Market Report Hydrogen Fuel Cell Vehicle

PORTLAND, OREGON, UNITED STATES, November 23, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Hydrogen Fuel Cell Vehicle Market," The hydrogen fuel cell vehicle market was valued at $1.5 billion in 2022, and is estimated to reach $57.9 billion by 2032, growing at a CAGR of 43% from 2023 to 2032.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.alliedmarketresearch.com/request-sample/4558

The hydrogen fuel cell vehicle industry holds great potential in the near future to change the scenario of global environment concerns regarding pollutions and carbon emissions. Though developing hydrogen fuel cell vehicles in countries and adoption of HFCV globally support the market growth during the forecast timeframe. Nations are rapidly changing the policies regarding the subsidies for hydrogen fuel cell vehicles for achieve the net zero carbon emission target. Also, the other local government activities on climate may increase the opportunity for fuel cell electric buses in the U.S. Furthermore, the newly formed Fuel Cell Electric Bus Commercialization Consortium is also promoting deployments, supported by the California Air Resources Board. Such establishments will give notable growth to the hydrogen fuel cell vehicle market.

For instance, Hyundai Auto Canada Corp has announced the arrival of fuel cell SUV named "NEXO" in March 2019. The NEXO is powered with the hydrogen and has a range of 570 km. In addition, by collaborating with Vancouver based carsharing service -Modo, this NEXO will be available for customer use. Furthermore, in April 2019, Ballard Unmanned Systems (subsidiary of Ballard Power Systems, Inc.) announced the launch of the FCair fuel cell product line for commercial UAVs.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/4558

By vehicle type, the market is categorized into sedan, SUV, and other (hatchback, commercial vehicles, and others). The SUV segment gained the highest market share in 2021 and is projected to lead the market within the forecast timeframe due to the rapid adoption of SUV’s in developing countries. In addition, the increasing innovations, and developments by market players which in turn to drive the demand for HFCV’s in the forecast timeframe. For instance, in December 2020, Toyota Motor Corporation (Toyota) launched the completely redesigned "Mirai" fuel cell electric vehicle (FCEV). FCEVs run on hydrogen, a fuel that can be produced from various energy sources and contributes to preservation of the global environment and reinforcing energy security. The new Mirai will serve as a new departure point for creating a hydrogen-based society of the future.

By technology, the hydrogen fuel cell vehicle market is categorized as proton exchange membrane fuel cell, and phosphoric acid fuel cell. Among these segments proton exchange membrane fuel cell segment captured the significant market share as compared to other segments owing to the higher use of this technology for better fuel efficiency. By range, the market is categorized as 0-250 miles, 251-500 miles, and above 500 miles. The 251-500 miles segment dominated in the global market due to the rising number of vehicles produced in this category which increases the demand for 251-500 miles vehicles. The market players are expanding the capabilities of the development which improves the production capacity and support the market expansion globally during the forecast period. For instance, in January 2021, Toyota Motor Corp. and its group companies stepped up efforts to develop auto parts for hydrogen fuel-cell vehicles and expand their market amid a global shift to eco-friendly cars that do not emit carbon dioxide.

𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞: https://www.alliedmarketresearch.com/press-release/hydrogen-fuel-cell-vehicle-market.html

The Asia Pacific region will have a higher market share across the globe due to the highest population with presence of many giant market players in this market which support the growth of the Asia-Pacific region and expected to growth with the substantial growth rate during the forecast period. Increase in government initiatives to augment hydrogen fuel cell infrastructure drives hydrogen fuel vehicle market in this region. Further, domestic presence of hydrogen fuel cell vehicle (HFCV) OEMs in this region and rise in environmental concern fuels the market growth. According to the South Korean government, transition to a hydrogen economy will create roughly 420,000 new jobs and bring in $38.2 billion by 2040.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The hydrogen fuel cell vehicle Industry's key market players adopt various strategies such as product launches, product development, collaboration, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐅𝐮𝐞𝐥 𝐂𝐞𝐥𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

General Motors Company
HONDA MOTOR Co., Ltd
AUDI AG
Ballard Power Systems, Inc.
BMW Group
Daimler AG
Hyundai Motor Group
MAN SE
Toyota Motor Corp.
Volvo Group

Moreover, the U.S. cities are looking forward to eliminating the emissions from their public transit fleets. For instance, the mayor of Los Angeles has set an objective of 2030 for an emissions-free fleet. Also, the companies are expanding the U.S. market for increasing their revenue which increases the market share of the U.S. during the forecast period. For instance, Hyundai Motor planned to expand into U.S. Market with Hydrogen-powered XCIENT Fuel Cells at ACT Expo.At the ACT Expo, the largest advanced transportation technology and clean fleet event, Hyundai Motor will share the progress of the NorCAL ZERO Project. Through the project, also known as Zero-Emission Regional Truck Operations with Fuel Cell Electric Truck, Hyundai Motor will deploy 30 Class 8 6x4 XCIENT Fuel Cell heavy-duty tractors at the Port of Oakland, California, in 2023.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/4558

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

-By vehicle type, the SUV segment dominated the global Hydrogen Fuel Cell Vehicle market in terms of growth rate.
-By technology, the proton exchange membrane fuel cell segment dominated the global Hydrogen Fuel Cell Vehicle market in terms of growth rate.
-By range, the 0-250 miles segment dominated the global Hydrogen Fuel Cell Vehicle market in terms of growth rate.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

1.𝐌𝐢𝐜𝐫𝐨𝐛𝐢𝐚𝐥 𝐅𝐮𝐞𝐥 𝐂𝐞𝐥𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.globenewswire.com/news-release/2022/09/08/2512702/0/en/Global-Microbial-Fuel-Cell-Market-to-Reach-425-2-Million-by-2031-Allied-Market-Research.html

2.𝐅𝐮𝐞𝐥 𝐂𝐞𝐥𝐥 𝐁𝐚𝐥𝐚𝐧𝐜𝐞 𝐨𝐟 𝐏𝐥𝐚𝐧𝐭 (𝐁𝐎𝐏) 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.globenewswire.com/news-release/2023/07/10/2701884/0/en/Fuel-Cell-Balance-of-Plant-BOP-Market-to-Reach-13-9-Billion-Globally-by-2032-at-22-2-CAGR-Allied-Market-Research.html

3.𝐒𝐭𝐚𝐭𝐢𝐨𝐧𝐚𝐫𝐲 𝐅𝐮𝐞𝐥 𝐂𝐞𝐥𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 :https://www.prnewswire.com/news-releases/stationary-fuel-cell-market-to-reach-9-0-billion-globally-by-2031-at-13-1-cagr-allied-market-research-301756453.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Analytics LLP
+ +1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.