Hydrogen Fuel Cell Vehicle Market to Grow at 49.8% CAGR by 2030
The increase in environmental concerns in conjunction with growing initiatives by governments towards alternate energy vehicles are key factors driving the growth of the hydrogen fuel cell vehicle market.
The Hydrogen Fuel Cell Vehicle market is expected to grow at a CAGR of 49.8% from 2021-2030, according to a new research report by Next Move Strategy Consulting.
Hydrogen Fuel Cell Vehicles make use of hydrogen fuel cells to power an on-board motor for propulsion. These vehicles do not emit any greenhouse gasses and thus expected to have immense potential due to its eco-friendly characteristics. The increasing investments made by the key market players and government’s initiative to lower the emission levels are expected to propel the growth of the hydrogen fuel cell vehicle market. However, high cost of production of these vehicles is expected to hinder market growth during the forecast period to some extent. According to the report, other factors such technological advancements, improved performance, reduced noise, and rising petroleum prices are further expected to augment the growth of hydrogen fuel cell vehicle market.
On the basis of vehicle type, the market in segmented into passenger vehicle and commercial vehicle. On the basis of technology, the market is segmented into proton membrane exchange, phosphoric acid fuel cell and others. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
Geographically, North America holds the major market share owing to the increased adoption of hydrogen fuel cell vehicles as a result of better accessibility to hydrogen fuelling stations, and strong transportation infrastructure. However, Asia Pacific is expected to show gradual increase in market size with significant growth rate owing to the increased awareness among buyers and huge investments made by both government and private companies in this region.
Browse key industry insight in the report, “Hydrogen Fuel Cell Vehicle Market by Vehicle Type (Passenger Vehicle and Commercial Vehicle) and by Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030”
The hydrogen fuel cell vehicle market is highly competitive, and consists of various market players. Some of the major market players include Honda, Toyota, BMW, Ballard Power Systems, Daimler, General Motors, Audi, MAN, and Volvo among others.
Key Insights from the Hydrogen Fuel Cell Vehicle Market Report:
Current emerging trends and opportunities are extensively analysed in hydrogen fuel cell vehicle report.
The forecast of the hydrogen fuel cell vehicle market comes along with additional information associated with opportunities, restrains and key drivers in the market.
The report hydrogen fuel cell vehicle market – is segmented by vehicle type, technology and geography.
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