Hydrogen Fuel Cell Vehicles Market Information by Technology (Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell), By Vehicle Type (Commercial Vehicle and Passenger Cars) and Region - Global Forecast To 2023.
Hydrogen Fuel Cell Vehicles Market to grow at 8.12% CAGR between 2019 and 2023 due focus on high-quality products, changing lifestyle of consumers and rising spending power. Automotive companies including passenger car manufacturers are constantly trying to emphasize more on innovation for their product offering in order to enhance the efficiency in automotive sector.—
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Hydrogen Fuel Cell Vehicles Key Players Analyzed:
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).
Global Hydrogen Fuel Cell Vehicles Market Analysis:
One of the reasons for the interest in hydrogen fuel cell vehicles (HFCVs), is its significant potential to reduce emissions from the transportation sector. Unlike gasoline- and diesel-powered vehicles, they do not create any greenhouse gas (GHG) emissions during vehicle operation. Despite the several drivers of growth, there might be barriers, which would limit the marketability.
The hydrogen fuel cell vehicles 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. The entirely new and expensive infrastructure system, and the cost of the HFCVs are some of those barriers. A new trend in research and development carried out by automotive manufacturers into fuel efficiency with focus on advantageous locations for production and short-distance supply to reduce costs.
The hydrogen fuel cell vehicles 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.
The global hydrogen fuel cell vehicle market has been segmented, based on technology, of which the proton exchange membrane fuel cell (PEMFC) segment accounted for the largest market share in the forecasted period.
Proton Exchange Membrane Fuel Cell
Alkaline Fuel cell
Solid Oxide Fuel Cell
By Vehicle type:
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.
Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Hydrogen Fuel Cell Vehicle Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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