The Hydrogen Fuel Cell Vehicle Global Market Report 2024 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 Hydrogen Fuel Cell Vehicle Global Market Report 2024, 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.
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.
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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
Major companies operating in the hydrogen fuel cell vehicle market are developing new products such as power generation pack to gain a competitive edge in the market. A power generation pack is a small, lightweight gadget that transforms a household electrical circuit or battery power source into a voltage appropriate for electronic devices. For instance, in August 2022, Proton Motor Power Systems PLC a Germany-based company specializing in fuel cell and hydrogen technology, launched PM module producing 90 kW of gross power. The pack comes with a full balance of plant and power electronics and is built on the latest generation of the company's PM400 stack modules. The 90 kW Module can be used for a variety of purposes, such as power generation, rail, maritime, and standby generators for large vehicles. It will be housed in a cabinet with a volume of 452 liters (0.2 kW per liter). The company is working to replace diesel engines with hydrogen fuel cell engines, and the launch of this power generation pack is a part of that effort.
The hydrogen fuel cell vehicle market report table of contents includes:
- Executive Summary
- Hydrogen Fuel Cell Vehicle Market Characteristics
- Hydrogen Fuel Cell Vehicle Market Trends And Strategies
- Hydrogen Fuel Cell Vehicle Market - Macro Economic Scenario
- Global Hydrogen Fuel Cell Vehicle Market Size and Growth
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- Global Hydrogen Fuel Cell Vehicle Market Competitive Benchmarking
- Global Hydrogen Fuel Cell Vehicle Market Competitive Dashboard
- Key Mergers And Acquisitions In Hydrogen Fuel Cell Vehicle Market
- Hydrogen Fuel Cell Vehicle Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Toyota Motor Corporation
- Daimler AG
- General Motors Company
- BMW AG
- Honda Motor Company Ltd.
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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.
