Hydrogen Fuel Cell Vehicle Market Growth Trajectory – Insights On Key Drivers, Major Trends, And Top Opportunities
9 May, 2023
The global hydrogen fuel cell vehicle market size is expected to grow from $6.64 billion in 2022 to $8.13 billion in 2023 at a compound annual growth rate (CAGR) of 22.30%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hydrogen fuel cell vehicle market size is expected to reach $17.05 billion in 2027 at a CAGR of 20.3%.
Global Hydrogen Fuel Cell Vehicle Market Key Driver
The increasing adoption of electric vehicles is driving the growth of the hydrogen fuel cell vehicle market. Electric vehicles works on an electric motor instead of an internal combustion engine. The increasing fuel prices and pollution has led to increased demand for electric vehicles. The electric vehicle uses a hydrogen fuel cell to power its on-board electric motor. EVs powered by hydrogen fuel cells transform chemical energy into mechanical energy for propulsion and employ sustainable energy sources that don't emit greenhouse gases or ozone-depleting precursors.
Get a Sample of the global hydrogen fuel cell vehicle market reportGlobal Hydrogen Fuel Cell Vehicle Market Segments
The global hydrogen fuel cell vehicle market is segmented:
1) By Vehicle Type: Commercial Vehicle, Passenger Cars
2) By Technology: Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell, Other Technologies
3) By End User: Private, Commercial
4) By Geography: The regions covered in the hydrogen fuel cell vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global hydrogen fuel cell vehicle market.
Major Hydrogen Fuel Cell Vehicle Industry Players
Honda Motor Company, Ltd., Toyota Motor Corporation, Hyundai Motor Company, Daimler AG, Audi AG, BMW AG, Volvo Group, Ballard Power Systems Inc., General Motors Company, Tata Motors Limited.
Get the full global hydrogen fuel cell vehicle industry report hereHydrogen Fuel Cell Vehicle Market Overview
The hydrogen fuel cell vehicle are vehicle that uses a hydrogen fuel cell to power its on-board electric motor. Hydrogen fuel cell vehicles convert chemical energy into mechanical energy for driving, and they utilise renewable energy sources that don't release greenhouse gases or precursors to ozone depletion. Vehicles powered by hydrogen fuel cells have no engine noise and a strong pickup and start.
Hydrogen Fuel Cell Vehicle Global Market Report 2023 provides data on the global hydrogen fuel cell vehicle market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The hydrogen fuel cell vehicle market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.