An increase in environmental concerns, supportive government initiatives for the development of hydrogen fuel cell vehicles across the world, and rising investment in research and developments are expected to drive the global hydrogen fuel cell vehicle market. Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly one-third of the global hydrogen fuel cell vehicle market share.

Portland, OR, Jan. 31, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hydrogen fuel cell vehicle market garnered $923.8 million in 2021 and is estimated to generate $43,208.3 million by 2031, manifesting a CAGR of 45.5% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscapes. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2022–2031
Base Year	2021
Market Size in 2021	$923.8 million
Market Size in 2031	$43,208.3 million
CAGR	45.5%
No. of Pages in Report	253
Segments Covered	vehicle type, technology, range, and region
Drivers	Increase in environmental concerns Government initiatives for the development of hydrogen fuel cell infrastructure The rise in investment in R&D activities
Opportunities	Technological advancement and future potential in the hydrogen fuel cell vehicle market Rise in adoption of HFCV in developing economies
Restraints	The high initial investment in infrastructure Lack of refueling infrastructure for HFCV

Covid-19 Scenario:

• The outbreak of the COVID-19 pandemic hurt the growth of the global hydrogen fuel cell vehicle market, owing to the implementation of global lockdown which resulted to hamper the end-use industry.
• Curfew practices globally affected the domestic as well as global production of hydrogen fuel cell vehicles, which, in turn, hampered the growth of the overall market.
• Supply chain was disrupted due to import & export restrictions. Manufacturers faced a shortage of labor and unavailability of raw materials.
• The hydrogen fuel cell vehicle market has a high scope of growth opportunities in the future due to factors such as high demand for vehicles with better fuel efficiency, and greater adoption of alternative fuel vehicles. Moreover, the introduction of safety regulations for hydrogen fuel cell vehicles in countries.

The research provides detailed segmentation of the global hydrogen fuel cell vehicle market based on vehicle type, technology, range, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

Based on vehicle type, the SUV segment held the highest share in 2021, accounting for more than one-third of the global hydrogen fuel cell vehicle market, and is expected to continue its leadership status during the forecast period. However, the SUV segment is expected to register the highest CAGR of 45.7% from 2022 to 2031.

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Based on technology, the proton exchange membrane fuel cell segment accounted for the highest share in 2021, contributing to more than 60% of the global hydrogen fuel cell vehicle market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the proton exchange membrane fuel cell segment is expected to manifest the highest CAGR of 45.6% from 2022 to 2031.

Based on range, the 251-500 miles segment accounted for the highest share in 2021, holding more than two-thirds of the global hydrogen fuel cell vehicle market, and is expected to continue its leadership status during the forecast period. However, the 0-250 miles segment is estimated to grow at the highest CAGR of 47.4% during the forecast period.

Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly half of the global hydrogen fuel cell vehicle market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 47.5% during the forecast period.

Leading market players of the global hydrogen fuel cell vehicle market analyzed in the research include Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors, and MAN.

The report provides a detailed analysis of these key players in the global hydrogen fuel cell vehicle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. For instance, in January 2022, General Motors (GM) Planned to broaden electrification, by expanding fuel cells beyond vehicles it also continues to accelerate its growth as a platform innovator and has announced new commercial applications of its HYDROTEC fuel cell technology. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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