The Fuel Cell Vehicle by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Fuel Cell Vehicle, The fuel cell vehicle market size has grown exponentially in recent years. It will grow from $1.43 billion in 2023 to $2.17 billion in 2024 at a compound annual growth rate (CAGR) of 52.2%. The growth in the historic period can be attributed to global concerns about air quality, corporate sustainability initiatives, government incentives and subsidies, consumer demand for clean transportation, demonstration projects and pilot programs.
The fuel cell vehicle market size is expected to see exponential growth in the next few years. It will grow to $10.56 billion in 2028 at a compound annual growth rate (CAGR) of 48.5%. The growth in the forecast period can be attributed to reduction in fuel cell system costs, advancements in hydrogen production, increased investment in r&d, focus on long-range fuel cell vehicles, integration of fcvs in public transport.. Major trends in the forecast period include advancements in fuel cell technology, increased global collaboration, integration with renewable energy, advances in hydrogen storage, technological collaborations and partnerships.
The increased demand for fuel-efficient, high-performance, and low-emission cars is expected to propel the growth of the fuel-cell vehicle market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted. These vehicles are more environmentally friendly and efficient than standard combustion-powered engines, which raises demand for the low-emission cars market. For instance, according to Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increased demand for fuel-efficient, high-performance, and low-emission cars is driving the growth of the fuel cell vehicle market.
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The fuel cell vehicle market covered in this report is segmented –
1) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
2) By Technology: Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC), Molten Carbonate Fuel Cells (MCFC)
3) By End-User: Private, Commercial
Technological advancement is the key trend gaining popularity in the fuel cell vehicle market. Major companies operating in the fuel cell vehicle market are focusing on developing new technologies to increase the efficiency and cost effectiveness of fuel cells. For instance, in July 2021, Hyzon Motors Inc. a US-based supplier of zero-emission hydrogen fuel cell-powered heavy vehicles developed new onboard hydrogen storage system technology capable of decreasing the weight and manufacturing cost of commercial vehicles driven by Hyzon’s hydrogen fuel cells. It reduces overall system weight by 43%, storage system costs by 52%, and the number of required manufacturing components by 75% based on a single-rack system with the capacity to store five hydrogen cylinders. The storage system can be configured to transport a configurable number of hydrogen tanks, reducing both weight and costs. The smallest variant can carry five tanks and may be enlarged to accommodate seven tanks due to its modular architecture. A separate variation can hold ten tanks, making it appropriate for long-distance trucks.
The fuel cell vehicle market report table of contents includes:
1. Executive Summary
2. Fuel Cell Vehicle Market Characteristics
3. Fuel Cell Vehicle Market Trends And Strategies
4. Fuel Cell Vehicle Market – Macro Economic Scenario
5. Global Fuel Cell Vehicle Market Size and Growth
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26. South America Fuel Cell Vehicle Market
27. Brazil Fuel Cell Vehicle Market
28. Middle East Fuel Cell Vehicle Market
29. Africa Fuel Cell Vehicle Market
30. Fuel Cell Vehicle Market Competitive Landscape And Company Profiles
Top Major Players:
- oyota Motor Corporation
- Honda Motor Co. Ltd
- Hyundai Motor Company
- Volvo AB
- General Motors
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