PRESS RELEASE
Posted on May 10, 2023
Market overview:
The global hydrogen fuel cell vehicle market was estimated at USD 1.14 billion in 2021 and is expected to reach USD 20.12 billion by 2028, growing at a CAGR of 50.7% during the analysis period .
A hybrid vehicle that uses hydrogen as its primary fuel source is known as a hydrogen car. In addition to cars and other forms of transportation, hydrogen vehicles also include space rockets. Hydrogen’s chemical energy is converted to mechanical energy by burning hydrogen in an internal combustion engine, which is less common, or by reacting hydrogen with oxygen in a fuel cell to power electric motors. Like fossil fuels, hydrogen is not found in reservoirs or natural deposits; instead, it must be created from biomass or natural gas, or it must be electrolyzed from water. A proton exchange membrane (PEM) or fuel cell can create hydrogen.
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Market dynamics and factors:
Since hydrogen is the most prevalent element in the universe and a special type of renewable energy, it is the best choice for combined heat and carbon-free energy requirements. Hydrogen generation does not require a lot of land, unlike hydropower or biofuel production. Water produced as a byproduct of NASA’s experiments with hydrogen as a resource is used as drinking water for astronauts. This demonstrates the superiority of hydrogen fuel cells over coal, natural gas and nuclear power, which are potentially hazardous or difficult to obtain, as a non-toxic fuel source. The market for hydrogen fuel cell vehicles will expand as a result of hydrogen production, storage and use.
Energy corporations would likely expand their investments in green technology as a result of rising oil costs. Because there is an imbalance between demand and supply, there may be times when there is a threat of conflict and there is a growing concern for the environment. Infrastructure construction for hydrogen generation and storage is accelerating under various administrations. Oil is a major component of GDP, so if a nation imports a lot of its oil, it can hinder its economic growth. Governments are also offering low-cost infrastructure investments to decarbonize industrial sectors to stimulate infrastructure development, which presents a fantastic opportunity for market participants.
Hydrogen Fuel Cell Vehicle Market Report Highlights:
- By vehicle type, the passenger vehicle segment is expected to lead the growth of the hydrogen fuel cell vehicle market over the forecast period. The first hydrogen fuel cell passenger car to be commercially produced was the Toyota Mirai, which debuted in 2014. Fuel cell passenger vehicles offer a zero-emissions alternative with usability comparable to conventional cars .
- By fuel cell type, the proton membrane exchange (PEM) segment is expected to hold the highest share of the hydrogen fuel cell vehicle market during the forecast period. Proton membrane exchange fuel cells (PEMFCs) have short start-up times, flexible input fuel requirements, small size, light weight, low cost, and solid electrolytes. Formic acid, methanol and pure hydrogen can be used as inputs. It is suitable for both fixed and mobile applications.
- The North American region is expected to hold the highest share of the hydrogen fuel cell vehicle market during the forecast period. The US was the first to incorporate hydrogen and fuel cell technology into its national energy policy. The US government has sponsored hydrogen research since the oil crisis of the 1970s, when it began.
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Major Key Players Covered in Hydrogen Fuel Cell Vehicle Market:
- Audi AG (Germany)
- Ballard Power Systems Inc. (Canada)
- BMW Group (Germany)
- Daimler AG (Germany)
- General Motors Company (USA)
- Honda Motor Co. Ltd. (Japan)
- Hyundai Motor Group (South Korea)
- Tata Motors (India)
- Toyota Motor Corporation (Japan)
- Volvo Group (Sweden) and other major players.
Key Industry Development:
In July 2021, 15 of Tata Motors’ zero-emission fuel cell electric buses (FCEBs) will be powered by Ballard Power Systems’ 70 kW FCmoveTM-HD fuel cell modules, which have been commissioned by Tata Motors. Ballard expects to deliver all modules in 2022.
In April 2021, Volvo Group and Daimler Truck AG have announced the establishment of Cellcentric, a joint venture focused on hydrogen-based fuel cells. The goal of this joint venture is to increase the use of hydrogen-based fuel cells in long-haul vehicles and other applications.
Hydrogen Fuel Cell Vehicle Market Segmentation:
By Type of Vehicle
- Passenger vehicles
- Commercial vehicles
- Heavy commercial vehicles
- Buses and coaches Vehicles
By fuel cell type
- Membrane exchange of protons
- Phosphoric acid fuel cell
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For this report, Introspective Market Research has segmented the hydrogen fuel cell vehicle market by region:
Regional Outlook (Revenue in Millions of Dollars; Volume in Units, 2022-2028)
North America
europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest of Europe
Asia Pacific
- china
- India
- Japan
- singapore
- Australia
- New Zealand
- Rest of APAC
Middle East and Africa
- Turkey
- Saudi Arabia
- Qatar
- United Arab Emirates
- Israel
- South Africa
South America
-
- brazil
- Argentina
- Remainder of SA
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Scope of the report:
The latest research on the Hydrogen Fuel Cell Vehicle market offers an overview of the market for the years 2022 to 2028. It offers a complete picture of the global Hydrogen Fuel Cell Vehicle industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, industry value chain analysis and PESTEL of the Hydrogen Fuel Cell Vehicle Market. In addition, the report includes important chapters such as patent analysis, regulatory framework, technology roadmap, BCG matrix, heat map analysis, price trend analysis and analysis of investment that help understand the direction and movement of the market in the current and future years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to provide business insights and advice to help clients make smart business decisions and achieve long-term success in their particular market areas.
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About us:
Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to helping our clients grow and make a successful market impact. Our IMR team is ready to help our clients develop their business by offering strategies to achieve success and monopoly in their respective fields. We are a global market research company, specializing in using big data and advanced analytics to show the bigger picture of market trends. We help our clients think differently and build a better tomorrow for all of us. We are a technology-driven research company, analyzing extremely large data sets to uncover deeper insights and deliver conclusive consulting. We don’t just provide intelligence solutions, we help our clients in how they can achieve their goals.
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