DUBLIN, July 18, 2023 /PRNewswire/ — The “Hydrogen Fuel Cell Vehicle Market Share, Size, Trends, Industry Analysis Report, By Technology , By Vehicle Type , By Region, Segment Forecast, 2023 – 2032” report has been added to ResearchAndMarkets.com’s offering.
The global hydrogen fuel cell vehicle (HFCV) market size is expected to reach USD 62.88 billion by 2032
The rise in environmental concerns, the expansion of government programs to build infrastructure for hydrogen fuel cells, the large initial investment in infrastructure, technical improvement, and future potential all influence the growth of the worldwide market.
These variables will impact the demand for hydrogen fuel cell vehicles during the projection period. In addition, the US GHG emissions and fuel economy requirements for North America’s heavy- and medium-duty vehicles were developed in collaboration with the Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA).
In hydrogen fuel cell automobiles, the onboard electric motor is powered by a hydrogen fuel cell. An electricity-producing hydrogen fuel cell is powered by hydrogen. Vehicles powered by hydrogen fuel cells have a significant potential to cut transportation-related emissions. Unlike diesel-powered and gasoline-powered cars, this one doesn’t emit greenhouse gases (GHG) when in motion.
Increased research and development (R&D) efforts for hydrogen fuel cell technology have resulted in more collaborations and partnerships for HFCV market adoption. The European Union’s Trans-European Transportation Network (TEN-T), which is expected to develop national implementation plans for hydrogen fuel cell vehicles and hydrogen refueling stations in various European countries like Belgium, Finland, and Poland, is one of the key agreements in the HFCV market.
Additionally, HFCV joint ventures and technology advancements provide a significant market development opportunity.
Hydrogen Fuel Cell Vehicle (HFCV) Market Report Highlights
The proton exchange membrane fuel cell segment will contribute the largest market share because the proton exchange membrane is used hydrogen gas and oxygen fuel to generate electricity and heat.
Passenger car segment is expected to dominate the market over the forecast period due to awareness of innovations in the automotive industry. The public emphasis on new innovative additions to their product will propel this segment’s growth.
North America accounted for the largest market share in 2022 and is expected to continue its dominance over the projected period because many countries announced funding plans for hydrogen fueling stations in US and Asia Pacific regions will propel the high demand and will grow the market.
Market Dynamics
Drivers and Opportunities
Increase in environmental concern
Rising investments for R&D activities
Restraints and Challenges
High initial investment in infrastructure
Porter’s Five Forces Analysis
PESTLE Analysis
Hydrogen Fuel Cell Vehicle (HFCV) Industry trends
Value Chain Analysis
COVID-19 Impact Analysis
Company Profiles
The Hyundai Motor Company
Toyota Motor Sales
USA Inc.
Daimler AG (Mercedes-Benz)
BMW
General Motors Company
Groupe Renault
Mazda Motor Corporation
Hydrogenics
Kia Motor Corporation
Tata Motors Limited.
Scope of the Report
Hydrogen Fuel Cell Vehicle (HFCV), Technology Outlook (Revenue – USD Billion, 2019 – 2032)
Proton Exchange Membrane Fuel Cell
Alkaline Fuel cell
Solid Oxide Fuel Cell
Hydrogen Fuel Cell Vehicle (HFCV), Vehicle Type Outlook (Revenue – USD Billion, 2019 – 2032)
Commercial Vehicle
Passenger Car
Hydrogen Fuel Cell Vehicle (HFCV), Regional Outlook (Revenue – USD Billion, 2019 – 2032)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
For more information about this report visit https://www.researchandmarkets.com/r/l2m6x1
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SOURCE Research and Markets
