is a major player due to its advanced fuel cell vehicle models, strong commitment to hydrogen technology, and strategic initiatives promoting fuel cell adoption in Asia.
Demonstrates the region's advanced approach to implementing fuel cell technology in various vehicle types, indicating strong potential for hydrogen as a clean energy source in transportation
- The Asia-Pacific region is witnessing a surge in sustainable transportation, evident in its robust growth across diverse segments. From passenger cars to commercial vehicles, spanning light commercial pick-up trucks, vans, medium to heavy-duty trucks, and buses, the region is steadfastly embracing green mobility. Notably, the rising sales of fuel cell electric vehicles (FCEVs) in the passenger car segment highlight the region's leadership in adopting clean transportation. These sales saw a significant increase from 2017 to 2023, and the trend is projected to persist till 2030.
- In the commercial vehicle arena, both light and heavy-duty segments are poised for substantial growth, driven by a strategic emphasis on hydrogen fuel cell technology. Sales of light commercial pick-up trucks and vans have witnessed a remarkable surge, signaling a shift toward zero-emission vehicles tailored for the logistics and transportation sectors. This transition is bolstered by investments in hydrogen infrastructure and government incentives aimed at curbing carbon emissions.
- Medium and heavy-duty commercial trucks, alongside FCEV-powered buses, are also on a rapid growth trajectory, with sales volumes set to soar by 2030. The optimism surrounding FCEVs in the Asia-Pacific region underscores a significant move toward a hydrogen-based economy, setting a global precedent for clean energy adoption. Government initiatives, technological advancements, and the declining cost of green hydrogen production are pivotal factors in this transition, rendering FCEVs increasingly attractive for both commercial and passenger transportation.
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The Asia-Pacific fuel cell vehicles market is gaining momentum, with specific countries leading the charge toward hydrogen fuel technology adoption
- These initiatives taken by governments across the world to adopt green energy mobility in order to curtail and curb transportation pollution are among the key factors that are projected to drive the fuel cell commercial vehicle market in the near future. In November 2019, the government-backed Chinese business, Beiqi Foton Motor, a truck and bus manufacturer, announced that it would invest USD 2.6 billion in alternative energy vehicles, including fuel cell engines. The company plans to deploy 200,000 new energy commercial vehicles by 2025.
- Several major OEM players are investing heavily in research and development, and they are entering strategic partnerships to enhance their technologies for commercial vehicles. In January 2020, Japan's Honda Motor and Isuzu Motors announced that they would jointly conduct research on the use of hydrogen fuel cells to power heavy-duty trucks, looking forward to expanding fuel-cell usage by applying zero-emission technology to larger vehicles. Such developments are expected to enhance the electric commercial vehicles market across Asia-Pacific.
- In 2020, South Korea extended the purchase subsidy for electric vehicles for passenger cars until 2024, and for buses and trucks, it was extended until 2025. The bonus is tied to a price cap. EVs priced below KRW 60 million are eligible for full subsidies, but vehicles priced between KRW 60 million and 90 million may receive only 50% of the full amount. Previously, up to KRW 8 million in subsidies were available per vehicle.
Asia-Pacific Fuel Cell Vehicles Market Trends
Asia-Pacific's auto loan interest rates reflected varying national economic strategies, with some countries emphasizing stimulation while others took a more conservative stance
- Over the past few years, there have been noticeable changes in these figures. Indonesia and India notably reduced their auto loan rates, signaling potential efforts to bolster the automotive sector in the face of fluctuating sales. Japan, adhering to its legacy, sustained its nominal rates, an indicator of its persistent ultra-loose monetary policy. Malaysia, after a sharp dip in 2021, seemed to regain its footing in 2022, hinting at an adaptive economic recalibration. New Zealand and the Philippines, meanwhile, navigated a descending path. Thailand, with a plunge in 2020, retraced some steps upward by 2022. Australia's journey was intriguing, with a steady climb each year, possibly indicating a blend of economic resilience and strategic divergence from its regional peers.
- During 2017-2023 period, Asia-Pacific showcased a panorama of fluctuating interest rates for auto loans. Indonesia stood out with the steepest rates oscillating between 10% and11%, clearly underlining its economic landscape. In stark contrast, Japan's rates remained consistently below 1%, reflecting its long-standing policy of low-interest rates to boost economic activity. Australia and New Zealand moved along a more stable trend with a slight increase by 2019. Meanwhile, the Philippines, though starting from a moderate base in 2017, marked a dramatic ascent, peaking over 7% in 2019. India maintained a steady rhythm, keeping within the 9-10% bracket, while Malaysia's course was slightly upward. Conversely, Thailand embraced a gentle downward slope.
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The surging demand for electric vehicles (EVs) in Asia is prompting global automakers to introduce new offerings, thereby expanding the EV and battery pack market
- In response to the escalating demand for electric vehicles (EVs) in the Asia-Pacific region, numerous automakers are aligning their strategies to unveil innovative products tailored to this burgeoning market. One important instance is the announcement made by Skoda in January 2023, where it shared plans to introduce a cutting-edge electric SUV in India. This vehicle stands out due to its formidable 82-kWh battery, boasting an impressive range exceeding 500 kilometers on a singular charge. With its launch slated for late 2023, Skoda's move is emblematic of the broader trend sweeping across the region. Such introductions are poised to not only fuel the EV demand but also drive the proliferation of battery packs in various Asia-Pacific countries.
- As public transportation becomes increasingly integral to urban life in the Asia-Pacific, it is inspiring a new generation of manufacturers to debut novel, eco-friendly models. In a significant move in April 2022, the pioneering India-based startup, GreenCell Mobility, unveiled its electric mobility bus service brand, NueGo. GreenCell has plans to revolutionize intercity commutes by deploying 750 premium electric buses across three key regions in India, encompassing the South, North, and West. While the initial phase will witness the rollout of 250 buses across 24 cities, the long-term vision underscores the company's commitment to enhancing green public transportation. Such initiatives signal a promising surge in electric public transit solutions, setting the pace for broader adoption across Asia-Pacific in the coming years.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Countries like Australia, India, and Indonesia project a steady upward trajectory in GDP per capita, suggesting robust economic strategies and potential investment in the automotive sectors
- The Asia-Pacific's diverse consumer spending trends on vehicle purchases not only reflect the region's evolving economic conditions but also highlight the shifting consumer preferences and vehicular market dynamics across countries
- From 2017 to 2030, the shared rides segment is poised for significant transformations, marked by a resilient rebound from the pandemic and a notable increase, largely driven by technology and sustainability
- The Asia-Pacific region's EV infrastructure has seen remarkable growth, with China leading the charge, India showing immense potential, and other nations steadily catching up, promising a robust EV future
- The Asia-Pacific region is witnessing a resurgence in the logistics performance index, driven by infrastructural developments and technological advancements
- Asia-Pacific's fuel prices have been influenced by global events, with recent rises due to economic recovery and demand resurgence and future trends leaning toward stabilization amid a transition to sustainable energy solutions
- Asia-Pacific displays a panorama of economic evolution: from the relentless pursuits of emerging economies to the recalibrations of established ones, painting a picture of resilience, adaptation, and ambition
- Asia-Pacific’s varied inflation rates reflect the diverse economic challenges and responses of each nation, from battling pandemic-induced fluctuations to aiming for future stability through strategic economic policies
- APAC's rapid electric vehicle demand and sales growth are driven by government initiatives and commercial vehicle electrification
- The demand for EVs in the Asia-Pacific region is fueled by falling battery prices
- The used car sales segment displays resilience with consistent growth trends, influenced by evolving consumer behaviors, economic dynamics, and regional developments
- Asia-Pacific is leading the charge in fuel cell vehicle production, with Japan and South Korea spearheading development through substantial OEM investments and robust government support
Asia-Pacific Fuel Cell Vehicles Industry Overview
The Asia-Pacific Fuel Cell Vehicles Market is moderately consolidated, with the top five companies occupying 60%. The major players in this market are Daimler AG (Mercedes-Benz AG), Honda Motor Co. Ltd., Hyundai Motor Company, Nissan Motor Co. Ltd. and Toyota Motor Corporation (sorted alphabetically).
Asia-Pacific Fuel Cell Vehicles Market Leaders
Daimler AG (Mercedes-Benz AG)
Honda Motor Co. Ltd.
Hyundai Motor Company
Nissan Motor Co. Ltd.
Toyota Motor Corporation
Other important companies include Ballard Power Systems, Daihatsu Motor Co. Ltd., Dongfeng Motor Corporation, Mazda Motor Corporation.
*Disclaimer: Major Players sorted in alphabetical order.
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Asia-Pacific Fuel Cell Vehicles Market News
- July 2023: Honda's next-generation fuel cell system makes its Chinese debut.It is mainly applied to fuel cell electric vehicles, commercial vehicles, fixed power supply, and engineering machinery.
- May 2023: Japanese motorcycle makers to establish research body “HySE” for development of hydrogen small mobility engines.
- April 2023: DFM has launched its development in the new energy field in 2021. In terms of platform development, it has built three electrified platforms. In terms of technology innovation, it adheres to the parallel technical routes of PHREV, battery electric, and hydrogen energy. In terms of hydrogen power R&D, it has established the Qingzhou technology brand, covering power from 20kW to 300kW and meeting the needs of various passenger and commercial vehicles.
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Asia-Pacific Fuel Cell Vehicles Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Shared Rides
- 4.7 Impact Of Electrification
- 4.8 EV Charging Station
- 4.9 Battery Pack Price
- 4.10 New Xev Models Announced
- 4.11 Logistics Performance Index
- 4.12 Used Car Sales
- 4.13 Fuel Price
- 4.14 Oem-wise Production Statistics
- 4.15 Regulatory Framework
- 4.16 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Vehicle Type
- 5.1.1 Commercial Vehicles
- 5.1.1.1 Buses
- 5.1.1.2 Heavy-duty Commercial Trucks
- 5.1.1.3 Light Commercial Pick-up Trucks
- 5.1.1.4 Light Commercial Vans
- 5.1.1.5 Medium-duty Commercial Trucks
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5.2 Country
- 5.2.1 Australia
- 5.2.2 China
- 5.2.3 India
- 5.2.4 Indonesia
- 5.2.5 Japan
- 5.2.6 Malaysia
- 5.2.7 South Korea
- 5.2.8 Thailand
- 5.2.9 Rest-of-APAC
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 Ballard Power Systems
- 6.4.2 Daihatsu Motor Co. Ltd.
- 6.4.3 Daimler AG (Mercedes-Benz AG)
- 6.4.4 Dongfeng Motor Corporation
- 6.4.5 Honda Motor Co. Ltd.
- 6.4.6 Hyundai Motor Company
- 6.4.7 Mazda Motor Corporation
- 6.4.8 Nissan Motor Co. Ltd.
- 6.4.9 Toyota Motor Corporation
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 8:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 9:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 10:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 11:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 12:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 13:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 14:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 15:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, VALUE IN USD, 2017 - 2030
- Figure 16:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY VEHICLE TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 17:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY VEHICLE TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 18:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 19:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 20:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 21:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 22:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 23:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 24:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY BUSES, BY VOLUME IN UNITS, 2017 - 2030
- Figure 25:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY BUSES, BY VALUE IN USD, 2017 - 2030
- Figure 26:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 27:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 28:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 29:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 30:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 31:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 32:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 33:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 34:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
- Figure 35:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 36:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 37:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 38:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 39:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 40:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 41:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 42:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 43:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY AUSTRALIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 44:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY AUSTRALIA, BY VALUE IN USD, 2017 - 2030
- Figure 45:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 46:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY CHINA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 47:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY CHINA, BY VALUE IN USD, 2017 - 2030
- Figure 48:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 49:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY INDIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 50:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY INDIA, BY VALUE IN USD, 2017 - 2030
- Figure 51:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 52:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY INDONESIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 53:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY INDONESIA, BY VALUE IN USD, 2017 - 2030
- Figure 54:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 55:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY JAPAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 56:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY JAPAN, BY VALUE IN USD, 2017 - 2030
- Figure 57:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 58:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY MALAYSIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 59:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY MALAYSIA, BY VALUE IN USD, 2017 - 2030
- Figure 60:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 61:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY SOUTH KOREA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 62:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY SOUTH KOREA, BY VALUE IN USD, 2017 - 2030
- Figure 63:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 64:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY THAILAND, BY VOLUME IN UNITS, 2017 - 2030
- Figure 65:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY THAILAND, BY VALUE IN USD, 2017 - 2030
- Figure 66:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 67:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY REST-OF-APAC, BY VOLUME IN UNITS, 2017 - 2030
- Figure 68:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, BY REST-OF-APAC, BY VALUE IN USD, 2017 - 2030
- Figure 69:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 70:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 71:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 72:
- ASIA-PACIFIC FUEL CELL VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Asia-Pacific Fuel Cell Vehicles Industry Segmentation
Commercial Vehicles are covered as segments by Vehicle Type. Australia, China, India, Indonesia, Japan, Malaysia, South Korea, Thailand, Rest-of-APAC are covered as segments by Country.
- The Asia-Pacific region is witnessing a surge in sustainable transportation, evident in its robust growth across diverse segments. From passenger cars to commercial vehicles, spanning light commercial pick-up trucks, vans, medium to heavy-duty trucks, and buses, the region is steadfastly embracing green mobility. Notably, the rising sales of fuel cell electric vehicles (FCEVs) in the passenger car segment highlight the region's leadership in adopting clean transportation. These sales saw a significant increase from 2017 to 2023, and the trend is projected to persist till 2030.
- In the commercial vehicle arena, both light and heavy-duty segments are poised for substantial growth, driven by a strategic emphasis on hydrogen fuel cell technology. Sales of light commercial pick-up trucks and vans have witnessed a remarkable surge, signaling a shift toward zero-emission vehicles tailored for the logistics and transportation sectors. This transition is bolstered by investments in hydrogen infrastructure and government incentives aimed at curbing carbon emissions.
- Medium and heavy-duty commercial trucks, alongside FCEV-powered buses, are also on a rapid growth trajectory, with sales volumes set to soar by 2030. The optimism surrounding FCEVs in the Asia-Pacific region underscores a significant move toward a hydrogen-based economy, setting a global precedent for clean energy adoption. Government initiatives, technological advancements, and the declining cost of green hydrogen production are pivotal factors in this transition, rendering FCEVs increasingly attractive for both commercial and passenger transportation.
| Vehicle Type | Commercial Vehicles | Buses |
| Heavy-duty Commercial Trucks | ||
| Light Commercial Pick-up Trucks | ||
| Light Commercial Vans | ||
| Medium-duty Commercial Trucks | ||
| Country | Australia | |
| China | ||
| India | ||
| Indonesia | ||
| Japan | ||
| Malaysia | ||
| South Korea | ||
| Thailand | ||
| Rest-of-APAC |
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Market Definition
- Vehicle Type - The category includes passenger cars and commercial vehicles.
- Vehicle Body Type - Under Passenger Cars, the category includes Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles; for Commercial Vehicles, it covers Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses.
- Fuel Category - The category exclusively covers Fuel Cell Electric Vehicles (FCEV).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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