According to the latest report by IMARC Group, titled "Hydrogen Fuel Cell Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global hydrogen fuel cell vehicle market reached a value of US$ 1,130.9 Million in 2022. A hydrogen fuel cell vehicle utilizes a hydrogen fuel cell to power its onboard electric motor instead of an internal combustion engine. These types of vehicles possess a high potential to reduce emissions related to the transportation sector. Unlike diesel-powered and gasoline vehicles, they do not create greenhouse gas (GHG) emissions during vehicle operations. Consequently, they are gaining widespread prominence among eco-conscious individuals. Apart from this, due to their lightweight, zero-emission, and low maintenance requirements, hydrogen fuel cell vehicles are highly in demand worldwide.
Global Hydrogen Fuel Cell Vehicle Market Trends:
The global market is majorly driven by the increasing demand for high-performance and low-emission vehicles. In line with this, the growing prevalence of reimbursement policies in the automation industry is positively influencing the market. Furthermore, multiple players in the market are focusing on research and development to develop advanced automotive machines and introduce hydrogen fuel cell technology to the market. Apart from this, the rising environmental pollution and ecological concerns of the masses are catalyzing the product demand. Moreover, the governments of various countries are undertaking initiatives to control the carbon emissions from vehicles and promote the adoption of hydrogen fuel cell vehicles. Additionally, the escalating demand for clean fuels and green technology is providing a boost to the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 12,324.9 Million by 2028, exhibiting a CAGR of
45.11% during 2023-2028.
- On the basis of the technology, the market has been segmented into proton exchange membrane fuel cell, phosphoric acid fuel cell, and others.
- Based on the vehicle type, the market has been divided into passenger and commercial vehicles.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Ballard Power Systems Inc., Bayerische Motoren Werke AG, Cummins Inc., General Motors Company, Hyundai Motor Company and Toyota Motor Corporation.
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