Global Hydrogen Fuel Cell Vehicle Market research report is a valuable source of information with which businesses can gain a telescopic view of the current market trends, consumer’s demands and preferences, market situations, opportunities & market status. This report systematically collects the information about influencing factors for the industry which includes customer behaviour, emerging trends, product usage, & brand positioning. Various steps are used while generating this report by taking the inputs from a specialized team of researchers, analysts & forecasters. Businesses can achieve complete knowhow of general market conditions and tendencies with the information and data covered in this winning Hydrogen Fuel Cell Vehicle report.
This report studies the Hydrogen Fuel Cell Vehicle Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Hydrogen Fuel Cell Vehicle Market by companies, region, type and end-use industry.
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Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “Hydrogen Fuel Cell Vehicle Market, By Vehicle Type (Passenger Vehicle, Commercial Vehicle), Technology (Proton Membrane Exchange, Phosphoric Acid Fuel Cell, Others) & Geography – Global Forecast To 2026”. Early buyers will get 10% customization on study.
To Avail deep insights of Hydrogen Fuel Cell Vehicle Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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The hydrogen fuel cell vehicle market size is estimated to grow from USD 282.6 Million in 2020 to USD 3920 Million by 2027, growing at a CAGR of 45.6% during the forecast year from 2021 to 2027. The research covers the current and historic hydrogen fuel cell vehicle market size and its growth trend with company outline of Key players/manufacturers: Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, and General Motors among others.
Top Impacting Factors:
Increase in environmental concern
Owing to rise in concerns of environment degradation and depletion of natural resources, various technologies are being launched in the market that support the eco-friendly concept to sustain the environment. Moreover, increase in awareness toward the consequences of air pollution and rise in levels of traffic & greenhouse gas emission drive the adoption of hydrogen fuel cell vehicles, as it is eco-friendly than other conventional vehicles.
Government initiatives for development of hydrogen fuel cell infrastructure
Several policies have been deployed by the different governments to cater with environment conditions. For instance, the state of California in the U.S. committed funds for the development of 100 hydrogen refueling stations to meet its target of 1.5 million zero-emission vehicles by 2025 which is driving the growth of the hydrogen fuel cell vehicle market.
Increase in demand for fuel-efficient, high-performance, and low-emission vehicles
Gasoline being a fossil fuel is not a renewable source of energy and is expected to exhaust in the future. It is important to develop and use alternative sources of fuel to support sustainable development. This involves use of hydrogen fuel cell vehicles, electric vehicles, which do not use gasoline and are economical when compared with conventional vehicles. For instance, an electric vehicle converts over 50% of the electrical energy from the grid to power at the wheels, whereas the gas-powered vehicle only manages to convert about 17%–21% of the energy stored in gasoline.
The hydrogen fuel cell vehicles are more efficient over IC engine vehicles and hybrid vehicles and has efficiency of 60-70% over the other two. The demand for fuel-efficient vehicles has increased recently owing to rise in price of petrol and diesel. This has also resulted due to depleting fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves. Thus, these factors boost the need for advanced fuel-efficient technologies, leading to surge in demand for hydrogen fuel cell vehicles for travel.
High initial investment in infrastructure
Hydrogen fuel cell technology offers powertrains that do not emit tailpipe greenhouse gases and other harmful pollutants such as nitrogen oxides and particulate matter. This feature helps to attract vendors towards use of this technology. However, high cost of raw materials such as platinum in the fuel cell anode and carbon fiber to produce the hydrogen fuel tanks and others required to develop hydrogen infrastructure is expected to hamper the hydrogen fuel cell vehicle market growth.
Rapid R&D to propel the adoption of hydrogen fuels
The world has been aware of hydrogen fuel cells and its advantages in the automobile industry. However, the process to split water molecules into oxygen and hydrogen is expensive, which hampers the adoption of hydrogen fuel cell vehicles.
Scientists have been working relentlessly to formulate an inexpensive method to create hydrogen energy. According to a research paper published in Nature Communications, the scientists at Swinburne University of Technology and Griffith University successfully captured hydrogen by splitting it from water molecules using inexpensive metals such as iron and nickel as catalysts. The use of these metals boosts the chemical process while minimizing the energy required for it.
Prior to this, precious metals such as ruthenium, iridium, and platinum were used as catalysts in this process. However, iron and nickel, the commonly found metals on Earth, can easily replace the benchmark catalysts. The research offered an affordable way to develop hydrogen fuel cells.
Big plans regarding hydrogen fuel cells in the future
The pioneer in the automobile industry, Toyota has unveiled big plans regarding futuristic city powered by hydrogen fuel cells. The company stated the city would be located at the foot of Mount Fuji in Japan and employee and their families along with researchers and scientists would be the residents of the city.
The city is named Woven City and would flaunt a connected ecosystem. In addition, Toyota is partnering with Paccar Inc. to develop around 10 Class 8 fuel cell trucks to use in Southern California. The partnership is expected to use up to 100 hydrogen fuel cell-powered buses to transport visitors during the 2020 Olympics in Tokyo.
That being said, the demand for hydrogen fuel cell vehicles is expected to gain momentum. In addition, the increase in innovations to decrease the cost of manufacturing is bound to create new opportunities in the future, which would define a new era of transportation.
Major Classifications are as follows:
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Proton Membrane Exchange
- Phosphoric Acid Fuel Cell
Table of Content:
Chapter 1 Industry Overview
Chapter 2 Industry Competition by Manufacturers
Chapter 3 Industry Production Market Share by Regions
Chapter 4 Industry Consumption by Regions
Chapter 5 Industry Production, Revenue, Price Trend by Type
Chapter 6 Industry Analysis by Applications
Chapter 7 Company Profiles and Key Figures in Industry Business
Chapter 8 Industry Manufacturing Cost Analysis
Chapter 9 Marketing Channel, Distributors and Customers
Chapter 10 Market Dynamics
Chapter 11 Industry Forecast
Chapter 12 Research Findings and Conclusion
Chapter 13 Methodology and Data Source
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