The global Hydrogen Fuel Cell Vehicle Market is estimated to be valued at US$ 1.46 billion in 2022 and is expected to exhibit a CAGR of 54.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hydrogen fuel cell vehicles work on zero-emission technology. They use hydrogen as fuel to generate electricity through an electrochemical reaction with oxygen from the air to power electric motors. Hydrogen fuel cell vehicles don't emit greenhouse gases or air pollutants, making them eco-friendly.
Market key trends:
The declining costs of fuel cell stacks and increasing investment in setting up hydrogen refueling infrastructure are expected to fuel the growth of the hydrogen fuel cell vehicle market. Continuous technological advancements to enhance the durability, reliability, and driving range of fuel cell vehicles are also supplementing the demand for these vehicles over the forecast period. Governments across regions are offering incentives and subsidies on the purchase of hydrogen fuel cell vehicles to reduce emissions from the transportation sector. This is further expected to drive their adoption rate from 2023 to 2030.
Segment Analysis
The global hydrogen fuel cell vehicle market is segmented by vehicle type into passenger cars and commercial vehicles. The passenger cars segment is currently dominating the market and is expected to continue its dominance over the forecast period. This is because passenger fuel cell electric vehicles (FCEVs) are more developed than commercial FCEVs at present and have greater compatibility with existing refuelling infrastructure. Within passenger cars, sedans are the largest sub-segment owing to high demand for small and family cars across the world.
Key Takeaways
The global Hydrogen Fuel Cell Vehicle Market size is expected to reach US$ 21.87 billion by 2030, expanding at a robust CAGR of 54.3% over the forecast period. Growing environmental concerns regarding vehicular emissions and increasing support from governments in the form of subsidies and investmnets for setting up refueling infrastructure are some of the major factors driving the demand for hydrogen FCEVs.
Regionally, Asia Pacific dominated the global market in 2022 with a share of over 35%, driven by the strong government support for zero-emission vehicles in countries such as Japan, South Korea and China. These countries are investing heavily in building a network of hydrogen refueling stations and offer purchase incentives for buyers of FCEVs.
Key players operating in the hydrogen fuel cell vehicle market include Audi AG, Ballard Power Systems Inc., BMW Group, Daimler AG, General Motors Company, Honda Motor Co., Ltd., and Hyundai Motor Group. Among these, Hyundai Motor Group has the largest market share owing to its wide range of FCEV sedans and SUVs such as Nexo, Xcient, and Santa Fe. It is also actively working to expand its hydrogen refueling infrastructure globally.
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.
