The global Hydrogen Fuel Cell Vehicle Market is estimated to be valued at US$ 2.25 Bn in 2023 and is expected to exhibit a CAGR of 54 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hydrogen fuel cell vehicles are zero-emission vehicles that produce electricity to power their electric motor through an electrochemical reaction of hydrogen and oxygen in the air. Hydrogen fuel cell vehicles have advantages over battery electric vehicles as they provide longer range and faster refueling times. The growing concerns regarding environmental pollution have accelerated demand for clean fuel vehicles.
Market key trends:
Ongoing technology advancement to reduce cost: Fuel cell system and hydrogen storage system costs still need to decrease to achieve cost competitiveness with conventional vehicles. Major automobile manufacturers are investing heavily in ongoing R&D to reduce platinum loading and improve durability to reduce the costs associated with materials and production. Governments providing subsidies and establishing hydrogen refueling infrastructure: Many governments worldwide are providing purchase incentives and subsidies for hydrogen fuel cell vehicles. They are also supporting establishment of hydrogen refueling stations to develop necessary infrastructure to promote the adoption of such vehicles. This is a major trend fueling the growth of the global hydrogen fuel cell vehicle market.
Segment Analysis
The Hydrogen Fuel Cell Vehicle Market Size is segmented by vehicle type into passenger vehicles and commercial vehicles. The passenger vehicle segment dominates the market and is expected to continue its dominance over the forecast period. Factors such as the growing demand for zero-emission vehicles and supportive government policies and initiatives to increase the use of fuel cell vehicles for personal transportation are driving the growth of the passenger vehicle segment.
Key Takeaways
The global hydrogen fuel cell vehicle market is expected to witness high growth, exhibiting a CAGR of 54% over the forecast period, due to increasing demand for low-emission vehicles and supportive government policies and initiatives towards the development of hydrogen infrastructure.
Regional analysis
Regionally, Asia Pacific is expected to dominate the hydrogen fuel cell vehicle market over the forecast period. Countries such as China, Japan, and South Korea are actively working towards the development of hydrogen infrastructure and have announced heavy investments for fuel cell vehicle adoption.
Key players
Key players operating in the hydrogen fuel cell vehicle market are Audi AG, Ballard Power Systems Inc., BMW Group, Daimler AG, General Motors Company, Honda Motor Co., Ltd., and Hyundai Motor Group.
The global hydrogen fuel cell vehicle market size is expected to reach US$ 2.25 Billion in 2023 and is projected to reach over US$ 35 Billion by 2030, exhibiting a CAGR of 54% during the forecast period.Factors such as stringent emission norms, rising demand for zero-emission vehicles and increasing investment by governments and leading automakers to promote hydrogen-based technologies are expected to drive the demand for fuel cell vehicles.
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The Global Hydrogen Fuel Cell Vehicle Market size is estimated to be USD 1.41 billion in 2019 and is predicted to reach USD 553.11 billion by 2030 with a CAGR of 72.1% from 2020-2030.Hydrogen Fuel Cell Vehicle is operated by the means of hydrogen fuel cell which utilizes the hydrogen fuel cell for the generation of electricity to power the vehicle.
It does not generate any greenhouse gas during the operation as compared to petrol diesel and gasoline vehicles.
These vehicles not only help in the reduction of greenhouse gases but also help in the development of advanced vehicles for the future.Access Full Description of this report at:- https://www.nextmsc.com/report/hydrogen-fuel-cell-vehicle-market Top Companies: Honda, Toyota, BMW, Ballard Power Systems, Daimler, General Motors, Audi, MAN and others.The global hydrogen fuel cell vehicle market share is analyzed on the basis of vehicle type, fuel cell technology type and geography.
Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.Request sample copy of this report at:- https://www.nextmsc.com/hydrogen-fuel-cell-vehicle-market/request-sample North America represents to hold the major market share over the forecast period owing to the increased adoption of hydrogen fuel cell vehicles, technological advancement and others.
Furthermore, increase in environmental concerns, hike in fuel prices coupled with technological advancement are further expected to enhance the market growth.
Asia Pacific is expected to represents the gradual increase in market size with significant growth rate owing to the increased awareness, stringent government regulation and increasing adoption of advanced technology coupled with increase in disposable income are expected to contribute the growth of hydrogen fuel cell vehicle market over the forecast period.About Next Move Strategy Consulting:Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share.
