Hydrogen Fuel Cell Vehicle Market to Rise At 8.12% CAGR and reach $940 billion by 2023, according Global Hydrogen Fuel Cell Vehicle Market Analysis Report published by Market Research Future. Hydrogen Fuel Cell Vehicle Market by Technology, Vehicle Type, Region with Forecast to 2023.
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Hydrogen Fuel Cell Vehicle Market Key Companies Analyzed in Report:
Toyota Motor Sales, USA, Inc. (Japan), The Hyundai Motor Company (South Korea), Daimler AG (Mercedes-Benz) (Germany), BMW (Germany), General Motors Company (U.S.), Groupe Renault (France), Mazda Motor Corporation (Japan), Hydrogenics (Canada), Kia Motor Corporation (South Korea), Tata Motors Limited (India).
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Global Market Highlights:
A fuel cell vehicle combines hydrogen with oxygen to create electricity, which in turn runs the vehicle, as opposed to conventional vehicles which use gasoline, petrol or diesel. The global hydrogen fuel cell vehicle market is a very dynamic market and is expected to witness high growth over the forecast period. The growth of hydrogen fuel cell vehicle market is influenced by the long-term air quality and climate goals. Hydrogen car accounts for lower global warming emissions than a comparable gasoline car.
Market Research Future, in their recent report on hydrogen fuel cell vehicle market, has conveyed that it will garner steady growth during the forecast period. Many factors are influencing the market. The development of diversified technologies is creating new growth opportunities within the automotive industry. Hydrogen can connect different energy sectors with energy transmission & distribution, thus increasing the operational flexibility of future low-carbon energy systems. Hydrogen with a low-carbon footprint, has the potential to facilitate significant reductions in energy-related CO2 emissions for lower local air pollutants and noise emissions compared to direct fossil fuel combustion. However entirely new and expensive infrastructure system, acts as a major restraint for the growth of the market.
Furthermore, higher cargo capability and longer range provided by a fuel cell vehicle are contributing to the proliferating adoption of the same. Since fuel cell vehicles can make their own electricity, many environmentally aware consumers are opting for fuel cell vehicles over electric vehicles that require home recharging. Rising environmental awareness has led to bolstering growth in the global hydrogen fuel cell market during the forecast period. This is due to the lower carbon emissions from HFCVs, in contrast to conventional vehicles that run on gasoline, diesel or petrol.
The development of new and diversified technologies is creating exciting opportunities within the automotive industry. The world consists of a mixture of a vast collection of components. Each component has a vital role in the composition of the world. The most abundant components in the universe include hydrogen, nitrogen, and oxygen. Hydrogen is the most occurring component taking up 75% of the world, and it plays a greater role in the sustainability of life. Hydrogen itself contains no carbon so can be used in a fuel cell and water.
Even though the global hydrogen fuel cell vehicle market is receiving a positive consumer response, the market is likely to face some restraining factors as well. A lack of infrastructure to support the hydrogen fuel cell vehicle adoption is driving up initial investments, causing potential market players to second guess their decisions. Also, hydrogen fuel cell vehicles cost higher, hindering the growth of the market during the assessment period.
Hydrogen Fuel Cell Vehicle Industry Segments:
The global hydrogen fuel cell vehicle market is studied for various segments by Market Research Future. The segmentations have been carried out based on technology, vehicle type, and region. Based on technology, the global HFCV market is segmented into proton exchange membrane fuel cell, solid oxide fuel cell, and alkaline fuel cell. Based on vehicle type, the market is segmented into passenger car and commercial vehicle.
Regional Analysis:
The global hydrogen fuel cell vehicle market has been regionally segmented into North America, Asia Pacific, Europe, and Rest of the World. North America is expected to be at the forefront with the highest market share during the forecast period, just like it did in the recent past. California is projected to showcase unparalleled growth in the HFCV incentives and infrastructure. California is one of the first places to boast application commercial zero-emission FCVs on its roads. Development of hydrogen fueling infrastructure is significantly accelerated in the U.K., Japan, Germany, and California.
Asia Pacific is also expected to showcase substantial growth during the assessment period. Such growth is attributable to an upward demand for automobiles in the region. Rising population levels in emerging economies such as China and India, coupled with higher disposal incomes has led to a stellar ascension in the growth of the automotive market. This growth is expected throughout the forecast period, hence, opening various growth avenues for hydrogen fuel cell vehicle vendors. Further, speedy developments of the automotive sectors in countries like Japan and South Korea are also bolstering the hydrogen fuel cell vehicle market in the region.
TABLE OF CONTENTS:
1… Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Limitations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3… Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4… Global Hydrogen Fuel Cell Vehicle Market, By Technology
4.1 Introduction
4.2 Proton Exchange Membrane Fuel Cell
4.3 Alkaline Fuel Cell
4.4 Solid Oxide Fuel Cell
5… Global Hydrogen Fuel Cell Vehicle Market, By Vehicle Type
5.1 Introduction
5.2 Commercial Vehicle
5.3 Passenger Cars
Continued…
LIST OF TABLES:
Table 1 Global Hydrogen Fuel Cell Vehicle Market: By Region, 2018-2023
Table 2 North America Hydrogen Fuel Cell Vehicle Market: By Country, 2018-2023
Table 3 Europe Hydrogen Fuel Cell Vehicle Market: By Country, 2018-2023
Table 4 Asia-Pacific Hydrogen Fuel Cell Vehicle Market: By Country, 2018-2023
Table 5 RoW Hydrogen Fuel Cell Vehicle Market: By Country, 2018-2023
Continued…
LIST OF FIGURES:
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top-Down & Bottom-Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
FIGURE 7 Value Chain Analysis
Continued…
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Organization: Market Research Future
Address: Market Research Future Office No. 528,, Amanora Chambers Magarpatta Road, Pune, India.,
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/hydrogen-fuel-cell-vehicle-market-4722
Source: MarketersMedia
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