New York, NY, March 13, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Hydrogen Fuel Cell Vehicle (HFCV) Market Share, Size, Trends, Industry Analysis Report, By Technology (Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell); By Vehicle Type (Commercial Vehicle, Passenger Car); By Region; Segment Forecast, 2023 - 2032” in its research database.
“According to the latest research study, the global hydrogen fuel cell vehicle (HFCV) market size/share is anticipated to be valued at approximately USD 1.51 Billion in 2022 and is projected to hit a revenue of around USD 62.88 Billion By 2032, at a CAGR of around 45.2% between 2023 and 2032.”
What are Hydrogen Fuel Cell Vehicles (HFCV)? How Big is Hydrogen Fuel Cell Vehicles (HFCV) Market Share?
- Overview
Hydrogen fuel cell vehicles have the ability to address both the environmental and oil dependence issues in transportation, although the development of infrastructure is a significant problem that has to be resolved. Fuel cell vehicles produce current by passing charged hydrogen ions over an electrolyte membrane, converting chemical energy into electrical energy. The market is predicted to increase significantly as infrastructure for producing hydrogen is developed.
Unlike electric cars, HFCVs are completely emission-free and have no engine noise. Also, compared to electric automobiles, it has a faster charging time. Rising technological development in the automotive sector is expected to create growth opportunities for the hydrogen fuel cell vehicles (HFCV) market. National tax rebates, the rising number of OEMs, and the potential of hydrogen refueling stations (HRS) will drive market growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
What are New Additions in 2023?
- Detailed industry outlook
- Additional information on company players
- Customized report and analyst support on request
- Recent market developments and its futuristic growth opportunities
- Customized regional/country reports as per request
Some of the Top Companies Operating in the Market Are:
- The Hyundai Motor Company
- Toyota Motor Sales
- USA Inc.
- Daimler AG (Mercedes-Benz)
- BMW
- General Motors Company
- Groupe Renault
- Mazda Motor Corporation
- Hydrogenics
- Kia Motor Corporation
- Tata Motors Limited
For Additional Information on Key Players, Download a PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/hydrogen-fuel-cell-vehicle-market/request-for-sample
Market dynamics
Key Growth Driving Factors
- Increasing R&D activities for the development of HFC technology
Increase in government investments in the development of HFC vehicles is expected to boost the hydrogen fuel cell vehicles (HFCV) market size. Rising petrol prices worldwide are also likely to accelerate the industry's growth. Increased awareness about environmental concerns due to air pollution coupled with an increase in levels of traffic & greenhouse gas emissions fuels the adoption of hydrogen fuel vehicles. Rising number of R&D activities for hydrogen fuel cell technology has led to an increase in the hydrogen fuel cell vehicles (HFCV) market demand. Further, a surge in the prevalence of reimbursement policies in the automation industry is positively influencing market expansion.
Recent Trends Influencing the Market
Favorable government policies propel the industry's growth
- Escalating innovations and developments by key industry players are anticipated to propel market growth. For instance, the Honda Clarity, Toyota Mirai, and Hyundai ix35 FCEV are the three publicly accessible hydrogen cars as of 2019.
- To address environmental challenges, several countries have established various policies. For example, the American state of California committed funds to the development of hydrogen filling stations in order to meet its target of 1.5 million zero-emission automobiles by 2025. Such initiatives support market growth.
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Segmental Analysis
- The proton exchange membrane fuel cell segment dominated the market in 2022
By technology, the proton exchange membrane fuel cell (PEMFC) category held the highest hydrogen fuel cell vehicles (HFCV) market share in 2022. A PEM (Proton Exchange Membrane) cell uses hydrogen and oxygen gas as fuel, and the results of the cell's reaction are water, electricity, and heat. Fuel cells eliminate the "thermal bottleneck" by turning chemical potential energy directly into electrical energy.
- The passenger car segment is likely to witness the major revenue share in the forecast period
On the basis of vehicle type, the passenger car segment is predicted to account for the largest revenue share in the market over the foreseen period. An emerging trend among automakers is advancing R&D efforts to improve fuel efficiency, concentrating on good manufacturing locations and close supply chains to cut costs. A surge in emphasis on high-quality products, a change in customer habits, and more purchasing power are some of the key hydrogen fuel cell vehicles (HFCV) market trends positively influencing its growth.
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Hydrogen Fuel Cell Vehicles (HFCV) Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 62.88 Billion |
| Market size value in 2023 | USD 2.19 Billion |
| Expected CAGR Growth | 45.2% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | The Hyundai Motor Company, Toyota Motor Sales, USA Inc., Daimler AG (Mercedes-Benz), BMW, General Motors Company, Groupe Renault, Mazda Motor Corporation, Hydrogenics, Kia Motor Corporation, Tata Motors Limited. |
| Segments Covered | By Technology, By Vehicle Type, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- North America captured the highest market share in 2022
In terms of geography, the hydrogen fuel cell vehicles (HFCV) market in North America dominated the market and is estimated to maintain its dominance throughout the predicted period. The United States continues to demonstrate unmatched leadership in the development of hydrogen infrastructure and HFCV incentives. Also, a number of nations, including Japan, the UK, Germany, and California, have made plans to assist in funding hydrogen refueling stations in the United States.
Moreover, Asia Pacific is anticipated to register the fastest growth rate owing to the significant level of automotive manufacturing development and demand in the area, especially in China.
Browse the Detail Report “Hydrogen Fuel Cell Vehicle (HFCV) Market Share, Size, Trends, Industry Analysis Report, By Technology (Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell); By Vehicle Type (Commercial Vehicle, Passenger Car); By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/hydrogen-fuel-cell-vehicle-market
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Recent Developments
- In August 2022, Proton Motor Power Systems PLC, a producer of electric hybrid systems and hydrogen fuel cells, introduced a 90-kilowatt power-producing pack.
Some of The Key Questions Answered in This Report
- What are the key factors driving the market?
- Who are the key manufacturers in the market space?
- How the competition goes in the future related to the industry?
- What are the key trends impacting the growth of the market?
- Which is the leading country in the world?
- Where will the strategic developments take the industry in the mid to long term?
Polaris Market Research has segmented the hydrogen fuel cell vehicle (HFCV) Market report based on technology, vehicle type, and region:
By Technology Outlook
- Proton Exchange Membrane Fuel Cell
- Alkaline Fuel cell
- Solid Oxide Fuel Cell
By Vehicle Type Outlook
- Commercial Vehicle
- Passenger Car
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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