BANGALORE, India | 6th January 2021: The Hydrogen Fuel Cell Vehicle Market is segmented by Vehicle Type (Passenger Vehicle and Commercial Vehicle) and Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells, and Others). This report is published on Valuates Reports in the Hybrid & Alternative Vehicle category.
The hydrogen fuel cell vehicle market size was valued at USD 651.9 million in 2018 and is projected to reach USD 42,038.9 million by 2026, growing at a CAGR of 66.9% from 2019 to 2026.
Major factors driving the growth of hydrogen fuel cell vehicle market size are a surge in environmental concerns, an increase in government initiatives for the development of hydrogen fuel cell infrastructure, the high initial investment in infrastructure, and technological advancement and future potential.
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TRENDS INFLUENCING THE HYDROGEN FUEL CELL VEHICLE MARKET SIZE
An increase in environmental concern is expected to drive the growth of hydrogen fuel cell vehicle market size. As concerns about environmental pollution and the depletion of natural resources increase, numerous innovations are being introduced on the market that promotes an eco-friendly idea of environmental sustainability. An increase in awareness of the effects of air pollution and a rise in greenhouse gas emissions contributes to the introduction of hydrogen fuel cell vehicles as they are environmentally friendly than other traditional vehicles.
Government initiatives for the development of hydrogen fuel cell infrastructure are fuelling the hydrogen fuel cell vehicle market size. Several policies have been introduced by various governments to deal with environmental conditions.
An increase in demand for fuel-efficient, high-performance, and low-emission vehicles is expected to propel the hydrogen fuel cell vehicle market size. Hydrogen fuel cell vehicles are more powerful than IC engines and hybrid vehicles and have a performance of 60-70 percent over the other two. Furthermore, the demand for fuel-efficient vehicles has increased due to an increase in the price of petrol and diesel. As a result, these factors raise the need for advanced fuel-efficient technologies, contributing to the growth of hydrogen fuel cell vehicle market size.
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HYDROGEN FUEL CELL VEHICLE MARKET SHARE ANALYSIS
North America is expected to hold the largest fuel cell vehicle market share during the forecast period. Substantial investment by the United States Department of Energy in the production of fuel cells to promote the adoption of FCVs is the main factor expected to boost the growth of hydrogen fuel cell vehicle market share. Also, some states, such as New York, California, Connecticut, and Nebraska, have introduced discount schemes that provide rewards for FCEVs.
Europe is expected to witness the highest growth during the forecast period. One of the significant factors contributing to the growth of Hydrogen fuel cells is the heavy investment by the European Commission to add FCEVs and hydrogen filling stations in the European network.
Officials in China are promoting the development of hydrogen-powered vehicles and cities will be rewarded for achieving adoption targets.
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KEY SEGMENTATIONS
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Technology
- Proton Membrane Exchange
- Phosphoric Acid Fuel Cell
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Hydrogen Fuel Cell Vehicle Market Key Players:
- Honda
- Toyota
- Hyundai
- Daimler
- Audi
- BMW
- Volvo
- Ballard Power Systems
- General Motors
- MAN
- Others
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