Hydrogen Vehicle Market Forecast and CAGR
According to the latest study by Fact.MR, the hydrogen vehicle market is expected to show lucrative growth over the forecast period (2021-2031). Substantial growth in production and sales of hydrogen fuel cells provides a positive outlook to the overall hydrogen vehicle industry. Moreover, rising R&D activity for the development of more efficient fuel cell technology is projected to propel the growth in long run and register incremental $ opportunity of US$ 150 Mn during the forecast period.
What is Driving Demand for Hydrogen Vehicles?
Rising concern over greenhouse gas emissions along with an urgent need to address the climate change issue is driving demand for hydrogen vehicles. Additionally, zero-emission targets set by different countries coupled with favourable government policies pushing green hydrogen fuel cell technology is projected to drive the demand and sales of hydrogen vehicles.
Moreover, rise in awareness regarding the adverse effects of CO2 emissions among people along with a change in consumer preference has provided an uptick to the growth in demand for hydrogen vehicles.
Prominent automotive manufacturers such as Dailmer SA and Toyota are adopting fuel cell technologies in vehicles to carry the transition from conventional to clean fuel. These key developments in the hydrogen vehicle market are projected to augment its growth in the coming decade.
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Hydrogen Fuel Cell to Propel the Market Growth
Hydrogen fuel cell is the most sought out technology to be used in hydrogen vehicles. This can be attributed to the zero-emission caused by it along with high adaptability among light-duty vehicle fleet.
Additionally, market players are investing heavily in fuel cell technology by spending in R&D infrastructure while collaborating with other prominent players to expand their market. For instance, Daimler and Nissan GM have announced the commercialization of FCVs within the span of the next few years.
Moreover, various countries are opting for a transition into clean fuel to tackle the issue of CO2 emissions. For instance, China has shown interest in long-distance zero-emission intercity transit that involves the use of hydrogen fuel cell buses. Japan, South Korea, the EU and US all have public funding plans for investment in a hydrogen fuel cell that exceeds US$ 100 Mn annually.
These positive developments are projected to bolster the demand and sales of hydrogen vehicle over the forecast period.
Asia Pacific Hydrogen Vehicle Market Outlook
Asia Pacific emerges out to be at the forefront of hydrogen vehicle production. This can be attributed to the existing industrial production of hydrogen which stands at 25 Mn Tons/ year. Moreover, China sold around ~3,000 FCEVs during the period 2017-2019 poising itself at top of the ladder.
On the other hand, Japan is most dedicated to becoming a leader in the hydrogen market owing to geographic and environmental restriction. For instance, around 3,219 fuel cell cars were sold and leased as of June 2019 in Japan, with plans to deploy around 100 hydrogen-powered vehicles in Olympics 2021.
Moreover, a conglomerate of 11 companies including Nissan and Toyota aim at building 80 hydrogen fuelling station in Japan by 2021. Also with 127 hydrogen fueling stations currently operational, Japan is leading the hydrogen-fuelled vehicles market.
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Europe Hydrogen Vehicle Market Outlook
Europe has emerged out to be a lucrative market for hydrogen-fuelled vehicles attributed to various government and public-private undertakings. For instance, with the establishment of Fuel Cells and Hydrogen Joint Undertaking (FCHJU), Europe aims at the development and deployment of high-end fuel cell technology.
In 2019, FCHJU proposed a roadmap for the deployment of large scale hydrogen-powered fuel cells by 2030. The ambitious proposal aims at deploying 3.7 Mn fuel cell passenger vehicle, 45,000 fuel cell trucks and buses and 500,000 fuel cell LCV on road by 2030. Moreover, the commissioning of 3,700 refuelling stations is aimed at 2030.
Countries like UK and Germany are leaders in the development and deployment of hydrogen-fuelled technology paving the way for investments in the region.
Who are the Key Manufacturers and Suppliers of Hydrogen Vehicles?
Some of the key prominent players in this industry are
- Ballard Power System
- GM Hydrogenics
- Daimler AG
- FuelCell Energy
The aforementioned players are relying on a mix of organic and inorganic strategies such as product launches, mergers, acquisition and collaborations.
- For instance, recently Toyota collaborated with Shell for the development of the world's first hydrogen truck refuelling station for which they were nearly awarded US$ 8 Mn in total for this project.
- Moreover, UK Innovate entered into a partnership with ULEMCO to develop a hydrogen combustion truck with the aim to minimize the cost for potential customers.
An Adaptive Approach to Modern-day Research Needs
Hydrogen Vehicle Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
By Vehicle Type
- Heavy commercial
- Buses & Coaches
- Trucks & Trailers
- Proton membrane exchange
- Phosphoric Acid Fuel Cell
- North America
- US & Canada
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- Northern Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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