New York, US, Feb. 14, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Hydrogen Fuel Cell Vehicle Market Information by Technology, Vehicle Type, and Region – Forecast till 2030″, The market for Hydrogen Fuel Cell Vehicles is expected to expand from USD 1.2 billion in 2022 to USD 46.8 billion by 2030, with a CAGR of 68.52% between 2022 and 2030.
Hydrogen Fuel Cell Vehicle Market Overview
Hydrogen is one of the most frequently used fuels in the world right now, and many people expect it to accompany electric vehicles. Stellantis has ushered in the era of hydrogen-powered vans, thanks to the limited production of medium commercial vans from Peugeot, Citroen, and Opel. Hydrogen is used to power a hydrogen fuel cell, which generates electricity. Hydrogen Fuel Cell Vehicles have a significant potential for reducing emissions from the transportation sector. During vehicle operation, they emit no greenhouse gas (GHG) emissions.
The Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration collaborated to develop US GHG emissions and fuel efficiency guidelines for heavy- and medium-duty vehicles in North America (NHTSA). The Energy Independence and Security Act (EISA) of 2007 empowered the NHTSA to develop fuel consumption requirements, while the Clean Air Act empowered the EPA to establish a GHG emissions program. The GHG program includes rules for regulating hydrofluorocarbon leaks from air conditioning systems, as well as CO2 emission regulations and N2O and CH4 emission standards.
Hydrogen Fuel Cell Vehicle Market Competitive Landscape:
The affluent companies in the hydrogen fuel cell vehicle industry are:
- 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)
- Among others.
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The industry is fragmented and extremely competitive, with a significant number of enterprises present across the major economies. Companies try to acquire new potential markets in order to increase their regional market share and profitability. This gives firms with diverse business portfolios, raising overall revenue.
Moreover, the hydrogen fuel cell car market’s high competition level is owing to the lucrative growth potential. Market players employ strategic alliances, acquisitions, and inventions, as well as R&D, to preserve market supremacy.
COVID 19 Analysis of Hydrogen Fuel Cell Vehicle Market
The COVID-19 pandemic impacted the entire ecosystem, resulting in a worldwide standstill in new car sales and manufacture. Original equipment manufacturers (OEMs) were forced to wait until the lockdowns were lifted, which affected the volume of output. To keep operations running, the automobile industry relies heavily on capital investment and constant financing. As a result, production halts during the early months of the epidemic, resulting in a drop in demand. This has a statistically significant influence on manufacturers of Fuel Cell Electric Vehicles (FCEVs) and car fuel cells.
|Market Size by 2030||USD 46.8 billion|
|CAGR during 2022-2030||68.52% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Growing government funding for hydrogen refueling infrastructure|
|Key Market Dynamics||In order to successfully reduce carbon emissions, the rise in pollution caused by the population boom has caused a movement in the market toward clean fuels and green technology.|
Browse In-depth Market Research Report (185 Pages) on Hydrogen Fuel Cell Vehicle Market:
As a result of the global lockdown and closure of manufacturing facilities, the market suffered greatly from a lack of raw material supplies, a lack of labor for manufacturing sites, and a lack of a competent business strategy execution process. However, the industry is expected to grow steadily in the post-pandemic period due to rising gasoline prices and increased demand for ecologically friendly autos.
Hydrogen Fuel Cell Vehicle Market USP Covered:
The market for fuel cell vehicles is still in its early stages of growth and expansion. A few Toyota Motor Corporation, Honda Motor Corporation, and Hyundai Motor Group cars are currently in operation in certain locations, although many technologies are still in the experimental stage. European automakers like BMW AG and Audi are developing fuel-cell vehicles with a later launch date in mind based on earlier prototypes. Numerous more companies are following in the footsteps of BMW and Audi. Renault, for example, developed a hydrogen-powered SUV prototype. The Scenic Vision SUV’s 16kW fuel cell extends the vehicle’s operating range to 800 kilometers without recharging. The Scenic Vision SUV’s 16kW fuel cell extends the vehicle’s operating range to 800 kilometers without recharging. When compared to a normal electric vehicle model, the carbon footprint will be reduced by 75%, and the battery will be lightweight. The model from the French carmaker will not be available until 2030 or 2032. The company plans to launch its all-electric vehicle by 2024.
To boost economy, hydrogen fuel cell vehicles are being used in large commercial trucks. For example, Hyzon Motors Inc., a major global player in commercial vehicles powered by zero-emission hydrogen fuel cells, has created a hydrogen storage system technology that can lower commercial car production costs and weight. The new technology, which has yet to be patented, has the potential to cut the number of manufacturing components utilized by 75%, the weight of the system by 43%, and the cost of system storage by 52%. The system metal print is made of lightweight composite material and is built on a single rack system that can carry five hydrogen cylinders at once. These reasons have increased the size of the global hydrogen fuel cell car market.
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Fuel cells use hydrogen and oxygen to generate energy via a chemical process. Hydrogen is a highly flammable gas because it aids in the combustion of other compounds at lower temperatures. Fuel can catch fire if handled incorrectly because hydrogen flames can burst and are unnoticed.
If an electrical spark comes into touch with the hydrogen, it ignites. Although there are various electronic and costly initial expenditures in infrastructure combustion, which minimizes the likelihood of a car catching fire. At hydrogen fueling stations, the risk of fire is also taken into account. Customers are hence hesitant to buy FCEVs. As a result, the highly flammable nature of hydrogen gas greatly limits the market for vehicle fuel cells.
Hydrogen Fuel Cell Vehicle Market Segmentation
The Hydrogen Fuel Cell Vehicle Market is divided into three technology segments: proton exchange membrane fuel cells, solid oxide fuel cells, and alkaline fuel cells. In 2021, the proton exchange membrane fuel cell category retained the dominant share, accounting for around 45% of the Hydrogen Fuel Cell Vehicle Market revenue.
By Vehicle Type
The Hydrogen Fuel Cell Vehicle Market segments, with respect to vehicle type, has been considered for commercial vehicles and passenger cars. Passenger cars led the market in 2021 and are expected to be the fastest-growing segment over the projection period of 2022-2030. The market for fuel-cell vehicles is rapidly expanding as a result of the fast adoption of passenger automobiles in countries such as Japan and South Korea.
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Hydrogen Fuel Cell Vehicle Market Regional Insights
The North America Hydrogen Fuel Cell Vehicle market was worth USD 0.31104 billion in 2021 and is predicted to develop at a rapid CAGR over the study period. Fuel cell vehicles are in high demand for both private and public transportation, and a substantial share of passenger van manufacturing is driving the market forward.
From 2022 to 2030, the Asia-Pacific Hydrogen Fuel Cell Vehicle Market is predicted to develop at the quickest CAGR. The expanding number of auto sales in countries such as South Korea and Japan is the primary driver of this region’s passenger automobile market expansion. In Japan, government programs encouraging the adoption of fuel-cell cars and providing consumer help in the form of vehicle subsidies are both boosting market growth.
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