New York, Aug. 19, 2021 (GLOBE NEWSWIRE) — Hydrogen Fuel Cell Vehicle Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Hydrogen Fuel Cell Vehicle Market Research Report, Technology, End Market, Application, Vehicle type and Region – Forecast till 2027” the market size is projected to be worth USD 46.89 Billion by 2028, registering a CAGR of 68.52% during the forecast period (2021 – 2028), The market was valued at USD 1.17 billion in 2020.
Eminent players profiled in the global hydrogen fuel cell vehicle industry report include –
Toyota Motor Sales, U.S.A., Inc.
General Motors Company (U.S.)
The Hyundai Motor Company (South Korea)
Mazda Motor Corporation (Japan)
Daimler AG (Mercedes-Benz) (Germany)
Groupe Renault (France)
Kia Motor Corporation (South Korea)
Tata Motors Limited (India).
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The hydrogen fuel cell vehicle market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
The sales and production of new cars came to a halt across the world as the entire ecosystem had been disrupted in the COVID-19 pandemic. OEMs had to wait till the lockdowns were lifted for resuming production that affected their business. Thus vehicle manufacturers required to adjust the production volume. Besides, there was a suspension of component manufacturing and small Tier III and Tier II manufacturers faced liquidity issues. The auto industry is highly capital-intensive and rests on frequent financing for continuing operations. Hence the suspension of production at the time of initial months of the pandemic and lower demand had an unprecedented effect on FCEV manufacturers and automotive fuel cell producers.
Hyundai Motor has overtaken Toyota in hydrogen car sales and regained top position. The 2021 Hyundai Nexo fuel-cell car has contributed to the auto maker’s segment sale increase of 91.1% year on year in the second quarter.
Browse In-depth Market Research Report (185 pages) on Hydrogen Fuel Cell Vehicle
Hydrogen Fuel Cell Vehicle Market Drivers/Hydrogen Fuel Cell Vehicle Market Trends
Rise in Environmental Concern to Boost Market Growth
For the increasing concerns of environment degradation and also depletion of natural resources, different technologies are getting launched in the market which supports the eco-friendly concept for sustaining the environment which will boost the hydrogen fuel cell vehicle market value. Besides, the growing awareness towards the effects of air pollution and increasing levels of greenhouse gas emissions and traffic drive the adoption of hydrogen fuel cell vehicles as they are eco-friendly over other conventional vehicles.
Increase in Government Initiatives to offer Robust Opportunities
The increase in government initiatives to develop hydrogen fuel cell infrastructure will offer robust opportunities for the market in the forecast period. Various policies have been introduced by different governments for dealing with environmental conditions.
High Setup Cost to act as Market Restraint
The setup cost of hydrogen fuel stations as well as other infrastructure is high over that of diesel, petroleum, and others which may act as a market restraint over the forecast period. This has resulted in slower growth in the hydrogen fueling infrastructure across the globe over other alternative fuels. It is owing to the pricey equipment needed for this fuel and the necessary safety measures and precautions for hydrogen being an easily combustible fuel.
Performance Constraints to act as Market Challenge
The performance constraints and the low presence of hydrogen fueling stations will act as market challenge over the forecast period.
Besides, the high vehicle cost may also impede the hydrogen fuel cell vehicle market share. A fuel cell is made of membranes, stacks, bipolar plates, a catalyst, and gas diffusion layers.
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The hydrogen fuel cell vehicle market is bifurcated based on vehicle type and technology.
By technology, the global hydrogen fuel cell market is segmented into solid oxide fuel cell, alkaline fuel cell, membrane fuel cell, and proton exchange membrane.
By vehicle type, the passenger cars will lead the market over the forecast period.
North America to Head Hydrogen Fuel Cell Vehicle Market
North America will head the market over the forecast period. Unparalleled leadership in FCV incentives & hydrogen infrastructure in California, the state’s ongoing planning and support, the presence of commercial zero emission FCVs on the roadways, the development of hydrogen fueling infrastructure due to presence of top auto players, the presence of developed economies such as California, Japan, Germany, and the UK, funding of hydrogen fueling station, substantial investment by the US Department of Energy in the production of fuel cells for promoting the adoption of FCVs, and Nebraska, Connecticut, California, and New York introducing discount schemes that offer rewards for FCEVs are adding to the global hydrogen fuel cell vehicle market growth in the region. Besides, the presence of large number of hydrogen fuel stations, the demand for low emission vehicles in Canada & the US, growing demand for fuel cell vehicles in California and Canada, subsidies for fuel cell vehicles, the presence of several hydrogen fuel cell-based forklifts, considerable number of FC buses across its states, and the presence of top fuel cell manufacturers in US and Canada are also adding market growth.
Segmentation of Market covered in the research:
Hydrogen Fuel Cell Vehicle Market Information By Technology (Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell), By Vehicle Type(Commercial Vehicle and Passenger Cars)and Region – Forecast to 2028
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Toyota Motor Sales, U.S.A., Inc.
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