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Hydrogen Fuel Cell Vehicle Market to Witness Explosive Growth by 2030
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Hydrogen Fuel Cell Vehicle Market: by Vehicle Type (Passenger Vehicle and Commercial Vehicle), by Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, and Solid Oxide Fuel Cell), by Power Output (Less Than 150 kW, 150–250 kW, and More Than 250 kW), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)
Hydrogen fuel cell vehicle market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the hydrogen fuel cell vehicle industry. Also, the report identifies and highlights the COVID-19 impact on the hydrogen fuel cell vehicle market.
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Hydrogen Fuel Cell Vehicle: Market Introduction
A hydrogen fuel cell vehicle is a new vehicle which uses hydrogen cell as a fuel. Hydrogen fuel cell vehicle converts the chemical energy into mechanical energy for driving the vehicles. Hydrogen fuel cell vehicles use renewable energy sources that would not produce greenhouse gas emissions and precursors to the ozone layer. Hydrogen Fuel Cell Vehicles are in the early stages of introduction and are expected to gain traction in the near future. In hydrogen fuel cell vehicles, hydrogen cells are refilled by compressed hydrogen tube vehicles, liquid hydrogen tank vans, and industrial hydrogen pipeline transport. Hydrogen fuel cell vehicles have no engine noise and have strong pickup and start. Moreover, these hydrogen fuel cell vehicles are powered very quickly and do not deteriorate in cold weather.
Hydrogen Fuel Cell Vehicle: Market Dynamics
The increasing concern of environmental pollution and depletion of natural resources is one of the vital factors for the growth of the hydrogen fuel cell vehicle market. Moreover, the government initiative for developing new energy vehicles contributes to the hydrogen fuel cell vehicle market's growth.
Growing demand for fuel-efficient, high performance, and low emission vehicles is ever-increasing in the global market, which is expected to accelerate the hydrogen fuel cell vehicle market's growth. Furthermore, stringent emission regulations and government subsidy on new energy vehicles are primary factors for developing the hydrogen fuel cell vehicle market. The exponential growth in the number of manufacturers, suppliers, and dealers is expected to generate new opportunities in the hydrogen fuel cell vehicle market.
The challenges faced by using hydrogen in automobiles include keeping the hydrogen on board, high capital cost, and insufficient facilities. Hydrogen in fuel cells is hugely flammable, and hydrogen leakage is difficult to detect. These factors are expected to restrain the hydrogen fuel cells market growth.
Scope of the Report
The report outlines the hydrogen fuel cell vehicle market study based on vehicle type, technology, and power output.
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Based on vehicle type, the hydrogen fuel cell vehicle market is segmented into-
Based on technology, the hydrogen fuel cell vehicle market is segmented into-
- Proton exchange membrane fuel cell
- Phosphoric acid fuel cell
- Alkaline fuel cell
- Solid oxide fuel cell
Based on power output, the hydrogen fuel cell vehicle market is segmented into-
- Less than 150 kW
- Between 150–250 kW
- More than 250 kW
Hydrogen Fuel Cell Vehicle Market: Regional Outlook
Rising concerns over alarming pollution levels have led to the growth of the hydrogen fuel cell vehicle market over the forecast period. In the near future, the market is expected to expand at a fast rate due to an increase in the number of government initiatives worldwide on improving fuel cell technology. Increased funds allocation is also contributing to the setup of required facilities such as filling stations for Hydrogen. North America is estimated to dominate in the global hydrogen fuel cell market over the forecast period.
The Asia Pacific is estimated to see substantial growth due to the strong demand for alternative or new energy vehicles. Developing economies of Asia Pacific continued their strong support for the advancement of fuel cell technology. Moreover, manufacturers focus on reducing the cost of hydrogen fuel cell vehicle components in the coming years. Many developed economies of Europe and North America are proposing to turn taxi fleets into fuel cell taxis. The industry is currently consolidating; many companies have announced their fuel cells to be launched in the near future.
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Hydrogen Fuel Cell Vehicle Market: Competitive Analysis
Hyundai Motor Corporation, Honda Motor Company Ltd, Toyota Motor Corporation, Audi AG, and BMW AG are significant participants in the hydrogen fuel cell vehicle market. The other major companies are Volvo Group, Ballard Power Systems Inc, General Motors Company, Honda Motor Co. Ltd, MAN SE, and Daimler AG.
- There are three hydrogen car models commercially available in select markets in 2019: the world's first mass-manufactured dedicated fuel cell electric vehicle Toyota Mirai, the Hyundai Nexo, and the Honda Clarity. Several other companies are developing hydrogen automobiles.
The hydrogen fuel cell vehicle market report provides a thorough analysis of macro-economic factors along with the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the market players' presence in the respective segment and region/country. The information concluded in the report includes the inputs from industry participants and industry experts across the value chain.
The hydrogen fuel cell vehicle market report covers comprehensive analysis on:
• Market Dynamics
• Market Segmentation
• Regional Analysis
• Market Size in Value
• Pricing Analysis
• Trade Analysis
• Market Factor Analysis
• Market Trends
• Regulatory Landscape
• Competition Landscape
• Company Profiles
Regional Analysis Includes:
• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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Hydrogen fuel cell vehicle: Target Audience
• Hydrogen fuel cell vehicle manufacturers
• Automobile/Car/Vehicle manufacturers
• Trade publications and magazines
• Government authorities, associations, and organizations
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