Global 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 2027
A fuel cell vehicle combines hydrogen with oxygen to create electricity, which in turn runs the vehicle, as opposed to conventional vehicles which use gasoline, petrol or diesel. A fuel cell car operates on electricity and can be accepted as an electric vehicle. Market Research Future, in their recent report on Hydrogen Fuel Cell Vehicle Market , has conveyed that it will garner steady growth during the forecast period. Many factors are influencing the market. The development of diversified technologies is creating new growth opportunities within the automotive industry.
Furthermore, higher cargo capability and longer range provided by a fuel cell vehicle are contributing to the proliferating adoption of the same. Since fuel cell vehicles can make their own electricity, many environmentally aware consumers are opting for fuel cell vehicles over electric vehicles that require home recharging. Rising environmental awareness has led to bolstering growth in the global hydrogen fuel cell market during the forecast period. This is due to the lower carbon emissions from HFCVs, in contrast to conventional vehicles that run on gasoline, diesel or petrol.
Even though the global Hydrogen Fuel Cell Vehicle Market is receiving a positive consumer response, the Market is likely to face some restraining factors as well. A lack of infrastructure to support the hydrogen fuel cell vehicle adoption is driving up initial investments, causing potential Market players to second guess their decisions. Also, hydrogen fuel cell vehicles cost higher, hindering the growth of the Market during the assessment period. Despite these restraints, the global hydrogen fuel cell Market is likely to upscale on the growth chart at 8.12% CAGR by 2027.
The global Hydrogen Fuel Cell Vehicle Market is studied for various segments by Market Research Future. The segmentations have been carried out on the basis of technology, vehicle type, and region. Based on technology, the global HFCV Market is segmented into proton exchange membrane fuel cell, solid oxide fuel cell, and alkaline fuel cell. Based on vehicle type, the Market is segmented into passenger car and commercial vehicle.
Detailed Regional Analysis
The global Hydrogen Fuel Cell Vehicle Market has been regionally segmented into North America, Asia Pacific, Europe, and Rest of the World. North America is expected to be at the forefront with the highest Market share during the forecast period, just like it did in the recent past. California is projected to showcase unparalleled growth in the HFCV incentives and infrastructure. California is one of the first places to boast application commercial zero-emission FCVs on its roads. Development of hydrogen fueling infrastructure is significantly accelerated in the U.K., Japan, Germany, and California.
Asia Pacific is also expected to showcase substantial growth during the assessment period. Such growth is attributable to an upward demand for automobiles in the region. Rising population levels in emerging economies such as China and India, coupled with higher disposal incomes has led to a stellar ascension in the growth of the automotive market. This growth is expected throughout the forecast period, hence, opening various growth avenues for hydrogen fuel cell vehicle vendors. Further, speedy developments of the automotive sectors in countries like Japan and South Korea are also bolstering the Hydrogen Fuel Cell Vehicle Market in the region.
The global Hydrogen Fuel Cell Vehicle Market showcases a vast presence of noteworthy players including Toyota Motor Markets, USA, Inc. (Japan), The Hyundai Motor Company (South Korea), Daimler AG (Mercedes-Benz) (Germany), BMW (Germany), General Motors Company (U.S.), Groupe Renault (France), Mazda Motor Corporation (Japan), Hydrogenics (Canada), Kia Motor Corporation (South Korea), Tata Motors Limited (India)
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