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In 2021, the size of the market for hydrogen fuel cell vehicles was estimated at USD 0.72 billion. The hydrogen fuel cell vehicles market is anticipated to increase from USD 1.2 billion in 2022 to USD 46.8 billion by 2030, with a compound annual growth rate (CAGR) of 68.52% over the course of the forecast period (2022 – 2030). Recent years have seen a tremendous increase in interest in the hydrogen fuel cell vehicle sector as a viable option for environmentally friendly transportation. Vehicles known as hydrogen fuel cell vehicles (FCVs) are powered by an electric motor that is powered by hydrogen gas that is used to generate energy through a chemical reaction inside the fuel cell stack.
The primary reason hydrogen vehicles have gained significant clout in the automobile industry lately is that they are alternative fuel vehicles that use hydrogen as their primary source of propulsion. Vehicles powered by hydrogen have minimal emissions, which appeals to global markets.
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Key Players
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) among others
They are in great demand since they are lightweight, emit no emissions, and require little maintenance. As hydrogen vehicles are a more and more well-liked source of renewable energy, automotive hydrogen fuel cell technology is being researched the most.
Hydrogen Fuel Cell Vehicle Market Segmentation
Hydrogen Fuel Cell Vehicle Type Outlook
Proton Exchange Membrane Fuel Cell
Solid Oxide Fuel Cell
Alkaline Fuel cell
Hydrogen Fuel Cell Vehicle Type Outlook
Commercial Vehicle
Passenger Cars
Regional classification
Geographically, North America held the largest market share and would maintain its dominance for the entire forecast period. The state of California continues to display unmatched leadership in developing infrastructure for Hydrogen Car. Companies like Toyota Motor Sales have significantly advanced the development of hydrogen fuelling infrastructure. The state was among the first to have operational zero-emission FCVs on its roads, thanks to continued planning and assistance. In contrast, states like California, the United Kingdom, Germany, plus Japan have declared plans to assist in funding hydrogen fuelling stations.
Because of the high demand for and manufacturing automobiles, Asia Pacific is predicted to grow tremendously. Additionally, the growth of the automotive manufacturing sectors in nations like South Korea and Japan sustained their vital assistance of fuel cell technology.
Industry news
Due to the rising demand for vehicles, the automotive sector has experienced remarkable expansion. Nevertheless, because of the substantial amount of greenhouse gases that fossil-fuel-powered engines generate, there has recently been a rise in awareness of and concern for the adverse environmental effects of these vehicles.
The Hydrogen Car industry is also anticipated to increase due to additional causes like technological developments, decreased noise, performance improvement, increasing petroleum prices, and strict government environmental conservation regulations.
Nevertheless, it’s anticipated that the high cost of these vehicles would partially restrain market expansion. However, industry participants may expect plenty of chances in the upcoming year’s thanks to innovations, aggressive development, and research.
The business of hydrogen vehicles is expanding as a result of the reimbursement rules that are becoming more common in the automation sector. Prices for diesel and gasoline have increased recently, both internationally and domestically, which has led to a move toward hydrogen-powered automobiles. The automobile industry will be driven in the future by a global desire for high-performance, low-emission cars.
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