The Hydrogen Fuel Cell Vehicle Global Market Report 2023, provides comprehensive information on the hydrogen fuel cell vehicle market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Hydrogen Fuel Cell Vehicle Global Market Report 2023, the market size is expected to grow from $6.64 billion in 2022 to $8.13 billion in 2023 at a compound annual growth rate (CAGR) of 22.30%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hydrogen fuel cell vehicle market size is expected to reach $17.05 billion in 2027 at a CAGR of 20.3%.
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Strategic partnership is a key trend gaining popularity in the hydrogen fuel cell vehicle market. Major companies operating in the hydrogen fuel cell vehicle are entering into a partnership to leverage each other’s resources and expand into a new market. For instance, in March 2022, Hyundai Motor Company, a South-Korea based automotive manufacturer specialising in hydrogen fuel cell vehicles, partnered with Iveco Group. The partnership aims at leveraging the potential of both companies in terms of electric drivetrains, platforms, fuel cell technology, automated driving, and communication for commercial vehicles. Iveco Group is a Netherland-based vehicle manufacturer that specialises in powertrain technology. Also, in March 2021, Hyundai Motor Company partnered with Forze Hydrogen Racing. Through this partnership, Hyundai will work with Forze to push the limits of fuel cell mobility even further, and the student team will have access to professionals from the Hyundai Motor Europe Technical Center for consultation. Forze is a student team that creates, constructs, and races hydrogen-electric racing cars to support fuel cell transportation.
The hydrogen fuel cell vehicle market is segmented:
1) By Vehicle Type: Commercial Vehicle, Passenger Cars
2) By Technology: Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell, Other Technologies
3) By End User: Private, Commercial
North America was the largest region in the hydrogen fuel cell vehicle market in 2022.
The table of contents in TBRC’s hydrogen fuel cell vehicle market report includes:
1. Executive Summary
2. Hydrogen Fuel Cell Vehicle Market Characteristics
3. Hydrogen Fuel Cell Vehicle Market Trends And Strategies
4. Hydrogen Fuel Cell Vehicle Market – Macro Economic Scenario
5. Hydrogen Fuel Cell Vehicle Market Size And Growth
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26. Africa Hydrogen Fuel Cell Vehicle Market
27. Hydrogen Fuel Cell Vehicle Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Hydrogen Fuel Cell Vehicle Market
29. Hydrogen Fuel Cell Vehicle Market Future Outlook and Potential Analysis
30. Appendix
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