Hydrogen Fuel Cell Vehicle Global Market to Reach $8.53 Billion by 2027 at a CAGR of 50.31%
DUBLIN, Nov. 25, 2022 -- The "Hydrogen Fuel Cell Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global hydrogen fuel cell vehicle market size reached US$ 740.1 Million in 2021. Looking forward, the publisher expects the market to reach US$ 8,535.23 Million by 2027, exhibiting a CAGR of 50.31% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Hydrogen fuel cell vehicles (FCVs) are electric vehicles (EVs) that use an electric motor to power the wheels instead of an internal combustion engine. They comprise battery, battery pack, direct current (DC) converter, electric traction motor, fuel cell stack, fuel filler, fuel tank, power electronics controller, thermal system, and transmission. They rely on hydrogen (H2) gas in the fuel tank of vehicles and oxygen (O2) in the air to generate electricity with water and heat as byproducts.
Hydrogen Fuel Cell Vehicle Market Trends:
Rising awareness among the masses about the benefits of using hydrogen FCVs represents one of the key factors driving the market. Besides this, governments of several countries are undertaking initiatives to develop hydrogen fuel cell infrastructure. They are also promoting the use of hydrogen FCVs to reduce greenhouse gas emissions, which is contributing to the growth of the market.
In addition, there is a rise in the demand for fuel-efficient vehicles due to the inflating prices of petrol and diesel across the globe. This, along with the depleting fossil fuel reserves, is catalyzing the demand for hydrogen FCVs. Moreover, key market players are extensively investing in research and development (R&D) activities to introduce enhanced fuel cell trucks and hydrogen fuel cell-powered buses to transport passengers, which is positively influencing the market.
Apart from this, there is an increase in the utilization of hydrogen fuel cell technology that offers powertrains that do not emit harmful pollutants, such as nitrogen oxides (NOX) and particulate matter. This, coupled with the burgeoning automotive industry, is propelling the growth of the market. Additionally, the rising development of hydrogen fuel cell infrastructure is offering lucrative growth opportunities to industry investors.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global hydrogen fuel cell vehicle market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on technology and vehicle type.
Breakup by Technology:
- Proton Exchange Membrane Fuel Cell
- Phosphoric Acid Fuel Cell
Breakup by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
5 Global Hydrogen Fuel Cell Vehicle Market
6 Market Breakup by Technology
7 Market Breakup by Vehicle Type
8 Market Breakup by Region
9 SWOT Analysis
10 Value Chain Analysis
11 Porters Five Forces Analysis
12 Price Analysis
13 Competitive Landscape
- Ballard Power Systems Inc.
- Bayerische Motoren Werke AG
- Cummins Inc.
- General Motors Company
- Hyundai Motor Company
- Toyota Motor Corporation.
For more information about this report visit https://www.researchandmarkets.com/r/m6pxw6
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SOURCE Research and Markets