Market Overview:
The Global Hydrogen Fuel Cell Vehicle Market size is expected to grow from USD 1.72 billion in 2022 to USD 45.70 billion by 2030, at a CAGR of 50.7 % during the forecast period (2023-2030).
A hydrogen vehicle is a hybrid vehicle that operates on hydrogen as its major fuel source. Hydrogen vehicles include space rockets that run on hydrogen, as well as automobiles and other modes of transportation. Hydrogen's chemical energy is transferred to mechanical energy by either reacting hydrogen with oxygen in a fuel cell to power electric motors or burning hydrogen in an internal combustion engine, which is less common. Hydrogen is not found in reservoirs or natural deposits like fossil fuels; thus, it is produced from natural gas or biomass, or electrolyzed from water. Hydrogen can be produced via a proton exchange membrane (PEM) or fuel cell.
Top Key Players in Hydrogen Fuel Cell Vehicle Market:
Audi AG, Ballard Power Systems Inc, BMW Group, Daimler AG, General Motors Company, Honda Motor Co. Ltd., Hyundai Motor Group, MAN SE, Toyota Motor Corporation, Volvo Group and other major players.
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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels. For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.
Segmentation Analysis of the Hydrogen Fuel Cell Vehicle Market:
By Vehicle Type
· Passenger Vehicles
· Commercial Vehicles
· Heavy Commercial Vehicles
· Buses & Coaches Vehicles
By Fuel Cell Type
· Proton Membrane Exchange
· Phosphoric Acid Fuel Cell
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Regional Analysis of the Hydrogen Fuel Cell Vehicle Market:
The North American region is anticipated to have the highest share of the hydrogen fuel cell vehicle market over the forecast period attributed to the supportive government policies. The US was the first country to incorporate hydrogen and fuel cell technologies into its national energy policy. Since the 1970s, the US government has financed hydrogen research sponsorship, which began as a result of the oil crisis. The Department of Energy (DOE), which has established a framework on an R&D system led by the DOE's national lab and supplemented by universities, research institutes, and businesses through allocating funds on key technical challenges, has largely led the R&D of hydrogen and fuel cells in the United States.
· North America (US, Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In July 2021, Tata Motors has placed a purchase order for 15 of Ballard Power Systems' 70-kilowatt (kW) FCmoveTM-HD fuel cell modules, which will power 15 of Tata's zero-emission Fuel Cell Electric Buses (FCEBs). By 2022, Ballard expects to have delivered all of the modules.
In April 2021, The Volvo Group and Daimler Truck AG have announced the formation of cellcentric, a joint venture dedicated to hydrogen-based fuel cells. This joint venture is dedicated to advancing the usage of hydrogen-based fuel cells in long-haul trucks and beyond.
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