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India Hydrogen Fuel Cell Vehicle Market
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India Hydrogen Fuel Cell Vehicle Market

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India Hydrogen Fuel Cell Vehicle Market, By Vehicle Type (Passenger Vehicles, Commercial Vehicles); By Technology (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC)); By Range (0–250 Miles, 251–500 Miles, Above 500 Miles), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

  • Published Date: August 2023
  • Report ID: BWC23699
  • Available Format: PDF
  • Page: 200

Report Overview

Increasing government initiatives and growing environmental concerns are projected to propel the expansion of the India hydrogen fuel cell vehicle market during the forecast period between 2023 and 2029.

India Hydrogen Fuel Cell Vehicle Market - Industry Trends & Forecast Report, 2029

India hydrogen fuel cell vehicle market size was estimated at USD 80.36 million in 2022. During the forecast period between 2023 and 2029, the size of India hydrogen fuel cell vehicle market is projected to grow at a CAGR of 27.66% reaching a value of USD 347.85 million by 2029. Major growth drivers for the India hydrogen fuel cell vehicle market include an increasing demand for eco-friendly transportation solutions to address environmental concerns. The market has recently seen prominent players like Tata Motors and Ashok Leyland showcasing heavy-duty trucks with H2ICE technology at the Auto Expo. Additionally, Omega Seiki Mobility is venturing into hydrogen fuel cell technology by developing a three-wheeler powered by fuel cells, set to be launched by mid-2024. The projected advantages of hydrogen technology, such as longer driving ranges, shorter charging times, and regenerative braking, have fueled interest and investment in the sector. The Government of India’s proactive approach in supporting hydrogen fuel cell technology and its commitment to the National Green Hydrogen Mission have created a conducive environment for companies like Omega Seiki Mobility to invest in hydrogen-based projects. Collaborations with institutions like IIT Ropar further aim to localize the technology and bring down costs, making it more accessible for the mass market. Although the hydrogen fuel cell vehicle market is currently in its early stages in India, the potential for growth and innovation is promising. With advancements in fuel cell technology, increased availability of hydrogen infrastructure, and growing consumer awareness about sustainable transportation options, the market is expected to witness significant expansion in the coming years.

India Hydrogen Fuel Cell Vehicle Market

India Hydrogen Fuel Cell Vehicle Market – Overview

India hydrogen fuel cell vehicle market refers to the segment of the automotive industry that focuses on vehicles powered by hydrogen fuel cell technology. These vehicles utilize hydrogen gas stored in fuel cells to produce electricity, which powers the electric motor, providing propulsion. The technology offers a cleaner and more sustainable alternative to traditional internal combustion engine vehicles as they emit only water vapor as a byproduct. The Indian government's support and initiatives to promote hydrogen fuel cell technology have contributed to the growth of this market, with increasing interest from both manufacturers and consumers in adopting these eco-friendly vehicles for a greener and more efficient transportation future in the country.

India Hydrogen Fuel Cell Vehicle Market

Growth Drivers

Government Initiatives and Incentives 

Government initiatives and incentives are instrumental in bolstering the India hydrogen fuel cell vehicle market. One of the notable initiatives is the heavy investment in green hydrogen production. India is dedicating substantial resources, about INR 19,800 crore (USD 2.43 billion), to establish a green hydrogen production capacity of 5 million tons per year by 2030. This ambitious move aims to reduce the nation's reliance on imported crude oil and foreign countries while promoting sustainability and energy independence. Such proactive measures by the government create a favorable environment for the widespread adoption of hydrogen fuel cells, further driving growth and attracting investments in the sector. This reinforces India's commitment to achieving clean energy solutions and reducing carbon emissions.

Restraints

Limited Hydrogen Infrastructure

The lack of an extensive network for hydrogen production, distribution, and refueling hinders the widespread adoption of hydrogen fuel cell technologies. Potential users, such as industries and transportation sectors, may hesitate to invest in these technologies without a reliable and accessible hydrogen supply chain. To overcome this restraint, the government and private sector need to collaborate in developing a robust hydrogen infrastructure, including hydrogen production facilities, transportation, and refueling stations. By addressing this challenge, India can unlock the full potential of hydrogen fuel cells and drive further growth in the market.

Impact of COVID-19 on India Hydrogen Fuel Cell Vehicle Market

COVID-19 pandemic had a mixed impact on the India hydrogen fuel cell vehicle market. The initial lockdowns and restrictions disrupted the supply chain, delayed projects, and affected investments. However, the pandemic also highlighted the importance of sustainable energy solutions, leading to increased interest in hydrogen fuel cells. Post-pandemic recovery efforts prioritized green energy, presenting opportunities for market growth. The government's focus on economic revival and clean energy initiatives supported the sector's rebound. Despite challenges, the pandemic accelerated awareness of environmental concerns, making hydrogen fuel cells a potential key player in India's sustainable energy future.

India Hydrogen Fuel Cell Vehicle Market

Segmental Coverage

India Hydrogen Fuel Cell Vehicle Market – By Vehicle Type

By vehicle type, the India hydrogen fuel cell vehicle market is bifurcated into Passenger Vehicles and Commercial Vehicles segments. The commercial vehicles segment holds a higher market share by vehicle type during the forecast period. Fuel cells are expected to witness growth in heavy payload, long-distance vehicles like buses, trucks, and trains, becoming commercially viable in 3-5 years with increased localization of components. Logistic and e-commerce companies should explore hydrogen fuel cell vehicles' feasibility in their fleets. While fuel cell technology is still expensive, hydrogen-powered internal combustion engines in heavy-duty commercial vehicles deserve attention. India's green hydrogen policy will boost investments in shifting from non-renewable to green hydrogen, a step-by-step process that requires time. Nevertheless, with government and industry support, the future of green hydrogen in India holds promise in meeting decarbonization targets.

India Hydrogen Fuel Cell Vehicle Market Size

India Hydrogen Fuel Cell Vehicle Market – By Technology

Based on technology, the India hydrogen fuel cell vehicle market is split into Proton Exchange Membrane Fuel Cell (PEMFC) and Phosphoric Acid Fuel Cell (PAFC) segments. The proton exchange membrane fuel cell (PEMFC) segment holds a higher share in the India hydrogen fuel cell vehicle market by technology. PEMFCs offer high efficiency, quick start-up times, and low operating temperatures, making them suitable for automotive applications. They provide better power-to-weight ratio, fast refueling times, and longer driving ranges compared to other fuel cell types. Additionally, PEMFCs can operate efficiently at partial loads, making them ideal for variable power demands in vehicles. The technology's ongoing advancements, government initiatives, and increasing investments in the hydrogen infrastructure further contribute to the dominance of PEMFCs in the Indian market.

India Hydrogen Fuel Cell Vehicle Market Share

India Hydrogen Fuel Cell Vehicle Market – By Range

Based on range, the India hydrogen fuel cell vehicle market is divided into 0–250 Miles, 251–500 Miles, and Above 500 Miles segments.

Competitive Landscape

Major players operating in the India hydrogen fuel cell vehicle market include Larsen & Toubro (L&T), Adani Enterprises, Audi AG, Ceres Power, Cummins Inc., Daimler AG, Doosan Group, Ford Motor Co., Groupe Renault, Honda Motor Co. Ltd, Hydrogenics, Hyster-Yale, Hyundai Group, National Thermal Power Corp., Nissan Motor Co. Ltd, Tata Motors Ltd, Toshiba Corp., Toyota Motor Corp., and Volvo Group. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

  • In May 2023 - Omega Seiki Mobility (OSM), a maker of electric three-wheelers, announced its plans to launch 3-wheelers powered by Hydrogen fuel cells in mid-2024.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Million

Market Coverage

India

Product/ Service Segmentation

Vehicle Type, Technology, Range

Key Players

Larsen & Toubro (L&T), Adani Enterprises, Audi Ag, Ceres Power, Cummins Inc., Daimler Ag, Doosan Group, Ford Motor Co., Groupe Renault, Honda Motor Co. Ltd, Hydrogenics, Hyster-Yale, Hyundai Group, National Thermal Power Corp, Nissan Motor Co. Ltd, Tata Motors Ltd, Toshiba Corp., Toyota Motor Corp., Volvo Group

 

By Vehicle Type

  • Passenger Vehicles

  • Commercial Vehicles

By Technology

  • Proton Exchange Membrane Fuel Cell (PEMFC)

  • Phosphoric Acid Fuel Cell (PAFC)

By Range

  • 0–250 Miles

  • 251–500 Miles

  • Above 500 Miles

 

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3.  India Hydrogen Fuel Cell Vehicle Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Growing Environmental Concerns
        2. Government Initiatives
      2. Restraints
        1. High Initial Costs
        2. Limited Infrastructure
      3. Opportunities
        1. Technological Advancements
        2. Industrial Applications
      4. Challenges
        1. Lack of Refueling Infrastructure for HFCVs
        2. Consumer Awareness and Acceptance
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4.  India Hydrogen Fuel Cell Vehicle Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share and Forecast
      1. By Vehicle Type
        1. Passenger Vehicles
        2. Commercial Vehicles
      2. By Technology
        1. Proton Exchange Membrane Fuel Cell
        2. Phosphoric Acid Fuel Cell
      3. By Range
        1. 0–250 Miles
        2. 251–500 Miles
        3. Above 500 Miles
  5. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Hydrogen Fuel Cell Vehicle Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  6. Impact of Covid-19 on India Hydrogen Fuel Cell Vehicle Market
  7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Larsen & Toubro (L&T)
    2. Adani Enterprises
    3. Audi AG
    4. Ceres Power
    5. Cummins, Inc.
    6. Daimler AG
    7. Doosan Group
    8. Ford Motor Co.
    9. Groupe Renault
    10. Honda Motor Co., Ltd
    11. Hydrogenics
    12. Hyster-Yale
    13. Hyundai Group
    14. National Thermal Power Corp
    15. Nissan Motor Co. Ltd
    16. Tata Motors Ltd
    17. Toshiba Corp.
    18. Toyota Motor Corp.
    19. Volvo Group
    20. Other Prominent Players
  8. Key Strategic Recommendations
  9. Research Methodology
    1.  Qualitative Research
      1.  Primary & Secondary Research
    2.  Quantitative Research
    3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Range
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

 

List of Figures

 

Figure 1       India Hydrogen Fuel Cell Vehicle Segmentation

Figure 2       India Hydrogen Fuel Cell Vehicle Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Hydrogen Fuel Cell Vehicle Market Size, By Value (USD Million), 2019–2029

Figure 5       India Hydrogen Fuel Cell Vehicle Market Share, By Vehicle Type, By Value, 2019–2029

Figure 6       India Hydrogen Fuel Cell Vehicle Market Share, By Technology, By Value, 2019–2029

Figure 7       India Hydrogen Fuel Cell Vehicle Market Share, By Range, By Value, 2019–2029

 

List of Tables

 

Table 1        India Hydrogen Fuel Cell Vehicle Market Size, By Value (USD Million), 2019–2029

Table 2        India Hydrogen Fuel Cell Vehicle Market Share, By Vehicle Type, By Value, 2019–2029

Table 3        India Hydrogen Fuel Cell Vehicle Market Share, By Technology, By Value, 2019–2029

Table 4        India Hydrogen Fuel Cell Vehicle Market Share, By Range, By Value, 2019–2029

Table 5 Larsen & Toubro (L&T) Company Overview

Table 6 Larsen & Toubro (L&T) Financial Overview

Table 7 Adani Enterprises Company Overview

Table 8 Adani Enterprises Financial Overview

Table 9        Audi AG Company Overview

Table 10      Audi AG Financial Overview

Table 11      Ceres Power Company Overview

Table 12      Ceres Power Financial Overview

Table 13      Cummins, Inc. Company Overview

Table 14      Cummins, Inc. Financial Overview

Table 15      Daimler AG Company Overview

Table 16      Daimler AG Financial Overview

Table 17      Doosan Group Company Overview

Table 18      Doosan Group Financial Overview

Table 19      Ford Motor Co. Company Overview

Table 20      Ford Motor Co. Financial Overview

Table 21      Groupe Renault Company Overview

Table 22      Groupe Renault Financial Overview

Table 23      Honda Motor Co., Ltd. Company Overview

Table 24      Honda Motor Co., Ltd. Financial Overview

Table 25      Hydrogenics Company Overview

Table 26      Hydrogenics Financial Overview

Table 27      Hyster-Yale Company Overview

Table 28      Hyster-Yale Financial Overview

Table 29      Hyundai Group Company Overview

Table 30      Hyundai Group Financial Overview

Table 31      National Thermal Power Corp Company Overview

Table 32      National Thermal Power Corp Financial Overview

Table 33      Nissan Motor Co. Ltd Company Overview

Table 34      Nissan Motor Co. Ltd Financial Overview

Table 35      Tata Motors Ltd Company Overview

Table 36      Tata Motors Ltd Financial Overview

Table 37      Toshiba Corp. Company Overview

Table 38      Toshiba Corp. Financial Overview

Table 39      Toyota Motor Corp. Company Overview

Table 40      Toyota Motor Corp. Financial Overview

Table 41      Volvo Group Company Overview

Table 42      Volvo Group Financial Overview

Market Segmentation

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No data available

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Frequently Asked Questions (FAQs):

Ans: The commercial vehicles segment is expected to hold a higher market share in the India Hydrogen Fuel Cell Vehicle Market by vehicle type.
Ans: India Hydrogen Fuel Cell Vehicle Market size was estimated at USD 80.36 million in 2022.
Ans: Major factors driving the growth of the India Hydrogen Fuel Cell Vehicle Market include an increasing government initiatives and incentives and growing environmental concerns.
Ans: The proton exchange membrane fuel cell (PEMFC) segment is expected to hold a higher market share in the India Hydrogen Fuel Cell Vehicle Market by technology.
Ans: Key players in the India Hydrogen Fuel Cell Vehicle Market include Larsen & Toubro (L&T), Adani Enterprises, Audi Ag, Ceres Power, Cummins Inc., Daimler Ag, Doosan Group, Ford Motor Co., Groupe Renault, Honda Motor Co. Ltd, Hydrogenics, Hyster-Yale, Hyundai Group, National Thermal Power Corp, Nissan Motor Co. Ltd, Tata Motors Ltd, Toshiba Corp., Toyota Motor Corp., and Volvo Group.