Middle East Hydrogen Fuel Cell Electric Vehicle Market: Current Analysis and Forecast (2023-2030)

Report Description

The Hydrogen Fuel Cell Electric Vehicle Market was valued at USD 59.3 million in 2022, growing at a CAGR of 31.36% during the forecast period from 2023–2030. Owing to the high vulnerability to the impacts of climate change, including extreme heat, drought, and sea level rise. FCEVs offer a way to reduce greenhouse gas emissions and help mitigate the effects of climate change. The Middle East is home to many oil and gas reserves, but the region is also vulnerable to price volatility and supply disruptions. FCEVs offer a way to diversify the region’s energy mix and improve energy security by using hydrogen as a fuel source. FCEVs are becoming increasingly cost-competitive with traditional internal combustion engine vehicles. As the technology continues to evolve and production volumes increase, the cost of FCEVs is expected to continue to decline, making them more accessible to consumers. Advancements in fuel cell technology are making FCEVs more efficient, reliable, and affordable. As technology continues to improve, it is likely that FCEVs will become an increasingly popular option for consumers in the Middle East.

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Some of the major players operating in the market include Hyundai Motor Company; Toyota Corporation; Honda Motor Company; Audi AG; Ashok Leyland Ltd.; Nissan Motor Co., Ltd.; Daimler AG; Volvo Group; Solaris Bus & Coach sp. z o.o.; Nikola Corporation.

Insights Presented in the Report

“Amongst vehicle types, the passenger vehicle segment held the highest market share in 2022.”

Based on the product type, the market is bifurcated into passenger vehicles and commercial vehicles. Among these passenger vehicles dominated the fuel cell electric vehicles and are expected to show the same trend in the forecast period. This technology offers numerous advantages, inclusive of zero emissions, longer driving ranges, and shorter refueling times in comparison to traditional electric-powered automobiles. As a result, FCEVs have gained more popularity within the passenger vehicle segment.

“Amongst types, the proton exchange membrane segment held the significant market share in 2022”

Based on type, the market is segmented into Proton Exchange Membrane, Solid Oxide Fuel Cell, and Phosphoric Acid Fuel Cell. Among these, Proton Exchange Membrane has a high market share in 2022 and will dominate during the forecast period. This is due to PEM being considered the most efficient with high energy conversion efficiency, which provides better mileage and longer driving ranges for FCEVs. Moreover, PEM fuel cells can quickly start and ramp up power production, making them suitable for automotive applications.

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“Saudi Arabia experienced significant growth in the hydrogen fuel cell electric vehicle market in 2022.”

The Saudi government has announced plans to invest in the development of a hydrogen economy, including the production of hydrogen from renewable energy sources and the deployment of FCEVs. This support is helping to create a favourable environment for the growth of the FCEV market in the country. Additionally, there has been an increase in public awareness and interest in FCEVs in Saudi Arabia, driven in part by government initiatives and media coverage. This increased awareness is helping to drive demand for FCEVs in the country. Moreover, as a major oil producer, Saudi Arabia is highly dependent on energy exports for its economic prosperity. FCEVs offer a way to diversify the country’s energy mix and improve energy security by using hydrogen as a fuel source. For instance, in Dec 2021, The Saudi Arabian Oil Company (Aramco) had announced the signing of five agreements with French companies, including an agreement to explore a hydrogen-powered vehicle business with Gaussin. Here, Gaussin aims to establish a modern manufacturing facility for hydrogen vehicles ‘Made in Saudi Arabia. The agreement between Aramco and Gaussin aims to establish a manufacturing facility for on-road and off-road hydrogen-powered vehicles in the Kingdom of Saudi Arabia. As a first step, Gaussin and Aramco will study the feasibility of a manufacturing facility and a hydrogen distribution business to serve the Middle East region.

Middle East Hydrogen Fuel Cell Electric Vehicle Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The middle east hydrogen fuel cell electric vehicle market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Middle East Hydrogen Fuel Cell Electric Vehicle Market

Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the middle east hydrogen fuel cell electric vehicle market were the three major steps undertaken to create and analyze the adoption of hydrogen fuel cell electric vehicles in major regions of the middle east. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the middle east hydrogen fuel cell electric vehicle market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the hydrogen fuel cell electric vehicle market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the middle east hydrogen fuel cell electric vehicle market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type, type, and range. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the middle east hydrogen fuel cell electric vehicle market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, type, and range of the hydrogen fuel cell electric vehicle market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the hydrogen fuel cell electric vehicle market sector across the middle east. 

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the middle east hydrogen fuel cell electric vehicle market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets in the middle east. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the hydrogen fuel cell electric vehicle market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the middle east hydrogen fuel cell electric vehicle market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Countries

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the middle east hydrogen fuel cell electric vehicle market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the vehicle type, type, and range in the middle east hydrogen fuel cell electric vehicle market.

The main Objective of the Hydrogen Fuel Cell Electric Vehicle Market Study

The current & future market trends of the middle east hydrogen fuel cell electric vehicle market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the middle east hydrogen fuel cell electric vehicle market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the vehicle type, type, and range.
• Define and analysis of the regulatory framework for the middle east hydrogen fuel cell electric vehicle
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the middle east hydrogen fuel cell electric vehicle market for the major region.
• Major countries of regions studied in the report include United Arab Emirates, Saudi Arabia, Egypt, Kuwait, Turkey, Israel, and Rest of the Middle East Market.
• Company profiles of the hydrogen fuel cell electric vehicle market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry.

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