Market Size for Hydrogen Fuel Cell technology

Part
01
of one
Part
01

Market Size for Hydrogen Fuel Cell technology

The estimated market size of the US hydrogen fuel cell vehicle market in 2018, 2019, and 2025 is $345.51 million, $304.05 million, and $1.82 billion respectively.

Market Size Hydrogen Fuel Cell Technology

  • According to market research firm Information Trends, there were 6,475 hydrogen fuel cell vehicles globally at the end of 2017, the latest global data publicly available. The US accounted for 53% of those vehicles globally in 2017.
  • The global market size of the hydrogen fuel cell vehicle market in 2018 was an estimated $651.9 million and is expected to grow at a CAGR of 66.9% from 2019 to 2026.
  • If we assume that the US also had 53% of the total market in 2018 given that 53% of all hydrogen fuel cell vehicles were sold in the US in 2017, it would mean that the US hydrogen fuel cell vehicle market in 2018 was valued at $345.51 million (53% * $651.9 million).
  • In 2019, sales of hydrogen fuel cell vehicles in the US declined by 12%. If we assume a similar drop in the market size, it would mean that the US hydrogen fuel cell vehicle market size in 2019 was $304.05 million ($345.51 million — 12%).
  • While we couldn't find data on the expected future growth rate of the US hydrogen fuel cell vehicle market in 2025, the US Energy Information Administration predicts that hydrogen energy usage by light-duty vehicles in the US will grow from 2 trillion Btu in 2020 to 12 trillion Btu in 2025. This means that the hydrogen fuel usage by light-duty vehicles will grow at a CAGR of 43.1% (calculations are done with the aid of a CAGR calculator) between 2020 and 2025.
  • If we assume that the US hydrogen fuel cell vehicle market will grow at a similar 43.1% CAGR as the projected growth in hydrogen energy usage by light-duty vehicles in the US, we will have that the US hydrogen fuel cell vehicle market in 2025 will be an estimated $1.82 billion (calculations are done with the aid of a CAGR calculator).

Research Strategy

To triangulate an estimate of the US hydrogen fuel cell vehicle market, our research team extensively searched media, industry, government database, market research databases, among other sources to find sufficient data to calculate a reasonable estimate from available data. We were unable to find data that would have enabled us to triangulate an estimate specific to vehicles class (1-8), so we focused on all vehicle classes. We have pieced together data from multiple sources to estimate the US hydrogen fuel cell vehicle market and have detailed the data, calculations, and assumptions we used in arriving at the requested estimates above.


Sources
Sources