Portland, OR, Feb. 20, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hydrogen fuel cell vehicle market generated $651.9 million in 2018 and is expected to garner $42.03 billion by 2026, witnessing a CAGR of 66.9% from 2019 to 2026. The research provides an extensive analysis of changing market trends, key investment pockets, major segments, and competitive scenario.
The rise in environmental concerns and supportive government initiatives for the development of hydrogen fuel cell infrastructure propel the growth of the global hydrogen fuel cell vehicle market. However, the high costs of investments in infrastructure restrain market growth. On the other hand, technological advancements and untapped potential of hydrogen fuel cells offer new lucrative opportunities in the market.
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Based on vehicle type, the passenger vehicle segment accounted for more than three-fourths of the total share of the market in 2018, and is estimated to retain its leadership status during the forecast period. This is due to its features including ease in parking, improved gas mileage, and lowered costs in comparison to larger vehicles. Moreover, the commercial vehicle segment is estimated to register the highest CAGR of 72.6% during the forecast period.
Based on fuel cell technology, the proton exchange membrane fuel cell segment accounted for the largest share of the global hydrogen fuel cell vehicle market in 2018, accounting for more than two-fifths of the total share, and is estimated to retain its dominant position during the forecast period. Moreover, this segment is projected to grow at a CAGR of 69.2% from 2019 to 2026. The research also analyzes the segments including phosphoric acid fuel cells and others.
Based on region, North America accounted for the largest market share in terms of revenue, holding nearly two-fifths of the market in 2018, and is estimated to maintain its lead position throughout the forecast period. This is attributed to the presence of key players and the rise in development activities of hydrogen refueling stations (HRS). However, LAMEA is expected to register the highest CAGR of 71.0% from 2019 to 2026, owing to huge scope in the region for commercial and industrial usage of hydrogen fuel cell vehicles.
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Key market players analyzed in the report include Honda, Hyundai, Toyota, Audi, Daimler, Volvo, BMW, General Motors, Ballard Power Systems, and MAN. They have adopted various strategies including new product launches, expansion, joint ventures, collaborations, and others to gain a strong position in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.