reached US$ 1,130.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 12,324.9 Million by 2028, exhibiting a growth rate (CAGR) of 45.11% during 2023-2028.
Hydrogen fuel cell vehicles (FCVs) refer to electric vehicles (EVs) that utilize an electric motor to power the wheels instead of an internal combustion engine. They comprise a battery pack, direct current (DC) converter, electric traction motor, battery, fuel cell stack, filler, power electronics controller, thermal system, and transmission. Hydrogen FCVs rely on hydrogen (H2) gas in the fuel tank of cars and oxygen (O2) in the air to generate electricity with water and heat as byproducts.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Hydrogen Fuel Cell Vehicle Market Trends and Drivers:
The rising awareness among the masses toward the benefits of using electric automobiles is among the primary factors driving the hydrogen fuel cell vehicle market. Besides this, the escalating demand for fuel-efficient vehicles, owing to the inflating prices of petrol and diesel across the globe and the depleting fossil fuel reserves, are further augmenting the market growth. Moreover, the launch of several policies by the government bodies to develop fuel cell infrastructures and promote the use of hydrogen FCVs to reduce greenhouse gas emissions is also catalyzing the global market. Apart from this, the increasing utilization of fuel cell technology that offers powertrains which do not emit harmful pollutants, such as nitrogen oxides (NOX) and particulate matter, and the growing automotive industry are acting as significant growth-inducing factors. Furthermore, the extensive investments in research and development (R&D) activities by the leading players for the introduction of innovative and enhanced electric trucks and buses to transport passengers are anticipated to propel the hydrogen fuel cell vehicle market over the forecasted period.
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Hydrogen Fuel Cell Vehicle Market 2023-2028 Analysis and Segmentation:Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Ballard Power Systems Inc., Bayerische Motoren Werke AG, Cummins Inc., General Motors Company, Hyundai Motor Company and Toyota Motor Corporation.
The report has segmented the market on the basis of technology and vehicle type.
Breakup by Technology:
Proton Exchange Membrane Fuel Cell
Phosphoric Acid Fuel Cell
Breakup by Vehicle Type:
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Key highlights of the report:
Market Performance (2017-2022)
Market Outlook (2023-2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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