The global hydrogen fuel cell vehicle market is a very dynamic market and is expected to witness high growth over the forecast period. The growth of hydrogen fuel cell vehicle market is influenced by the long-term air quality and climate goals. Hydrogen car accounts for lower global warming emissions than a comparable gasoline car. Hydrogen can connect different energy sectors with energy transmission & distribution, thus increasing the operational flexibility of future low-carbon energy systems. Hydrogen with a low-carbon footprint, has the potential to facilitate significant reductions in energy-related CO2 emissions for lower local air pollutants and noise emissions compared to direct fossil fuel combustion. However entirely new and expensive infrastructure system, acts as a major restraint for the growth of the market.
Hydrogen Fuel Cell Vehicle Companies Mentioned: Toyota Motor Sales, USA, Inc. (Japan), 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).
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Market Research Analysis:
The development of new and diversified technologies is creating exciting opportunities within the automotive industry. The world consists of a mixture of a vast collection of components. Each component has a vital role in the composition of the world. The most abundant components in the universe include hydrogen, nitrogen, and oxygen. Hydrogen is the most occurring component taking up 75% of the world, and it plays a greater role in the sustainability of life. Hydrogen itself contains no carbon so can be used in a fuel cell and water. The hydrogen fuel cell vehicle market is undergoing various changes with evolving customer expectations, acceleration of technological innovation, and shifts in competitive power. Increasing number of funding commitments for the commercialization, and development of refueling infrastructure, will be crucial factors for the growth of the market in the years to come. Geographically, U.K., Germany, Japan, and California restated commitments and funding to accelerate development of the hydrogen fueling infrastructure and announced plans to help to fund hydrogen fueling station development in the U.S., in California and the Northeast.
Scope of the Report:
This study provides an overview of the global Hydrogen Fuel Cell Vehicle market, tracking one market segment across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region.
The scope of the study segments the global Hydrogen Fuel Cell Vehicle market by its product and region.
- Proton Exchange Membrane Fuel Cell
- Alkaline Fuel cell
- Solid Oxide Fuel Cell
By Vehicle type:
- Commercial Vehicle
- Passenger Cars
- North America
- Asia Pacific
- Rest of the World
In terms of geography, North America accounted for the majority market share and will continue to dominate the market in the forecast period. California continues to witness unparalleled leadership in the area of FCV incentives and hydrogen infrastructure. The state’s ongoing planning and support led it to be one of the first places in the world to have commercial zero-emission FCVs on its roadways. The developments of hydrogen fueling infrastructure are majorly accelerated by companies such as Toyota Motor Sales, and countries such as U.K., Germany, Japan, and California has announced plans to help the funding of hydrogen fueling station.
Asia Pacific is expected to see significant growth due to the large demand and production of automobiles. Also development of automotive manufacturing industries in economies such as Japan and South Korea continued their strong support of fuel cell technology.
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