MarketResearch.biz delivers in-depth insights on the global hydrogen fuel cell vehicle market in its upcoming report titled, “Global Hydrogen Fuel Cell Vehicle Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global hydrogen fuel cell vehicle market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global hydrogen fuel cell vehicle market report has been segmented on the basis of vehicle type, technology type, and region.
Hydrogen fuel cell vehicle uses hydrogen as fuel for motive power. Hydrogen fuel cell vehicles emit lower emissions and run on compressed hydrogen into a fuel cell that produces electricity to power the vehicle. A fuel cell can be used in combination with an electric motor to drive a vehicle with less noise pollution and air pollution.
Increasing government initiatives for development of infrastructures of hydrogen fuel cell and technological advancements in motor vehicles such as development of hydrogen fuel cell vehicle which is an alternative with high efficiency as compared to conventional fossil fuel is a major factor driving growth of the global hydrogen fuel cell vehicle market. in addition, hydrogen fuel cell having various benefits such as lower gas emissions, easy maintenance, silent functioning that reduces noise pollution, low temperature fuel cells (PEMFC, DMFC) have low heat transmission which is ideal for military applications, etc., and are another factors expected to boost growth of the global hydrogen fuel cell vehicle market.
However, high cost of vehicle is a major factor restraining growth of the global hydrogen fuel cell vehicle market. in addition, low durability, no proper distribution channel and less awareness among people are another factors expected to challenge growth of the global hydrogen fuel cell vehicle market over the next few years.
Increasing government expenditure on automotive sector and technological advancements such as development of cost effective hydrogen fuel cell vehicle and strong distribution channel is expected to present new opportunities in terms of revenue to players operating in the global hydrogen fuel cell vehicle market over the forecast period.
North America market is expected to dominate in the global hydrogen fuel cell vehicle market with higher revenue share as compared to other regional markets, owing to increasing government initiatives for development of hydrogen fuel cell infrastructure and increasing awareness among people regarding hydrogen fuel cell vehicles. According to a report of U.S. Department of Energy, more than 2,000 fuel cell vehicles have been sold or leased in the U.S. since 2015. Europe market accounts for second-largest revenue share in the global hydrogen fuel cell vehicle market followed by markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to witness fastest growth in terms of revenue. This can be attributed to rapid industrialization and presence of prominent players operating in emerging economies in this region.
Global Hydrogen Fuel Cell Vehicle Market Segmentation:
By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
By Technology Type:
- Proton Exchange Membrane Fuel Cell
- Alkaline Fuel Cell
- Solid Oxide Fuel Cell
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Honda Motor Co., Ltd.
- Toyota Motor Corporation
- Hyundai Motor Company
- Daimler AG
- AUDI AG
- Bayerische Motoren Werke Aktiengesellschaft
- Volvo Car Corporation
- Ballard Power Systems Inc.
- General Motors Company
- MAN SE
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