Press release
Hydrogen Fuel Cell Vehicle Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions | Toyota Motor Corporation, Daimler AG, General Motors Company, BMW AG, Honda Motor Company Ltd
Hydrogen Fuel Cell Vehicle Global Market Report
The Business Research Company offers in-depth market insights through Hydrogen Fuel Cell Vehicle Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The hydrogen fuel cell vehicle market size has grown exponentially in recent years. It will grow from $8.01 billion in 2023 to $9.73 billion in 2024 at a compound annual growth rate (CAGR) of 21.5%. The growth in the historic period can be attributed to rise in automotive sector, infrastructure development, rise in emissions regulations, and consumer awareness.
The hydrogen fuel cell vehicle market size is expected to see exponential growth in the next few years. It will grow to $20.52 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%. The growth in the forecast period can be attributed to global market expansion, cost reduction strategies, commercialization initiatives, research and development efforts, and rising environmental concerns. Major trends in the forecast period include cost reduction strategies, rapid prototyping and commercialization, emissions regulations, supply chain development, consumer demand and awareness.
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Market Segmentation:
The hydrogen fuel cell vehicle market covered in this report is segmented -
1) By Vehicle Type: Commercial Vehicle, Passenger Cars
2) By Technology: Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell, Other Technologies
3) By End User: Private, Commercial
Major Driver - Electric Vehicle Adoption Fuels Hydrogen Fuel Cell Vehicle Market Growth
The increasing adoption of electric vehicles is driving the growth of the hydrogen fuel cell vehicle market. Electric vehicles work on an electric motor instead of an internal combustion engine. The increasing fuel prices and pollution has led to increased demand for electric vehicles. The electric vehicle uses a hydrogen fuel cell to power its on-board electric motor. EVs powered by hydrogen fuel cells transform chemical energy into mechanical energy for propulsion and employ sustainable energy sources that don't emit greenhouse gases or ozone-depleting precursors. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021. As a result, the market for hydrogen fuel cell cars is anticipated to rise in response to the rising demand for electric vehicles.
Competitive Landscape:
Major companies operating in the hydrogen fuel cell vehicle market report are Toyota Motor Corporation, Daimler AG, General Motors Company, BMW AG, Honda Motor Company Ltd, Hyundai Motor Company, Bosch, Ballard Power Systems Inc, Kia Motor Corporation, Groupe Renault, Volvo Group, Audi AG, Mazda Motor Corporation, Tata Motors Limited, SinoHytec, Faurecia, Jaguar Land Rover, China National Heavy Duty Truck Group (CNHTC), Ashok Leyland Ltd, Man SE, Rivian, Symbio, Wrightbus, Nel Hydrogen, Nikola Motor Company, GreenGT, Doosan Mobility Innovation, Riversimple, H2 Energy, Ulemco, Microcab Industries Ltd., GreenPower Motor Company, Hyzon Motors, Kawasaki Heavy Industries, Quantum Fuel Systems, Nuvera Fuel Cells, ElringKlinger AG
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Top Trend - Proton Motor Power Systems Introduces Innovative 90 kW Power Generation Pack To Propel Hydrogen Fuel Cell Vehicle Market Advancements
Major companies operating in the hydrogen fuel cell vehicle market are developing new products such as power generation pack to gain a competitive edge in the market. A power generation pack is a small, lightweight gadget that transforms a household electrical circuit or battery power source into a voltage appropriate for electronic devices. For instance, in August 2022, Proton Motor Power Systems PLC a Germany-based company specializing in fuel cell and hydrogen technology, launched PM module producing 90 kW of gross power. The pack comes with a full balance of plant and power electronics and is built on the latest generation of the company's PM400 stack modules. The 90 kW Module can be used for a variety of purposes, such as power generation, rail, maritime, and standby generators for large vehicles. It will be housed in a cabinet with a volume of 452 liters (0.2 kW per liter). The company is working to replace diesel engines with hydrogen fuel cell engines, and the launch of this power generation pack is a part of that effort.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hydrogen Fuel Cell Vehicle Market Characteristics
3. Hydrogen Fuel Cell Vehicle Market Trends And Strategies
4. Hydrogen Fuel Cell Vehicle Market - Macro Economic Scenario
5. Hydrogen Fuel Cell Vehicle Market Size And Growth
…..
27. Hydrogen Fuel Cell Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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