This report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
— The hydrogen fuel cell vehicles are powered by a combination of individual fuel cells, together known as a fuel cell stack. The stack is designed to encompass sufficient cells to deliver the critical power for the automotive application. A fuel cell stack generates power as long as fuel is available, identical to a combustion engine. The electricity produced by the fuel cell stack powers the electric motor that drives the automobile. Each fuel cell comprises a cathode, an anode, and a proton exchange membrane sandwiched in between.
Fuel cell vehicles or fuel cell electric vehicles (FCEVs), have attained prominence in current times owing to a rise in utilization of conventional fuels and a consequent surge in air pollution and environmental degradation. Rising concerns over panicking pollution levels have led to a transition in the trend toward the use of clean fuels and green technologies to effectively lessen the carbon footprint. This has firmly influenced the demand for fuel cell vehicles. The hydrogen fuel cell vehicles market is expected to grow at a rapid pace during the forecast period.
Government organizations are actively investing in the development of advanced fuel cell technology. Such investments have resulted in reduced cost and increased availability of expensive noble metals used in a fuel cell. Improved government investments and technological innovations have led to the establishment of critical infrastructures such as hydrogen filling stations. Over the years, the performance of fuel cell vehicles has matched the level of formal fuel vehicles, in terms of vehicle efficiency, power output, and customer experience. Rising emphasis on the adoption of FCVs due to their environment- friendly properties, backed by expanding infrastructure, is foreseen to drive the hydrogen fuel cell vehicles market.
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The report has profiled various noteworthy players in the global Hydrogen Fuel Cell Vehicles market. This includes the analysis of various strategies adopted for expansion and an upper hand over their rivals.
Ballard Power Systems
Fuel Cell Energy
The growth of the hydrogen fuel cell vehicles market can be analyzed on the basis of prominent market players, product types, crucial end-user applications, and regional markets.
Based on the product type, the global hydrogen fuel cell vehicles market can be segmented into-
Based on the major end-user applications, the hydrogen fuel cell vehicles market can be segmented into-
The transition from formal fuel automobiles towards environment-friendly automobiles has extensively increased in recent years, thereby fueling demand for hydrogen fuel cell vehicles. Stringent environmental regulations, enhanced subsidies for use of clean fuels, and harmful effects associated with conventional fuel are other factors supporting the growth of hydrogen FCVs market.
North America, Asia Pacific, Europe, Central & South America, and the Middle East and Africa are the major regions supporting the growth of the hydrogen fuel cell vehicles market. North America accounted for a substantial share in the global hydrogen FCVs market. The growth of the region can be attributed to the development of critical fuel cell infrastructure such as hydrogen filling stations. Considerable investments by the United States Department of Energy are expected to stimulate the adoption of hydrogen FCVs. Additionally, many states such as California, New York, Connecticut, and Nebraska have initiated modern rebate programs that include advanced research & development and incentives for FCEVs.
Hyundai Motor, a leading automobile Company, and Cummins have declared to collaborate on Hydrogen Fuel Cell Technology. Both the organizations have signed up an MOU to jointly design, develop and commercialize electric and fuel cell powertrains incorporating Hyundai's efficient fuel cell systems and Cummins’ electric powertrain, battery and control technologies. Initially, the organizations are focusing on the North American commercial vehicle market. However, it is expected that organizations will further investigate and pursue other areas of collaboration.
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