Overview and Scope
The hydrogen fuel cell vehicle are vehicle that uses a hydrogen fuel cell to power its on-board electric motor. Hydrogen fuel cell vehicles convert chemical energy into mechanical energy for driving, and they utilize renewable energy sources that don’t release greenhouse gases or precursors to ozone depletion. Vehicles powered by hydrogen fuel cells have no engine noise and a strong pickup and start.
Sizing and Forecast
The hydrogen fuel cell vehicle market size has grown exponentially in recent years. It will grow from $8.01 billion in 2023 to $9.73 billion in 2024 at a compound annual growth rate (CAGR) of 21.5%. The growth in the historic period can be attributed to rise in automotive sector, infrastructure development, rise in emissions regulations, and consumer awareness.
The hydrogen fuel cell vehicle market size is expected to see exponential growth in the next few years. It will grow to $20.52 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%. The growth in the forecast period can be attributed to global market expansion, cost reduction strategies, commercialization initiatives, research and development efforts, and rising environmental concerns. Major trends in the forecast period include cost reduction strategies, rapid prototyping and commercialization, emissions regulations, supply chain development, consumer demand and awareness.
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Segmentation & Regional Insights
The hydrogen fuel cell vehicle market covered in this report 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 2023. The regions covered in the hydrogen fuel cell vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of electric vehicles is driving the growth of the hydrogen fuel cell vehicle market. Electric vehicles work on an electric motor instead of an internal combustion engine. The increasing fuel prices and pollution has led to increased demand for electric vehicles. The electric vehicle uses a hydrogen fuel cell to power its on-board electric motor. EVs powered by hydrogen fuel cells transform chemical energy into mechanical energy for propulsion and employ sustainable energy sources that don’t emit greenhouse gases or ozone-depleting precursors. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021. As a result, the market for hydrogen fuel cell cars is anticipated to rise in response to the rising demand for electric vehicles.
Key Industry Players
Major companies operating in the hydrogen fuel cell vehicle market report are Toyota Motor Corporation, Daimler AG, General Motors Company, BMW AG, Honda Motor Company Ltd., Hyundai Motor Company, Bosch, Ballard Power Systems Inc., Kia Motor Corporation, Groupe Renault, Volvo Group, Audi AG, Mazda Motor Corporation, Tata Motors Limited, SinoHytec, Faurecia, Jaguar Land Rover, China National Heavy Duty Truck Group (CNHTC), Ashok Leyland Ltd., Man SE, Rivian, Symbio, Wrightbus, Nel Hydrogen, Nikola Motor Company, GreenGT, Doosan Mobility Innovation, Riversimple, H2 Energy, Ulemco, Microcab Industries Ltd., GreenPower Motor Company, Hyzon Motors, Kawasaki Heavy Industries, Quantum Fuel Systems, Nuvera Fuel Cells, ElringKlinger AG
The hydrogen fuel cell vehicle market report table of contents 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. Global Hydrogen Fuel Cell Vehicle Market Size and Growth
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31. Hydrogen Fuel Cell Vehicle Market Other Major And Innovative Companies
32. Global Hydrogen Fuel Cell Vehicle Market Competitive Benchmarking
33. Global Hydrogen Fuel Cell Vehicle Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hydrogen Fuel Cell Vehicle Market
35. Hydrogen Fuel Cell Vehicle Market Future Outlook and Potential Analysis
36.Appendix
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